current account "Plus"

Katie_Phipps

My bank, the HSBC, keep asking me to upgrade to the current account plus, I did not take much of what they said in as my little one kept interrupting me!! They are to call me back tomorrow. I thought I would see what was on the site about it, but I have not found any thing relating to this new Plus account, It costs I believe but they offer a good interest and little overdraft charges, free holiday insurance, (this I already have!) and so on. Could anyone please tell me if this is a big no no, or if these accounts are worth considering changing to?

Thanks in advance,

Katie

gt94sss2

Katie_Phipps wrote:

My bank, the HSBC, keep asking me to upgrade to the current account plus, I did not take much of what they said in as my little one kept interrupting me!! They are to call me back tomorrow. I thought I would see what was on the site about it, but I have not found any thing relating to this new Plus account, It costs I believe but they offer a good interest and little overdraft charges, free holiday insurance, (this I already have!) and so on. Could anyone please tell me if this is a big no no, or if these accounts are worth considering changing to?

Katie,

Details of the HSBC Bank Account Plus.

As for whether its a good deal or not - well lots of people have these types of accounts but whether they make sense for any particular individual will depend on what benefits the particular account offers (and which you would actually use! - a benefit you won't use or already have elsewhere is 'worthless' in my view) + the annual/monthly fee charged compared to the cost of you buying those products seperately from your bank/elsewhere.

I suspect there are actually quite a lot of people who don't "break even" compared to the cost of these accounts and would be better off without them - but then again many will be 'better off' I guess..

Regards
Sunil

humfer

Do yourself a favour and ditch HSBC for somewhere else, where you will get a decent interest rate for FREE. If you want to stay with the big banks then lloyds give you 4% along as you pay in a grand a month. Otherwise A&L maybe of interest with over 6%

In terms of the 'extras' that get offered with these special/'plus' accounts be careful as the previous poster said. Do you really need the free items they give you? If so, work out how much it would cost you to buy them direct - now see if the monthly fee works out as fair or a bit of a rip off

_Andy_

Plus account is only worth it if you're taking a mortgage with HSBC and taking advantage of the £100 cashback. You already have travel insurance so this product isn't suitable for you

Crabman

If you've already got travel insurance there isn't much point in going for the Plus option. A&L I believe are doing 6.1% AER (I think!) so it may be worth looking into that?