Current Account Help

shoei

I have a couple of bank account related questions and wondered if anyone could help.

I am considering making the most of the 'switch banks' offers that some banks are currently offering but have a few questions.

I have a current account with HSBC and have had it for the last 8/9 years I also have a HSBC credit card and small loan, if I switch to another bank could I have my wage going in to the new account and keep my HSBC one open? HSBC don't charge for the use of this card abroad. Can you see of any issues with my DD for my CC and loan?

My Partner is currently with Halifax and gets the £5 a month for putting over £1000 in. Could he set up a new account with San Tan and then transfer it to his Halifax getting the best of both worlds?

Sorry for the silly questions but I have never changed banks before.

Thanks

Lokolo

HSBC may downgrade your account as their main current account requires £500 a month income.

Will you be paying at least £500 per month into this account?
(If you don't make the £500 monthly payment required to maintain your account, we will either change it to a Current Account or give you notice that we will be closing your account. If you are under the age of 24, the qualification criteria will not apply.)

Not sure why they say they will change it to a current account given this is the requirement for the current account!

Rafter

Shoei,

If you are happy with HSBC then have you thought about switching to First Direct? Shouldn't be any issue with loan then.

Are you sure your HSBC card is free for overseas use? There might not be a specific charge for debit card or cash point use, but there could still be a 'currency loading fee'?

I believe you can use transfers rather than salary to earn the halifax rewards but someone might come along who knows for sure.

Good luck

R.

Bloomberg

shoei wrote: »

I have a couple of bank account related questions and wondered if anyone could help.

I am considering making the most of the 'switch banks' offers that some banks are currently offering but have a few questions.

I have a current account with HSBC and have had it for the last 8/9 years I also have a HSBC credit card and small loan, if I switch to another bank could I have my wage going in to the new account and keep my HSBC one open? HSBC don't charge for the use of this card abroad. Can you see of any issues with my DD for my CC and loan?

My Partner is currently with Halifax and gets the £5 a month for putting over £1000 in. Could he set up a new account with San Tan and then transfer it to his Halifax getting the best of both worlds?

Sorry for the silly questions but I have never changed banks before.

Thanks

Some of the switching incentives may be quite nice but look beyond that so that you also make a decision based on how good the service is. Receiving a £100 payment is appealing but not if it is followed by bad service and frustration.