Advice needed please: Good alternatives to HSBC?

nik_nak

Given the news in todays (7th Sept 2011) that HSBC may be moving back to Hong Kong (losing £5bn in UK tax - why use a company that wants out of the UK?) coupled with its utter customer ignorance around the Secure Key introduction and reluctance to address the numerous problems associated with it (Ive personally dubbed it the Invisibility Key as I can no longer see my money unless I visit a bank!)

I was wondering which Bank, or Building Society would be worth moving my money into (one current account, two savings accounts and an ISA), given I used to use online banking everyday (prior to the Secure Key) and only rarely have to use high street unless to pay the rare cheque in and withdraw larger amounts of Cash (eg. above cash point limits of £300).

I was looking into first direct or maybe even Egg cos of my online requirements, but Ive never thought of looking into building societies as Ive never had dealings with them, so are there any I should be focussing in on?

Any advice welcome! Thanks

russabbott

I left HSBC 2 years ago and joined Natwest with a Gold Account. Best move I ever made. £12.95 per month in fees, but free phone insurance (upto 2 phones), free green flag cover, and loads of other perks.

The main thing that makes me happy, was an English voice on the phone every time I need to ring up!!!

nik_nak

Thanks Russ, I agree - I found this when ringing up first direct and I must say that it made a BIG difference NOT having to go through a soul-less automated system!

abitwild

You should definitely go for First Direct. They really are very good. It would also send a message to HSBC. Though I think the message they receive from you maybe more bullish than bearish. ;-)

JuicyJesus

abitwild wrote: »

You should definitely go for First Direct. They really are very good. It would also send a message to HSBC.

First Direct ARE HSBC.

Lokolo

abitwild wrote: »

You should definitely go for First Direct. They really are very good. It would also send a message to HSBC. Though I think the message they receive from you maybe more bullish than bearish. ;-)

Given First Direct are part of the HSBC group I doubt they really care in the bigger picture.

abitwild

Which is maybe why HSBC might be more bullish than bearish about customers choosing to leave HSBC and migrate to First Direct! If all their customers were of that inclination I'm pretty sure it would be a no brainer for HSBC. The next thing you'll be telling me is that HSBC shouldn't choose Shanghai over Hong Kong....! ;-)

bendix

nik_nak wrote: »

Given the news in todays (7th Sept 2011) that HSBC may be moving back to Hong Kong (losing £5bn in UK tax - why use a company that wants out of the UK?) coupled with its utter customer ignorance around the Secure Key introduction and reluctance to address the numerous problems associated with it (Ive personally dubbed it the Invisibility Key as I can no longer see my money unless I visit a bank!)

I was wondering which Bank, or Building Society would be worth moving my money into (one current account, two savings accounts and an ISA), given I used to use online banking everyday (prior to the Secure Key) and only rarely have to use high street unless to pay the rare cheque in and withdraw larger amounts of Cash (eg. above cash point limits of £300).

I was looking into first direct or maybe even Egg cos of my online requirements, but Ive never thought of looking into building societies as Ive never had dealings with them, so are there any I should be focussing in on?

Any advice welcome! Thanks

Putting aside the fact that First Direct are part of the HSBC group (dear oh dear oh dear!), why would you leave HSBC based on their barely articulated intention to move back to Hong Kong. By going to HK they will save billions, and so be a better more efficient bank.

If you use that as a criteria for your decision-making, I suggest you stop buying British cars (mostly owned by overseas companies), and put that Marmite away (owned by Unilever), etc etc etc.