Why are HSBC insisting i put all my accounts through them?

Arjy

They said if i don't transfer all my accounts through them then they won't let me join! What a bizarre system.

I just wanted a simple savings account, away from my current account, but apparently i'm going to be rejected.

Anyone know why they do this? Not overly concerned, just wondering the reason for the theory. I've banked with HSBC abroad, and their overseas branches don't insist on this.

Lokolo

Because running accounts cost them money and they aren't going to give them out to just anyone.

Arjy

Of course setting up accounts cost money, but there should be some sort of laxitivity for savings account, surely that's a massive flaw in their theory.

How stringent are their checks to see if you have an accont elsewhere?

Mishomeister

HSBC does not want the customers doing a split banking, but that just for current accounts. You are more than welcome to have a savings account there, unless it is a Regular Saver you are after, which is designed to atract new current account customers. All other savings accounts are easy to popen as long as you will put the money in to it. Though I don't understand why would you want to have savings aa in HSBC, concidering they have ones of the worst savings rates in the UK.

Lith

Mishomeister wrote: »

HSBC does not want the customers doing a split banking, but that just for current accounts. You are more than welcome to have a savings account there, unless it is a Regular Saver you are after, which is designed to atract new current account customers. All other savings accounts are easy to popen as long as you will put the money in to it. Though I don't understand why would you want to have savings aa in HSBC, concidering they have ones of the worst savings rates in the UK.

Really?

Weird... I bank with TSB/HSBC/BARCLAYS and a few others all accounts have some form of money in them, that being small or large amounts and i use the HSBC one to spend for shopping or train tickets and so on, and TSB is the main account, as for the barclays thats just a back up...

so far HSBC haven't b|tched at me.. about being with TSB or other banks.

Lokolo wrote: »

Because running accounts cost them money and they aren't going to give them out to just anyone.

always wonder this how much does it cost?

Arjy wrote: »

They said if i don't transfer all my accounts through them then they won't let me join! What a bizarre system.

I just wanted a simple savings account, away from my current account, but apparently i'm going to be rejected.

Anyone know why they do this? Not overly concerned, just wondering the reason for the theory. I've banked with HSBC abroad, and their overseas branches don't insist on this.

When i opened the account with HSBC, they knew i was with barclays/TSB and they didn't seem bothered.

opinions4u

Arjy wrote: »

They said if i don't transfer all my accounts through them then they won't let me join! What a bizarre system.

The more you have with them, the wider their potential profit margins.

I just wanted a simple savings account, away from my current account, but apparently i'm going to be rejected.

1. Why would anybody want an HSBC savings account?
2. Have you researched alternatives?
3. Lloyds TSB require you to have a current account before they'll allow you to have a savings account (with the odd exception). So HSBC aren't the only ones.

Anyone know why they do this? Not overly concerned, just wondering the reason for the theory.

See above re profit margins.

I've banked with HSBC abroad, and their overseas branches don't insist on this.

Despite the implication in their advertising, there is very little that is joined up internationally with HSBC.

joeraman

Its nice but also give some more data related to topic.

smartiedriver_2

HSBC does not approve of split banking. It means they do not have all the information on your banking should you ever request any borrowing etc, and gives rise to the possiblility of cross-firing or even money laundering.

Additionally, how can it advise you on the most suitable accounts for your needs if it doesn't know the whole picture.

Finally, split banking is totally against the company ethos of joined up banking and attaining trusted advisor status - it wants to build a long term relationship with you, and this is much more difficult if you bank across various establishments.

hermante

smartiedriver wrote: »

HSBC does not approve of split banking. It means they do not have all the information on your banking should you ever request any borrowing etc, and gives rise to the possiblility of cross-firing or even money laundering.

Why should they have all my information? If I am doing nothing wrong why do you want to spy on me?

Additionally, how can it advise you on the most suitable accounts for your needs if it doesn't know the whole picture.

I advise myself on the most suitable account for my needs.

Finally, split banking is totally against the company ethos of joined up banking and attaining trusted advisor status - it wants to build a long term relationship with you, and this is much more difficult if you bank across various establishments.

I don't think there is any company-wide ethos. I wouldn't trust any bank's advice just on their word. I don't see how it is more difficult

opinions4u wrote:

Despite the implication in their advertising, there is very little that is joined up internationally with HSBC.

Correct. I have Premier in one country but was declined an overdraft here. They also have weird restrictions, such as being the only bank in Hong Kong that doesn't allow an RMB balance if that person has any joint accounts with them. It also has the worst savings rates everywhere, which is probably why they are quite safe. However HSBC is an excellent bank, or was until their latest "security device".

Sceptic001

:rotfl:

smartiedriver wrote: »

HSBC does not approve of split banking. It means they do not have all the information on your banking should you ever request any borrowing etc, and gives rise to the possiblility of cross-firing or even money laundering.

Additionally, how can it advise you on the most suitable accounts for your needs if it doesn't know the whole picture.

Finally, split banking is totally against the company ethos of joined up banking and attaining trusted advisor status - it wants to build a long term relationship with you, and this is much more difficult if you bank across various establishments.

:rotfl:
In the words of a famous tennis player, "Surely you can't be serious!"

PudseyDB

I have a current account with HSBC and also with Halifax and Santander (gonna close the last one soon though - it's rubbish now its changed from B & Bingley)

I've had no problems with having split accounts - except I'm not allowed any overdraft on the HSBC because there's not enough money going into it each week (even though it's my main account) and I can't open any of their better savings accounts because I dont have enough income. They do keep trying to get me to sign up for a credit card though for some reason!

Personally I cant understand why they wont let you open a current account with them - in addition to the ones you already have. I'm sure lots of people have several accounts