Bank closing my graduate account

MsHeather

Hi all,

Much needed advice for a graduate with no clue when it comes to banks, etc!

I graduated from university in 2011. Yesterday, I received a letter from my bank, HSBC, informing me that they are switching my graduate account to a 'normal' one. The problem is, however, they require a minimum of £500 per month going into my account.

I'm about to become jobless, as my current job is only temporary. I leave in a matter of weeks.

Looking around, I'm not sure if there's such a thing as a basic bank account that doesn't charge you, or care, if you have no money going in to it.

How do people on JSA get around this? They earn less than £500 pm, so surely there must be accounts out there for people who are unemployed, or earn a very, very low income?

It's disgusting that banks are getting away with all of this. This country won't be happy until we're all begging in the streets...

I would appreciate any advice I can get!

Thanks,
H

Dogger69

Are you honestly saying you cannot find a fee free current account without a minimum funding requirement? How hard have you looked?

Practically every bank offers a basic current account, including HSBC. It is detailed on their website.

j.e.j.

I have been with HSBC for years. I had a graduate account with them, then a normal account. I only get about £200 a month paid into my account, (I'm on a very low income) so well below £500, so it must be do-able.

Soot2006

When HSBC closed my graduate account, they automatically put me on a free "normal" current account without any requirements/etc. Give them a ring or pop in to see an advisor, I've always found them helpful in person

BobQ

http://www.moneysavingexpert.com/banking/basic-bank-accounts#best

You can get them. Santander has a Basic Current A/C and Nationwide and Lloyds do a Cash Card account. Just look.

ColdIron

MsHeather wrote: »

It's disgusting that banks are getting away with all of this. This country won't be happy until we're all begging in the streets...

It's more alarming that universities are turning out graduates without the wit to Google Basic Bank Account and follow up on the results

sabretoothtigger

I imagine its the overdraft which is the real problem, uni accounts are often free which is rare otherwise

custardy

MsHeather wrote: »

Hi all,

Much needed advice for a graduate with no clue when it comes to banks, etc!

I graduated from university in 2011. Yesterday, I received a letter from my bank, HSBC, informing me that they are switching my graduate account to a 'normal' one. The problem is, however, they require a minimum of £500 per month going into my account.

I'm about to become jobless, as my current job is only temporary. I leave in a matter of weeks.

Looking around, I'm not sure if there's such a thing as a basic bank account that doesn't charge you, or care, if you have no money going in to it.

How do people on JSA get around this? They earn less than £500 pm, so surely there must be accounts out there for people who are unemployed, or earn a very, very low income?

It's disgusting that banks are getting away with all of this. This country won't be happy until we're all begging in the streets...

I would appreciate any advice I can get!

Thanks,
H

sabretoothtigger wrote: »

I imagine its the overdraft which is the real problem, uni accounts are often free which is rare otherwise

I'm not so sure!

System

Unless you've abused the account its unlikely that they will close it.
They will just convert it to either a standard account or basic account.

If things are concerning you; open another current account elsewhere as most don't require a minimum deposit and can even be opened online.

It's good practice to have 2 current accounts with different banking groups in any case.

DragonQ

OP, you seem to just want to rant about banks for no reason. There are plenty of banks offering basic bank accounts with no fee or deposit requirements. Some of them require minimum monthly deposits for extras like interest but do not require anything for normal usage.

Now, if you mean you can't find a free account that also has a free overdraft...well, no-one gets free overdrafts other than students and those who have only just stopped being students (graduate accounts). You'll have to pay the money back or transfer the debt elsewhere.

henm2

The bank is just downgrading the account to current account terms. Your account will not close. Unless you have got an overdraft limit I would not worry as there is no change to the account number and you will still have a cheque book and debit card and full payment facilities.

On 'current account' rather than 'bank account' terms you will not be eligible for overdraft or other credit facilities until your account reaches a minimum of £500 credit monthly turnover at which point your account can be upgraded to bank account terms.