1st Direct - switch

fonsde

Hi,

what happens to saving accounts when you switch your current account? For example I have a regular saver with HSBC, what will happen to it?

Also I am trying to apply for an account but i get

"Thank you for completing your application. Unfortunately we are unable to offer you an account at this time. You will receive confirmation of the reason for our decision."

Will they send me the reason by post? cause I havent received anything by email.

thanks

Archi_Bald

The switching service is for current accounts only, and only the current account named by you will be switched and closed.
http://www.paymentscouncil.org.uk/switch_service/

Savings accounts and/or other products are normally not affected. However, if the terms of your savings account / other products require that you have a current account with the provider, you would lose the right to the savings account / other products, and you might be subject to penalties. This would be detailed in the T&Cs of the other product.

For the HSBC Reg Saver, see the refreshingly clear terms here

3.2. You must continue to hold a Bank Account, Bank Account Pay Monthly, HSBC Premier Bank Account, HSBC Advance Bank Account or a Graduate Bank Account with us for as long as you have your Regular Saver. If you do not do this we will close your Regular Saver and pay the money into your current account prior to you closing it. If you are switching your current account using the Current Account Switch Service, we will send the money to your new current account the working day after the switch has taken place.
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If you close your Regular Saver before the anniversary of the date you opened it (including if you cancel your contract with us as set out in clause 40 of the General Terms) we will pay you interest up to the date of closure at the same rate as would apply to an equivalent amount in a Flexible Saver account or any account that replaces it (the “Closure Rate”).