Top Bank Accounts Discussion Area

YorkshireBoy

Consumerist wrote: »

After all, it seems that closing the account is easy enough - just stop the monthly payments and they will close it anyway.

I believe what they say is that they may downgrade it to "Bank Account" if they review the account and find you're not meeting the Advance T&Cs. At least they used to say that.

abz88

I didn't have a problem setting up and switching to HSBC. It went pretty smoothly and the £175 was paid quickly (within 7 days of opening). The only issue I had was that they blocked the account when I set up a standing order to take the monthly pay in amount (minus £250 for the RS) back out of the account due to the value of it. The initial call to their fraud team didn't go well...(they told me they couldn't help because it was "out of hours" despite it being within there stated opening hours and to call back the next day). I called back the next day to be told the person I had previously spoken to was incorrect and should have sorted it as I was in fact within their opening hours. They sorted it and paid £50 into my account as compensation (which I wasn't expecting).

Consumerist

abz88 wrote: »

I didn't have a problem setting up and switching to HSBC. It went pretty smoothly and the £175 was paid quickly (within 7 days of opening). The only issue I had was that they blocked the account when I set up a standing order to take the monthly pay in amount (minus £250 for the RS) back out of the account due to the value of it. The initial call to their fraud team didn't go well...(they told me they couldn't help because it was "out of hours" despite it being within there stated opening hours and to call back the next day). I called back the next day to be told the person I had previously spoken to was incorrect and should have sorted it as I was in fact within their opening hours. They sorted it and paid £50 into my account as compensation (which I wasn't expecting).

This payment blocking is a worrying aspect of HSBC accounts which seems to be emerging as a common problem with them. Thanks for your input.

Emily_Joy

Consumerist wrote: »

This payment blocking is a worrying aspect of HSBC accounts which seems to be emerging as a common problem with them. Thanks for your input.

I am actually very grateful to HSBC for blocking a 3-figure payment to a fastfood chain establishment about a year ago. (It appears my card has been compromised, my mantra since is "never ever use an ATM in close proximity of popular transport hubs in London")

abz88

Emily_Joy wrote: »

I am actually very grateful to HSBC for blocking a 3-figure payment to a fastfood chain establishment about a year ago. (It appears my card has been compromised, my mantra since is "never ever use an ATM in close proximity of popular transport hubs in London")

The main issue I had with it is that there fraud team is only open 08:00 to 20:00 (although the person I initially spoke to said 08:00 to 17:00/18:00 (he wasn't sure)). So if fraudulent transactions take place out with this time, you cannot sort it until potentially the next day. For a bank that size, I would expect a 24hr fraud team.

oligopoly

HSBC £175 Switch: "Can't have had an HSBC bank account since 2016". I have had a M&S account since then, which I understand is HSBC 'underneath'. Do we know whether I'd be eligible for the switch and money?

YorkshireBoy

oligopoly wrote: »

HSBC £175 Switch: "Can't have had an HSBC bank account since 2016". I have had a M&S account since then, which I understand is HSBC 'underneath'. Do we know whether I'd be eligible for the switch and money?

An M&S current account is not an HSBC account. Need further clarification?...see footnote 1 in the incentive T&Cs.

Consumerist

oligopoly wrote: »

HSBC £175 Switch: "Can't have had an HSBC bank account since 2016". I have had a M&S account since then, which I understand is HSBC 'underneath'. Do we know whether I'd be eligible for the switch and money?

I'd say you'll probably be ok. In any event all you have to lose by applying is a search on your credit file. If that's not an issue for you then I would say go for it anyway. Good luck.

Marigold123

oligopoly wrote: »

HSBC £175 Switch: "Can't have had an HSBC bank account since 2016". I have had a M&S account since then, which I understand is HSBC 'underneath'. Do we know whether I'd be eligible for the switch and money?

There's no crossover whatsoever. They are completely separate banks, in the same way the Lloyds Group banks are separate. You can receive incentives from all three, (HSBC, First Direct & M&S). The only thing is to remember is that they share the £85,000 cover in case of bank collapse.

YorkshireBoy

Marigold123 wrote: »

There's no crossover whatsoever. They are completely separate banks, in the same way the Lloyds Group banks are separate. You can receive incentives from all three, (HSBC, First Direct & M&S). The only thing is to remember is that they share the £85,000 cover in case of bank collapse.

Well 2 of the 3 do. 1 stands alone.