Question About HSBC (MyAccount & MySavings)

BlightyAndy

Hello!
On Friday i went into HSBC to open the two accounts mentioned in the title. I was told i'd be sent a "card" (it said switch on the paper i seen - but i presum it's a solo like it says on the website?), paying in book and pin.
But since im moving she said she'd arrange it to be sent to the new branch that just opened (3mins walk from old one - it's more modern - the old one reopens a week after the new one because that's when refurbishment is finished - so they'll be two branches within less than 0.5 miles!).

My question is:
When the account is opened do i automatically get online banking? And if so will the letter be sent to my (soon to be) old address or the (new) branch.

Oh and do i get any freebies? If so will it go to the (new) branch or my (soon to be old) house?

Sorry if it's to long
Cheers,
Andy.

gt94sss2

AndyGrayUK wrote: »

When the account is opened do i automatically get online banking? And if so will the letter be sent to my (soon to be) old address or the (new) branch.

To use internet banking with HSBC you need two things:

- an Internet Banking user ID e.g. IB1234567890
- a security number, part of which is asked for whenever you use internet or telephone banking.

If you do not know your internet banking ID, you may find the 10 digit number on the bottom left of any letter HSBC printed out and gave you when you opened the account (just add 'ib' to the beginning)

If you do not have a security number - which is a 6-10 digit number you choose yourself - this can be set up in a branch (just go in with ID), via the telephone (once you have your debit card) or by post (they will write to you asking you to fill in a form)

Details of the HSBC Internet Banking service are here including a user guide etc.

If you have your security number and account details but not your Internet Banking user ID, the website can also tell you what it is

You can also always call them with any queries.

In the past whenever they have sent a debit card to a branch for me, they have always written to me, to let me know where it is. If it is a branch that is not easy for me to get to, I just ask them to send the card to a different branch in their internal mail - though it sounds as if your two closest HSBC branches are near each other.

Regards
Sunil

BlightyAndy

Yeah - the new one looks like a 'mega store' (it's massive, with a up stairs and down stairs!).

I didn't choose a security number.
And i only got a letter printed out with the hsbc logo on and the lady wrote down my account details and telling me to collect it.

I'll ask about getting only banking when i go to collect my stuff then

gt94sss2

Out of interest, why did you decide to open a HSBC account?

I thought you had decided you didn't like them (or their call centres!) and had opened a Barclays account instead?

Though, from reading your posts - you seem to have an account with almost all the big banks/building societies!

Regards
Sunil

BlightyAndy

gt94sss2 wrote: »

Out of interest, why did you decide to open a HSBC account?

I thought you had decided you didn't like them (or their call centres!) and had opened a Barclays account instead?

Though, from reading your posts - you seem to have an account with almost all the big banks/building societies!

Regards
Sunil

Well, errm.... I was just in it for any freebies i can get my hands on, but now i'm looking at the account specs and not the account freebies

HSBC were the only one who had an account with a debit card, internet banking (and telephone?) and a seperate account for savings. So basically i mayswell close the others now 'cos i have one bank with 2 accounts

I still don't understand the 5.60% Gross Paid Per Month, i just about understood the barclays with help (from you! ).
If i remember correctly it works like this...

If i keep £100 in the account from 5.60% Gross Per Month i'd have a total of £105.60 in a year, but i'd take it out every month which would leave me with AER.

If i kept £100 in the account all year and didn't touch it i'd have a total of £105.75 from the 5.75% AER.

Please correct me if i'm wrong, i'll never learn.

I've also got a letter prepared to give to my head of year at school to try and get a school branch from HSBC.

gt94sss2

AndyGrayUK wrote: »

I still don't understand the 5.60% Gross Paid Per Month, i just about understood the barclays with help (from you! ).
If i remember correctly it works like this...

If i keep £100 in the account from 5.60% Gross Per Month i'd have a total of £105.60 in a year, but i'd take it out every month which would leave me with AER.

If i kept £100 in the account all year and didn't touch it i'd have a total of £105.75 from the 5.75% AER.

Please correct me if i'm wrong, i'll never learn.

Probably because I didn't explain it that well !

Though Albert Einstein did say "that compound interest was the greatest wonder of the universe" so schools should teach it

Using HSBC's current savings rate of 5.75% AER (5.6% gross) per year (not per month!)and assuming it doesn't change..

If you keep £100 in the account from 5.60% Gross per year you would have a total of £105.60 in a year, if you immediately take out the interest as soon as it is paid each month.

If you kept £100 in the account all year and didn't touch it or the interest HSBC pay each month you would have a total of £105.75 at the end of the year.

Basically, by leaving the interest in the account each month, the following month you get more interest than the month before as your balance is slightly larger..i.e. getting interest on the interest (or compound interest)

I see National Savings has a guide here which may explain the principles better..

Regards
Sunil

BlightyAndy

Thanks - it would be good if my school could teach me it.
It just bothers me why they say "5.60% Gross Per Month" if it's actually per year.
I would have thought u'd get £112+ if you kept £100 in a year. So is the AER paid each year on the opening of the account? And Gross Paid partly per month but if i kept taking it out id get AER?

I wish my school would teach me it!

Anyway, i went in my branch today to register for internet banking... And i can't login, does it take a while to process?

BlightyAndy

For some reason my security number doesn't work... I remembered it correctly because i wrote it down on some paper!

BlightyAndy

I've just rang them and they said there was a problem with there systems and i should try and log in on a differant computer.

Strange.

BlightyAndy

Internet Banking now works - but i can't find the MyAccount Special Offers & Discounts.

It's supposed to be discounts at CD WOW! etc but all i can find is virtual forest etc.

gt94sss2

All I can see on HSBC's website is this page

However, a couple of months ago HSBC upgraded its Internet Banking service/interface for the first time since it started years ago - so its possible that page relates to where it was on the old internet banking website.

In fact, even though I don't have a under 18 account I remember seeing a link used to exist under 'Special Offers' on the old site..

It may just be, that you will have to ask them/send them a message and ask them where it has got too..

You could use one of the two links under Internet Banking Support on this page - I suggest you include a link to the first page (http://www.hsbc.co.uk/1/2/personal/current-accounts/under-18/mymoney/offers) so they understand what you are talking about..

Regards
Sunil