HSBC: 6% (fixed) on Current Accounts for new **and existing** customers

dougz_2

gt94sss2 wrote: »

For other accounts its £5k 'subject to credit checks' but no such rule for Premier accounts..!

I noticed that too, but guessed it was covered by the general terms elsewhere that say all overdrafts are subject to status. Having said that, there do seem to be exceptions e.g the Premier brochure pdf says:
"After the initial two month transition
period, you’re entitled to a £500 interest
free overdraft if required. Any further
requests are subject to status."
Which surely suggests the £500 OD is an automatic entitlement and thus not subject to status?

All a bit confusing, as is the fact they don't seem to mention either the £5k or £10k OD offers anywhere on the website other than hidden in the small print of the sale T&C pdf.

Lliwedd

Hi, I haven't read all the posts, but another factor to consider is that an HSBC Bank Account costs £9.95 a month for the first 12 months, then £12.95 per month after that. So the 6% interest just covers the charge of having the account assuming you keep £2500 in for the whole year.

amiehall

Lliwedd wrote: »

Hi, I haven't read all the posts, but another factor to consider is that an HSBC Bank Account costs £9.95 a month for the first 12 months, then £12.95 per month after that. So the 6% interest just covers the charge of having the account assuming you keep £2500 in for the whole year.

This interest is available on their standard current accounts which have no fee.

Gromitt

Lliwedd wrote: »

Hi, I haven't read all the posts, but another factor to consider is that an HSBC Bank Account costs £9.95 a month for the first 12 months

According to their website, the "HSBC Bank Account" is free of charge. Only the "HSBC Premier" and "HSBC Advance" have monthly payment fees.

Lliwedd

I stand corrected. I didn't realise HSBC had any free accounts these days! I may take advantage of this offer then...

spenderdave

Advance has a monthly fee, but Premier is free (only available to those who qualify). Their normal bank accounts are free.

dougz_2

spenderdave wrote: »

Premier is free (only available to those who qualify).

Although the small print says you have 3 months to actually qualify, and if you then fail to qualify you can continue as Premier by paying £25pm. So assuming 9x£25, thats only 2.25% for £10k 12m loan.

But I am guessing they wont just allow anyone to enrol Premier, eg without some evidence that you should be able to qualify in due time. Anyone know?

Gromitt

dougz wrote: »

But I am guessing they wont just allow anyone to enrol Premier, eg without some evidence that you should be able to qualify in due time. Anyone know?

They also state that they may downgrade your account, so you might get 3 months free, 3 months @ £25, and then downgraded to Advance?

Mr_K

Anyone that pays for a bank account is a mug.

I had 'Premier' free for a while. Total waste of time and had a snob value only. The 'financial adviser' is just a salesman for HSBC's rubbish products. The the 'extras' were just gimmicks.

However their online banking is good (apart from the poxy pass key thing). This 6% deal is worth doing if you have an account not doing much elsewhere which you can quickly set up a couple of token SO's on.

10_66

Does anyone know whether or not you have to keep the "switched" standing orders in operation to get the 6%, or can you cancel once they've been taken out a couple of times?

Also the T&C's say interest will be paid monthly, but does anyone know whether that means on the monthly anniversary of opening the account or a calendar month?


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