HSBC Being Annoying (Again?!?!?!)

oscardog

I am an existing HSBC Current Account holder and so opened the 8% regular saver online and received an email confirming it was open and would be accessible via the web in two days.

I work overseas and so was annoyed when nothing happened for over a week until I got in contact.

I was then told that I needed to go to my local branch of HSBC with some ID!! I thought the whole idea was that as an existing customer this would not be required and there was no mention of this on the application - especially as there are so few branches of HSBC in Iraq!!!!! I was fuming as the account was not open, the money was all in position and I would not be in the UK for another three months.

It was only when I phoned my local branch (instead of going via the Malaysian call centre) that they told me not to worry, they would open the account and I could see them when I get back.

Has anyone else had problems with opening this account?

lipidicman

More and more banks want ID for exisiting customers now, it is annoying but criminals could easily open an account in an existing customers name if they had got hold of some of your details. Its good that your branch have used their common sense. Dealing with a branch is so much better than a call-center, the staff have to take personal responsibility. I always try to talk to the same person in my branch

ED

Trouble with HSBC re the 8% Regular Saver account?

Yes, HSBC failed to set up the Internal Standing Order, and I had to push FOUR times to get them to set it up - finally done in Month 3. Secure online messages from HSBC were from numerous people with Indian sounding names, and clearly the UK based complaints office were not in proper communication with their system.

MoneyMonkey

That explains quite a bit. I was just wondering why I had not heard anything from them after I thought that I set the account up about a month ago. They even took the date from which I was meant to start paying.

How annoying. :mad: So glad I am in the process of moving away from them!!

BTW, the 8% account seems like an extremely good deal. Are there any catches?

ED

Terms + Conditions of HSBC's Regular Saver are stringent compared with Derbyshire Bdg Soc and other competitors.

8% is only on £250 maximum for 12 months,
£500 max for 11 months,
£750 max for 10 months,
and so on.

In contrast, Derbyshire BS pays 5.85% on monthly deposits varying between £10 and £1,000. The capital sum (up to £12,000 after 12 months) can remain in the account earning the prevailing rate, and deposits can carry on. In contrast, HSBC (as per Halifax and Abbey) boot the capital + interest out of the account on the anniversary.

Derbyshire BS also allows 1 penalty-free withdrawal per year. I'm using it to save for a home. Ideal account for someone not knowing whether they need to withdraw in a few months, or a few years.

misskool

I am a current account holder with HSBC and have various accounts with them. Applied online for the regular saver account and did not have a problem with them. The regular saver appeared online within the next few days and the standing orders have been going in ok. Maybe it's just the glitches in the beginning?

oscardog

Interesting post about the Derbyshire BS.

I would agree with other comments that this account is best suited to existing HSBC clients who already have put the 3K max into an ISA and need to find a home for other savings.

I see it as another ISA as the rates end up about the same after tax.