If I move from HSBC to First Direct do I lose my history?

Frontera2

Hi - I've been with HSBC since 1994, have more products with them than I care to remember but also have a good behavioural score and no problems with any of the accounts.

I'm tempted to move my current account to First Direct, not least because they offer an iPhone App whereas HSBC don't.

Can anyone "in the know" tell me if I move to FD, does my HSBC history move with me and will I be damaging my internal score / reputation with the bank in any way?

Thanks

DavidHayton

I wouldn't worry at all about "internal scores" or reputation with any bank. The primary business of a bank is to make money out of you. If they know that you are a good egg who reliably buys loads of products from them then they are likely to charge you more in order to generate more funds ... which they can then use to attract new business. Or maybe I am being cynical.

If you are bothered then you could leave the old HSBC account open. If you find that FD aren't as helpful, or don't give such good deals then you could easily move back (taking the second tranche of the £200).

David

Queen_of_the_Hive

Frontera - snap we are in the same position.

Also considering the First Direct account - goods reviews of this bank and great reg saver rate.

If it helps.. also decided to keep the account with HSBC open... just in case.

YorkshireBoy

Frontera2 wrote: »

...will I be damaging my internal score

If you close the HSBC account you may no longer (truthfully) be able to say you've been with your 'bank' for 17 years. This could, depending on other factors and for a few years, affect credit applications you make because (to a lender's automatic scoring system) it could show instability.

I'd probably keep the HSBC account open and ticking over until you've been with FD for a few years.

coolesticeking

You can use HSBC Online Banking within Safari anyways?

gt94sss2

Frontera2 wrote: »

I'm tempted to move my current account to First Direct, not least because they offer an iPhone App whereas HSBC don't.

Given First Direct launched their app only a month ago, I expect HSBC will shortly introduce one..

Regards
Sunil

Frontera2

Ah, I didn't realise it was that long ago. In which case, I'll be a bit more patient.

izools

Here's what happens:

When you apply for your First Direct account they will set "Lending Limits". This will be based on your circumstances, credit score, and history with HSBC group companies - so having a very good behaviour score with HSBC direct, and nice lending limits therein, will lead to your FD account being opened with good lending limits, too.

My OH applied for a FD account and spoke to them on Thursday when he received the bumph through the post.

He called them and asked what he was allowed to have on his OD and Credit Card. They asked "How much do you want?" to which he replied "what I already have with HSBC". They matched it no questions asked - despite him having a fairly lackluster credit file (two old defaults and a lot of recent searches)

Conversely, FD weren't able to match what my mother had with RBS without her sending in extra proof of income and expenditure in the form of three months' bank statements - she declined to do this so they still gave her the £500 OD but only a £1,500 CC limit - which is enough to transfer her balances from RBS - but they would have given more if she were an HSBC customer prior as they'd see her income and expenditure without having to do extra verification.

I think I'll apply in May. It'll be interesting to see what they give a discharged bankrupt on the merit of my fantastic HSBC account conduct and (albeit paltry) savings balances with them :beer:

Nath4n

Seeing as HSBC offer mobile banking through Monetise, wouldn't it be possible to add HSBC to either the RBS or Natwest monetise iPhone App, like you can with Lloyds TSB?

AnnaV

Nath4n wrote: »

Seeing as HSBC offer mobile banking through Monetise, wouldn't it be possible to add HSBC to either the RBS or Natwest monetise iPhone App, like you can with Lloyds TSB?

I have heard this doesn't work for everyone...