Should I switch?

jb0407

Hi everyone,

First post on the website

I've been a HSBC client pretty much since I started working 3 years ago.

I wanted to take advantage of the lucrative switching incentives at the moment but have the regular saver account with HSBC at 5% and worried I would lose the interest so far on the account at its paid at the end of the term.

Is it still worth it to another bank such as First Direct?

If anyone has been in the same situation, i would gladly accept the advice!

ChrisK....._3

You don't have to switch all your accounts
You just have to switch your current account and have your salary paid in to it

Willing2Learn

jb0407 wrote: »

I've been a HSBC client pretty much since I started working 3 years ago.

I wanted to take advantage of the lucrative switching incentives at the moment but have the regular saver account with HSBC at 5% and worried I would lose the interest so far on the account at its paid at the end of the term.

Is it still worth it to another bank such as First Direct?

Why not open another everyday current account with HSBC and then use that account for the switch? You don't need to use your Advance account for the switch. That way you could keep your Regular Saver @ 5%APR and also claim your First Direct switch incentive.

PRAISETHESUN

If you switch your HSBC account and close it, you will lose eligibility for your regular saver and any interest you might accused this far since it was opened, so I'd probably recommend that you avoid switching your account at this time.


As suggested above, if you are keen to switch then I'd recommend opening a second account with HSBC or another bank and use that as a donor switching account to take advantage of any switch incentives you haven't had before, such as FD as you've mentioned above

colsten

ChrisK..... wrote: »

You don't have to switch all your accounts

Agree

ChrisK..... wrote: »

You just have to switch your current account and have your salary paid in to it

I know of no switch offer that requires the payment of a salary into the switched account.

colsten

I agree that the OP should be looking at setting up a donor account for switching. Not sure I would do this at HSBC though, as they are notoriously difficult and slow. Something like a Monzo or Natwest account would be my first choice.

PRAISETHESUN

It's generally easier to open an account with a bank you already hold an account with, since you shouldn't have to go thru ID checks, etc a second time. I agree that HSBC might be a bit slow, but if there isn't a rush then there shouldn't be any issue with using them

colsten

It's true that it's generally faster to set up a 2nd account with an existing bank. However, Monzo seems to beat them all. 5 star account opening & debit card provision.

PRAISETHESUN

Definitely can agree with you there - the application process for Monzo/Starting is super fast and since they work with CASS they are great donor accounts for switching

colsten

Starling isn't an option though for those who have a Raisin account as Starling appear to be incapable of accepting that people might want to have both, a savings and a current account :mad:

EarthBoy

PRAISETHESUN wrote: »

It's generally easier to open an account with a bank you already hold an account with, since you shouldn't have to go thru ID checks, etc a second time. ...

I opened a second Halifax Reward account online and had to be ID checked again. The website asked me to take a photo of my passport/driving licence, but when I tried that the process failed and I had to take my ID into a branch. None of this was necessary when I opened my first Reward account, -online checks had been quite sufficient that time.

Halifax's terms and conditions actually say that you can't have more than one Reward account, unless the second is a joint account, but their systems obviously aren't built to stop you opening more than one.