HSBC closing savings account and moving it to another banks saving account

[Deleted User]

Have a regular unlimited access savings account with HSBC. I have opened a savings account with a new bank (as I moved my current account).

HSBC are telling me me it's going to cost me £17 to move my money. (About 40k). This seems absurd. Is this legit? If so, how is this even legal in this day and age?

eskbanker

Sounds like that may be a fee for the guaranteed same day CHAPS service, which is also sometimes suggested if there's a desire to make a single payment above the daily/transaction Faster Payments limit.

Ask them how to make the transfer via Faster Payments for no charge, which may involve splitting it into multiple chunks, or simply do it yourself via online banking....

[Deleted User]

The answer appears to be some pointless task of creating multiple transfers of £9999 every 24hrs...

Very bizzare what this actually achieves other than paperwork....

eskbanker

mgillespie wrote: »

The answer appears to be some pointless task of creating multiple transfers of £9999 every 24hrs...

Very bizzare what this actually achieves other than paperwork....

It achieves compliance with their daily Faster Payments limit, thereby allowing you to move the money without charge. Nothing stopping you from using CHAPS (for £17) to do it in one go if you're in a hurry, or presumably arranging a cheque for the full amount if neither of the above suits.

Look on the bright side - HSBC's savings interest rates are derisory so hopefully you're moving your pot somewhere where it'll earn at least 1.35%, which would pay for quite a few CHAPS transfers....

Speedbird676

Do you have Online Banking?

Their Faster Payment limit for internet banking transactions is £25k:
http://www.fasterpayments.org.uk/hsbc