HSBC account question

Tyfelt

I apologise in advance if this is a stupid question.

I opened a new "Bank Account" account with HSBC to keep certain payments separate from others. I do everything via internet banking and am currently waiting for HSBC to send through my internet banking info so that I can proceed.

Looking at the new account welcome letter, it states the following:

Product: Bank Account - Sortcode XXX - Account Number - XXX - Limit £1,000

What is the "Limit £1,000"? referring to? Is this an overdraft (I didn't request one) or something else?

MrSilk

Call them and ask?

grumbler

Most likely it's arranged overdraft limit and you'll see it online too.

typistretired

They allow you call them on a freefone number too
0800 169 5422
Lines are open 8am to 10pm every day except Christmas Day, Boxing Day and New Year's Day

Let us all know when you get the answer nothing jumps out on their website.

CKhalvashi

It'll probably be an Overdraft.

If you don't want it, ask them to cancel it

CK

Tyfelt

It's an overdraft (or was!)

Thanks all, don't know why I didn't just think of phoning them. I guess I'm pre-disposed to assuming MSE will give the best advice no matter what.

typistretired

How come you have gone with Halifax when their other bank BOS will pay you interest

Tyfelt

It's HSBC not Halifax. I have a 123 Account as a main account for interest. This account is for other things and won't accrue much interest.

typistretired

Sorry been surfing too many posts. Myself I prefer First Direct to HSBC but as you said you won't be putting much money into it so not worried about savings interest.

innovate

Tyfelt wrote: »

This account is for other things and won't accrue much interest.

"not much interest" is a tad optimistic - it will accrue exactly £0.00 since HSBC are not paying any interest on current accounts.

_Andy_

MrSilk wrote: »

Call them and ask?

crazy idea!