HSBC Regular Saver

Gollygumdrops

Hi, I just have to express my annoyance at trying to open a regular saver with HSBC with my Advance Account.

I have been with HSBC for about 35 years (I have got other current accounts too so have followed better rates etc!). I had always had their normal current account as I didn't agree with the imposed fees charged on their supposedly "better" current accounts. HSBC recently decided that as I paid in many times more than the amount required for an Advance account they would change my current account to their Advance. Good I thought - now I can get their higher rate with the Regular Saver - in the past 35 years they have never given me a penny in interest so I thought I was due some.

This morning, having spent over 30 mins trying to open said Regular Saver and the operator reading out the necessary t & c's she happened to say that before HSBC could open the Regular Saver they would have to do a credit check with Experian!! I have nothing to worry about but, on asking, was told that this would leave a mark on my credit file?

They have had all the information on my last 35 years spending - they can see all incoming and outgoing money (luckily at my age and after years of working most now goes into savings) and yet they have to put a mark on my credit file to see if I can transfer money internally with them!!

I expect this credit checking was set up to prevent money laundering but, for goodness sake, HSBC can see where the money has come from and where it's going - common sense has long since gone out of the window. Probably the banks are in cahoots with these credit agencies and his sort of nonsensical "work" gives these companies legitimacy. People seemed to manage perfectly well before these Credit agencies were formed.

I am not asking to borrow money or take out a loan but just move money from their current account to a savings account with them. I think this is "rules for rules sake".

This is just to warn others that a mark is put on your credit file if you open another internal account with your bank - something I wasn't aware of.

By the way, I cancelled my application on principle - the current account is to follow shortly!

Thank you - rant over.

MARTYM8`

Have you tried opening the account online via HSBC internet banking - took me 5 minutes max. All set up and first payment transferred from my current account 2 days later.

Only ring up to open it if you are bored and need to increase your phone bill!

root

Why would you ring them? As above, took me 5 mins max and was setup within 48 hours.

ColdIron

Gollygumdrops wrote: »

By the way, I cancelled my application on principle - the current account is to follow shortly!

Seems like cutting your nose off to spite your face. It's a good regular saver, the only person losing out is you. I'd have a rethink if it were me

colsten

I can also recommend applying online.

Gollygumdrops

Thanks for your replies.

MartyM8
root - I do normally do all my banking on-line but its a joint current account with my husband. Originally, we were both given a "secure key", with separate ID nos etc for our on-line banking. I destroyed one of the "secure keys" rather than have two of everything for the same account and kept my husbands, for us both to use. (We do trust each other.)
I did try to open the Regular Saver on-line before contacting HSBC but as it was his "Key" it would be held in his name (he's higher tax payer) whereas we wanted it in my name to get better interest.

That aside, even opening on-line HSBC would have left a mark on your Experian File which I find annoying. Can you confirm if you have checked your credit file since opening?

ColdIron - As regards cutting off my nose to spite my face - after 35 years of giving HSBC my/husbands money and running the account impeccably - never gone into overdraft, no fees whatsoever I think it's a bit insulting to say they have got to check my credentials to see if I can afford the monthly payments to their Regular Saver.

root

Gollygumdrops wrote: »

Thanks for your replies.

MartyM8
root - I do normally do all my banking on-line but its a joint current account with my husband. Originally, we were both given a "secure key", with separate ID nos etc for our on-line banking. I destroyed one of the "secure keys" rather than have two of everything for the same account and kept my husbands, for us both to use. (We do trust each other.)
I did try to open the Regular Saver on-line before contacting HSBC but as it was his "Key" it would be held in his name (he's higher tax payer) whereas we wanted it in my name to get better interest.

I suppose that adds a bit of clarity to things.

That aside, even opening on-line HSBC would have left a mark on your Experian File which I find annoying. Can you confirm if you have checked your credit file since opening?

No idea. I've never checked it to be honest as I don't use any credit/loans etc. and I consolidate my accounts/budget daily.

ColdIron - As regards cutting off my nose to spite my face - after 35 years of giving HSBC my/husbands money and running the account impeccably - never gone into overdraft, no fees whatsoever I think it's a bit insulting to say they have got to check my credentials to see if I can afford the monthly payments to their Regular Saver.

I get the sentiment but it's more likely down to a standard due diligence procedure or something than a personal dig by HSBC.

As mentioned it's a decent account so would be worth sorting out.

planteria

i can understand the frustration, but, though the benefit is limited by the £250/m max, it is still the best Regular Saver on the market. after 35 years of banking with them you might aswell reap the small benefit:A

letThemPlay

planteria wrote: »

i can understand the frustration, but, though the benefit is limited by the £250/m max, it is still the best Regular Saver on the market. after 35 years of banking with them you might aswell reap the small benefit:A

I would argue that First Direct's RS is a little better at £300/m max with same interest rate ; I know FD is a member of the HSBC group; but if you can qualify for both you can get £550/m at 6% :beer:

Archi_Bald

letThemPlay wrote: »

I would argue that First Direct's RS is a little better at £300/m max with same interest rate ; I know FD is a member of the HSBC group; but if you can qualify for both you can get £550/m at 6% :beer:

Don't forget the M&S saver, £250. £800/mth at 6% AER.

Gollygumdrops

Hi thanks again for replies.

Yes I have had a F D Regular Saver for 3 years so doing okay there. They never mentioned anything about a credit check - mind you I was able to open that one online.

I also have a Santander 123 account but if I leave HSBC I will probably opt for the Club Lloyds Current account. Isn't it silly that in order to save and get the best interest rate we have to now open lots of current accounts!!

I am just annoyed at HSBC as I am not applying for Credit or a loan so why should they do a credit check?

Here they are concerned with someone possibly getting 6% on £250 a month when for years they have been helping the rich and crooked make millions!!:D