HSBC refusal on Regular Saver

castle96

Had a spare/donor current account at HSBC so 3 mths ago went into branch to set up a Regual Saver.
Had already set up the £1750 transfer in (and out - ok per T&Cs), but they wanted to see 3 mths x £1750
"Come back"
Went back y'day and they were very iffy as I had not 'used' the a/c and the £1750 was not "salary". Guy was helpful and could see my point of view and why I wanted a/c. He had to "check with the underwriters though"
10 mins. and refused !
"Need to see 6 mths x £1750 and how a/c is conducted"
I feel I have fulfilled all T&Cs (credit score is also tip top).
I felt like a naughty schoolboy. Guy was most embarressed. Made a formal complaint and diaried for 3 mths.
Will put some s/orders through and pay in the odd amount, but what else do they want. Obviously it is not my main a/c, I just want the £250 x 12 x 6%

Archi_Bald

If it's obvious that you are just after the Regular Saver, you are not a profitable customer for them. They can decline your application if they want, and you can't complain about it. Well, you can, but it you are most unlikely to get anywhere.

Have you used the other 6% accounts? What about the 5% and 4% ones?

Mr_Goodkat

castle96 wrote: »

Had a spare/donor current account at HSBC so 3 mths ago went into branch to set up a Regual Saver.
Had already set up the £1750 transfer in (and out - ok per T&Cs), but they wanted to see 3 mths x £1750
"Come back"
Went back y'day and they were very iffy as I had not 'used' the a/c and the £1750 was not "salary". Guy was helpful and could see my point of view and why I wanted a/c. He had to "check with the underwriters though"
10 mins. and refused !
"Need to see 6 mths x £1750 and how a/c is conducted"
I feel I have fulfilled all T&Cs (credit score is also tip top).
I felt like a naughty schoolboy. Guy was most embarressed. Made a formal complaint and diaried for 3 mths.
Will put some s/orders through and pay in the odd amount, but what else do they want. Obviously it is not my main a/c, I just want the £250 x 12 x 6%

I do wonder if HSBC are being super stringent with existing customers until the save together ISA offer has expired in December as currently they are not only exposed to 6% savers there is the free £120 to be had which would move existing customers who currently cost them next to nothing as hardly use the account and only want a piece of those two benefits.


At least with the switching offer combined with save together they were brining in new accounts and potentially profitable accounts (even if most again just wanted to free cash).


I am currently going through the most bizarre ordeal over a potential upgrade but more of that later when the outcome is decided!

castle96

yes Archi, have got the other 6/5/4%s. But do want this one as well. Will persue !

CoastalWarrior

Banks don't need saver or deposits anymore. They get free money elsewhere.

grumbler

3%-6% accounts are offered as promotions, not because banks need deposits. Otherwise there would be no restrictions on the balances or monthly top-ups. Or they could have pulled such accounts altogether instead of rejecting customers selectively.

Mr_K

They are a waste of time anyway and only pay peanuts, whatever the % rate is. You'd be better drip feeding into the stockmarket.

Thrugelmir

castle96 wrote: »

I feel I have fulfilled all T&Cs (credit score is also tip top).

Simple fact it's not your main account. So they don't want your business. Business relationships work 2 ways.

djpailo

Mr_K wrote: »

They are a waste of time anyway and only pay peanuts, whatever the % rate is. You'd be better drip feeding into the stockmarket.

6% on £250/£300 is higher than 3% on the same amount. That is a fact.

Katiehound

Oops, hope no one notices that HSBC isn't my main account!- and removes the goodies. Actually I was completely upfront and honest and there wasn't a problem.
Strange how some people have had to jump through the hoops or even been refused

Vortigern

castle96 wrote: »

... went into branch to set up a Regual Saver.

Could you not have done this online?

castle96 wrote: »

He had to "check with the underwriters though"

Rather unusual to check with the underwriters for a savings account?? They're telling you porkies.