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Thinking of opening a basic account with HSBC

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Howdy!
Slightly complicated stare of Affair’s .
I recently made settlement payments to my creditors when on a dmp
I’m now mortgage free also. Wow:)
I have all my eggs in one basket with nationwide . I want to keep the current flex account with them , as I am happy with their service . No problems with direct debits etc. I do have some savings there also.

What I would like to do , is open 2 accounts with HSBC . One being a basic current account with no overdraft , credit card or loan needed.
The other being a savings account .

Why HSBC ? Well , if they are not related to Santander, Barclays , rbs Mbna then I will feel confident that although my settlements were accepted ( partial and full and final ) then any savings will not be snatched from me .
I am not currently in employment ( not signing on either)
I am recovering from illness and aim to look for part time employment in March all going well.
I don’t want to do internet banking initially as I prefer a branch to pay money in when I wish to.
I have approx £7,000 that I could afford to pay into said accounts.
I could pay that in instalments or just chuck it all in at once.

Interest rates for savers is bad as we all know .

As I say, the minus points are being unemployed / being on a dmp 2012-2017. Plus points: Homeowner , debt free and x amount of savings :)
Please advise
Thanks :)

Comments

  • 18cc
    18cc Posts: 2,120 Forumite
    HSBC have fairly high income requirements so you may find they won't accept you.


    You could apply for a HSBC basic account but since you already have a bank account I don't think they would open one.


    If you have a smartphone you could apply for one of the new challenger bank account eg Starling (or Monzo but I prefer Starling). You download the Starling app and apply using the app.
  • 18cc wrote: »
    HSBC have fairly high income requirements so you may find they won't accept you.


    You could apply for a HSBC basic account but since you already have a bank account I don't think they would open one.


    If you have a smartphone you could apply for one of the new challenger bank account eg Starling (or Monzo but I prefer Starling). You download the Starling app and apply using the app.

    Forgot to mention that I have £5k in an isa with Nationwide . I could transfer that perhaps .

    Thanks for that .
    I just looked at both starling and monzo . Yes, starling does look better . The only thing there, is that I can not make any interest there .
    The reason I mentioned HSBC , is because their savings account have better interest . The good thing for myself technically is that I have never had an Iva or gone bankrupt . HSBC do mention Iva as being a rejection .
  • 18cc
    18cc Posts: 2,120 Forumite
    HSBC saver pays 0.1%. You won't qualify for the regular saver 5% as I don't think you will get an Advance account.


    Starling pay 0.5% I think.


    If it is interest you want then recommend you look at TSB for example. But I still think Starling is best and maybe open a savings account elsewhere (tesco internet saver pays 1.3%)
  • Katiehound
    Katiehound Posts: 8,125 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Are you using Nationwide RS which is paying 5%?
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £158.55profit!!!
    2025 3dduvets
  • System
    System Posts: 178,349 Community Admin
    10,000 Posts Photogenic Name Dropper
    Katiehound wrote: »
    Are you using Nationwide RS which is paying 5%?

    They seem to have a FlexAccount with no regular income.
    The OP would have to convert it to a FlexDirect to be eligible.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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