How can I avoid HSBC's new graduate interest rates?

shortguy4u

Hi all,

I have graduated this summer and have baked with HSBC so will thus be affected by there increased charges/interest rates.

Does anyone have any ideas on how i can i avoid these charges or know who i can transfer my banking to?

I understand that I probably cannot get a graduate account with another bank as I have not been a student banking with them so anyone know where else I could transfer to?

I thought about transferring my overdraft to a credit card with 0% transfers but do not have a job as yet to be able to apply for the card.

Any help would be much appreciated.

Blacksheep1979

You could try play hardball with them and say that it was part of the agreement when you signed up, doubt it will work but worth a go. Or get another grad account ie Natwest RBS etc

TeaBoy_2

i've been to both natwest and royal bank of scotland. both have a bit more sense than hsbc and more than happy to take my custom. just need 3 months banks statements and proof of graduation.

[Deleted User]

Switch to Alliance and Leicester get a 0% overdraft for a year. Never ever touch any of HSBCs lousy products again, JOB DONE

Kimbos2

Hey

Just to let you know a year after graduating BoS started to charge me interest on my overdraft. I applied and got an RBS graduate account which has 3 years from the day you graduated interest free overdraft. They will only give you up to £1500 though so I had to pay back £500 to BoS.

Hope that helps

andrewseward

I had a quick look around and Barclay's graduate account looks good, here's the overdraft details:

- Year 1: up to £3,000
- Year 2: up to £2,000
- Year 3: up to £1,000
- Year 4: up to £500
- Year 5+: up to £200.

Ant85

I am also in this predicament, by proof of graduation do they mean your actual certificate or is my confirmation of my result sufficient?

jazz_vendor

Well I was expecting the letter, and now it has arrived; HSBC gave me 2 days (not even working days!) notice that from Monday I will be charged 9.9% on my new 'Graduate Account' overdraft. I don't even graduate this year (HSBC think I do, despite me repeatedly telling them otherwise), but I don't think I'll stick with them any longer. They seem to be as confused as anyone, I went into the Coventry HSBC branch yesterday (a city with two big Universities very close by) and was told by an HSBC staff member that there was nothing changing! :mad:

I've seen on posts that NatWest, A&L, BoS and Barclays will all take you on with similar overdraft options, but any recommendation for which is best? Anyone with NatWest?

Thanks!

PS I know so many students with HSBC that still have no idea this is happening! Tell your friends!

Karnam

i took proof of my results and abbey accepted it fine.

my university has emailed everyone to let them know this is happening.

katmad99

i'm in the same situation - but shortguy4u dont think you cant open a new grad account elsewhere as u didnt have a student account with them. You will need proof of income to open a new grad account tho.

According to our Lord Martin Lewis the best grad accounts 2007 are Lloyds tsb and RBS. I shall be opening an account with one of those banks and closing the hsbc account asap, as i find it outrageous and disgusting that they are imposing this charge on loyal customers who will nearly all be in their overdrafts as a result of student life with practically no notice. I am aware that the interet rate will hit my account soon, and yet have recieved no notification from hsbc themselves.
Not a happy bunny!

The only problem i have is that to open a new account you need proof of address and i have only just moved back home and had no bank statements delivered to this address for 3 years!! any idea how i can deal with this?? (sorry to hijack ur thread with my own question, but perhaps you are in the same situation??)

maniac886

This is a pain in the @rse but I don't think I can change because all my family use HSBC so in case of emergency my rents can transfer money to me. I will apply probably in January because I have recently applied for a few credit cards so I am gonna wait 6 months for the searches to clear.

Anyway I will be aiming to pay it off asap as soon as I get my old job back!