Hsbc to First Direct

bellabooski

Hi everyone
I've recently switched to First Direct from HSBC. I have a balance of over £1000 on my HSBC mastercard. I want to close the HSBC current account but I'm worried that HSBC will ask me to pay off the mastercard in full immediately if I close my current account with them. I've only got about £15 left in the HSBC current account.
Does anyone know how it works or does it depend who you bank with?
Many thanks in advance
Bella

ps: It states in FDs T&Cs that you can't do a 15month interest free BT within the HSBC group so I can't take advantage of that with the HSBC mastercard

suburbanwifey

bellabooski wrote: »

Hi everyone
I've recently switched to First Direct from HSBC. I have a balance of over £1000 on my HSBC mastercard. I want to close the HSBC current account but I'm worried that HSBC will ask me to pay off the mastercard in full immediately if I close my current account with them. I've only got about £15 left in the HSBC current account.
Does anyone know how it works or does it depend who you bank with?
Many thanks in advance
Bella

ps: It states in FDs T&Cs that you can't do a 15month interest free BT within the HSBC group so I can't take advantage of that with the HSBC mastercard

First Direct (I've been with them over 15 years, best bank there is!) is a division of HSBC, although separate.

It won't matter at all! Your credit card is merely a credit card issued by HSBC. I have several credit cards with banks I have no current account with. You will just owe and pay your HSBC credit card bill as normal, changing your current account to First Direct will make no difference to the situation at all, you certainly will not be asked to pay it off...though I would advise you to apply for a First Direct credit card when you get settled with First Direct....you get the same excellent standard of service with all their products and no foreign call centres!

dazza.mk

As above, if you ran into financial difficulties HSBC would have the same 'right of offset' against money held in a First Direct account as an HSBC account so they probably won't be worried.

bellabooski

Thanks Suburbanwifey and Dazza

First Direct have been brilliant,the switch over was totally painless and without any hitches whatsoever.
I have got a First Direct Visa Credit Card that's why I thought of doing a BT from HSBC Mastercard to the First Direct CC which is offering 15months interest free on BTs excluding credit cards within the HSBC group.So I'm taking that as meaning that I could do a BT but wouldn't be able to take advantage of the current promotion.
So therefore it's best I just keep paying off the HSBC mastercard as normal.At least I know now that HSBC won't come at me for the full balance if I close my current account with them.
:T

suburbanwifey

bellabooski wrote: »

Thanks Suburbanwifey and Dazza

First Direct have been brilliant,the switch over was totally painless and without any hitches whatsoever.
I have got a First Direct Visa Credit Card that's why I thought of doing a BT from HSBC Mastercard to the First Direct CC which is offering 15months interest free on BTs excluding credit cards within the HSBC group.So I'm taking that as meaning that I could do a BT but wouldn't be able to take advantage of the current promotion.
So therefore it's best I just keep paying off the HSBC mastercard as normal.At least I know now that HSBC won't come at me for the full balance if I close my current account with them.
:T

Nope, they won't but do remember, that First Direct is part of the HSBC group and if ever you did default (not saying you ever will!) they can legally take money from your First Direct account as its all part of the same banking group.

First Direct are great! I'm sure you'll stay with them for many years, if not indefinitely

Have a nice day ~