HSBC Advance

rb10

Catbells wrote: »

Many thanks. I didnt know this.

Maybe if tell this, point by point to HSBC they might make me an offer similar to the ones you mention above. After all they reduced my Advance Fee by half when I said I was thinking of stopping it. Its worth a try.

Sorry, but there's no chance of that. That's not the way their business model works.

They are making a very hefty profit off you at the moment, with you paying a small fortune for very few services. They want you to continue boosting their profits in the way that you are at the moment.

Why would they want to switch round for you to instead be costing them money?

Other banks will happily give you what you want in the way of rewards - just switch your banking to whichever one of them works out best for you.

Catbells

rb10 wrote: »

Why would they want to switch round for you to instead be costing them money?

Well, lets wait and see what they say. I have to find this out for myself.

YorkshireBoy

Catbells wrote: »

By both, do you mean Advance vs 'normal' bank account.

Yes. You were talking of downgrading.

I usually am no more than £200 overdrawn in a bad month.

You'd be better off* transferring that £200 from savings into the current account, and then using that for any emergencies that arise...a kind of self-funded overdraft facility.

* Actually you'd probably be better off changing banks, as rb10 has already intimated. Don't close the HSBC account though (just keep it ticking over), because 35 years 'time with bank' looks good on credit applications!

YorkshireBoy

Catbells wrote: »

Well, lets wait and see what they say. I have to find this out for myself.

Of course you could give them an opportunity, but if they give you free annual travel insurance (ongoing) or £5 a month simply for paying your salary in, or 3% interest on the current account...I'll eat my hat!

Catbells

YorkshireBoy wrote: »

Don't close the HSBC account though (just keep it ticking over), because 35 years 'time with bank' looks good on credit applications!

I dont think I'll be asking for credit much in the near future:) but will keep the account anyways - just in case. I have an eISA with HSBC which I will hold onto too.

Catbells

YorkshireBoy wrote: »

Of course you could give them an opportunity, but if they give you free annual travel insurance (ongoing) or £5 a month simply for paying your salary in, or 3% interest on the current account...I'll eat my hat!

I'm retired so there's no salary going in so that probably makes it a whole lot worse I'm beginning to sense.

YorkshireBoy

Catbells wrote: »

I have an eISA with HSBC which I will hold onto too.

Paying what?...1.75%, 2.1%, or 2.75% AER?

You really do like all your eggs in one (HSBC) basket don't you. Much better rates available elsewhere.

YorkshireBoy

Catbells wrote: »

I'm retired so there's no salary going in so that probably makes it a whole lot worse I'm beginning to sense.

No, not at all.

The Nationwide and Halifax accounts mentioned (for the travel insurance and £5 Reward respectively) do not stipulate salary. Any old credit will suffice, and with Halifax even transfers from one of their savings accounts are allowed!

Gromitt

Catbells wrote: »

Well, lets wait and see what they say. I have to find this out for myself.

I had savings with HSBC once, I rang and told them that I need a better rate or I'm moving them elsewhere, and all they did was tell me its better to keep all my money in one bank that doesn't need money from the government to survive. They then went to say thats why other banks needed government fundings, because they were "giving away" too much money. At the end, they offered 2% interest, which included a 1% bonus for 12 months for being a "loyal customer".

gt94sss2

YorkshireBoy wrote: »

The Nationwide and Halifax accounts mentioned (for the travel insurance and £5 Reward respectively) do not stipulate salary. Any old credit will suffice, and with Halifax even transfers from one of their savings accounts are allowed!

Nationwide need do a £750 monthly credit for their travel insurance but it doesn't need to be a salary and you can withdraw it immediately (the free insurance also has an upper age restriction which is worth checking beforehand if one is retired).

Regards
Sunil