Can they charge me 90p per transaction !?!

opinions4u

They can charge you £10 per transaction if that's the tariff you sign up for.

I hope the added benefit of using a posh bank is worth it to you.

Sounds like you're paying £150 a year in waived interest by leaving £5k in all the time.

Worth it? Only you can decide.

alanq

oldvicar wrote: »

No, they will charge up to £25.00 in circumstances where your average balance is £4999.

The £25 charge is a minimum. They will charge at least £25 if the average balance falls below £5000 or one goes overdrawn.

SuperHan

Are you sure this is an account you want to open? It seems that you're struggling to understand the T&C's, even though the extract you've quoted is quite straightforward. Are there any other charges mentioned in the T&C's that you don't understand, because it could end up being quite costly. As LittleVoice says, do you understand what is meant by "average", because that is crucial in avoiding the MINIMUM £25 charge... Does this "personal" service mean that you will be constantly advised if you risk dropping under the 5K average, or will they happily let you do that to earn your fees?

Just some things to think about!

oldvicar

alanq wrote: »

The £25 charge is a minimum. They will charge at least £25 if the average balance falls below £5000 or one goes overdrawn.

They will charge UP TO £25 for the coke purchase - if its the only transaction that month. The more transactions there are the cheapr the average cost gets, until at 27 transactions its 'only' 90p per item.

CKhalvashi

John1507 wrote: »

Relationship really is all you get, its not like added value current accouts from say Lloyds or Natwest who give car break down or travel insurance. You don't get any of that, its just having a personin the bank that knows you, your finances and what you want from your money.

I think the minimum £5,000 is just stop everyone applying for a current account. If they didn't have that criteria, they wouldn't be able give everyone personal service, as there would be too many clients to not enough staff.

I’m HSBC Premier/Commercial, with the same commercial manager for the two.

My Commercial manager knows me, roughly what goes in/out in a month and what I want from my money, and we’ve aligned it so I pay about £40/mth for the Commercial account and nothing for Premier.

I tend to keep as much as possible earning interest, and the 6% they’re paying on balances up to £5k (I don’t think they offer this any more) is good, meaning I’m constantly shuffling money from a saving account back/forth depending on what’s going in.

Give these guys a look

CK

[Deleted User]

I too would like to ask the OP what he gains from opening this account - especially as he says he's travelling to London to open it - it sounds like a faff to start, with more faff ongoing.

molerat

http://www.youtube.com/watch?feature=player_detailpage&v=AHo2pXO_XAI

ffacoffipawb

LittleVoice wrote: »

What criteria do you need to meet to open the account?

Gullibility?

Ultrasonic

Out of curiousity I just had a nose at Duncan Lawrie's website, and they can't even manage that properly. This page gives links to terms & conditions for anyone really curious, but the link towards the bottom that claims to provide 'current and previous interest rates' is less helpful than you might hope...