Split banking?

InsideInsurance

A basic account is almost certainly a money loser for the bank, especially if you aren't using it with any level of frequency for card transactions. Hence HSBC, Handlesbanken etc do have their rules about not allowing their accounts being used as secondary. Of cause they have little way to test if your abiding by this and many will just ignore it.

Certainly it isnt universal and HSBC are the first mainstream bank to apply it that I'm aware of

Mishomeister

rb10 wrote: »

HSBC's products are generally poor - no one with financial sense would do their main banking there.

So it has to be all about sales, sales and sales.

The branch staff are thinking about their bonus. Chances are, they'll get no recognition for opening a basic account, some recognition for a full current account, but top points for getting you to switch your banking.

HSBC are well known for doing this - it's pretty poor really. I can't imagine they'll get away with doing it for much longer.

There is no sales bonus thing in HSBC

Archi_Bald

Mishomeister wrote: »

There is no sales bonus thing in HSBC

There will still be targets, and if you don't meet them, you don't get promoted and you definitely won't be at the front of the queue if there are any salary increases.

pmduk

We had an HSBC staff member on here a few months ago stating he wouldn't "allow" an account to be opened in such circumstances.

helenjones833

Update on this: I tried again, and they were pretty adamant about not opening the account for me. I guess at the end of the day I can argue about is but they are under no obligation to take my money.

I'm tempted to try elsewhere but not sure if I'll get the same treatment?

Chrisblue1962

helenjones833 wrote: »

I am looking to open a second current account with a separate debit card from my main account, to park a bit of money into each month and enable me to manage it separately.

Having looked into options, I decided a basic bank account was my best bet, as I just want something no frills, no need for overdraft, no hidden costs etc. So I went into HSBC to open one, but they told me I was not allowed to do so as I already had a current account elsewhere. They said there is a universal rule regarding "split banking". If you want to open a new account you have to move everything across. Also they said I shouldn't open a basic bank account because I don't have a poor credit record.

It turns out I can actually probably get the second account directly from my current bank so I'll probably end up going down that route, particularly as HSBC seem to reluctant to take my money. But just curious whether the rules they mentioned is genuine. Is it really forbidden to split banking? (assuming you actually tell the truth in the first place) and are people with good credit histories allowed to open basic current accounts?

I think somebody at HSBC has been telling you rather big porkies as I have three basic bank accounts - Lloyds, Co-op and Natwest and a Cash Transactor Account with Yorkshire Building Society, which is effectively a basic account without a debit card. So, there is no such thing as a so-called "Universal Rule", what you were told was a load of rubbish.

helenjones833

Chrisblue1962 wrote: »

I think somebody at HSBC has been telling you rather big porkies as I have three basic bank accounts - Lloyds, Co-op and Natwest and a Cash Transactor Account with Yorkshire Building Society, which is effectively a basic account without a debit card. So, there is no such thing as a so-called "Universal Rule", what you were told was a load of rubbish.

Yes, it's starting to sound like maybe some branches of HSBC have this rule, but they are very wrong to suggest it is universal across the banking industry. Will see what luck I have elsewhere...

meer53

Could the OP be a bit confused ? They mention that they were told "you have to move everything across" Sounds to me like they were talking about the switching service and the OP has misunderstood ?

Archi_Bald

meer53 wrote: »

Could the OP be a bit confused ? They mention that they were told "you have to move everything across" Sounds to me like they were talking about the switching service and the OP has misunderstood ?

I don't think the OP has misunderstood at all. All evidence suggests that HSBC do have exceedingly daft rules these days, and that one of them is that people are only allowed 1 current account.

I appreciate that as an employee of an HSBC subsidiary you are trying to defend them but to suggest that potential customers are confused just because your parent company has daft rules is taking it a bit far.

meer53

Archi_Bald wrote: »

I don't think the OP has misunderstood at all. All evidence suggests that HSBC do have exceedingly daft rules these days, and that one of them is that people are only allowed 1 current account.

I appreciate that as an employee of an HSBC subsidiary you are trying to defend them but to suggest that potential customers are confused just because your parent company has daft rules is taking it a bit far.

Where have i said i'm defending them ?

There are no "one account" rules where i work.