HSBC Ceasing Advance Current Account Benefits

Yorkshire_Pud

With the Advance account changes does the fund with £1750 per month condition still apply?

If so no reason not to downgrade as no longer needed for the better interest on the regular saver?

colsten

Yorkshire_Pud said:

With the Advance account changes does the fund with £1750 per month condition still apply?

If so no reason not to downgrade as no longer needed for the better interest on the regular saver?

Apparently they still want the £1,750 / mth, or £10,500 every 6 months. Whether & when they enforce this remains to be seen. I have stopped my monthly £1,750+ deposits a few months ago, but not 6 months yet. If they want to downgrade me, I am very happy to have that happen as it doesn't affect the interest rate on the RS.

IAMIAM

The current account market is over in my opinion, they are all just becoming basic bank accounts like the USA

Lumiona

I only recently opened one for the £175 switch bonus so haven't noticed any account benefits. I'm considering keeping it for future switches or closing it down completely.

maybells

HSBC are the WORST

MDMD

Yorkshire_Pud said:

With the Advance account changes does the fund with £1750 per month condition still apply?

If so no reason not to downgrade as no longer needed for the better interest on the regular saver?

Paying in £1.760 does make you eligible for their rewards credit card. You don’t necessarily need the advance account.

https://www.hsbc.co.uk/credit-cards/products/rewards/

Nothing too special though unless the Points worth £25 sign up bonus Is of interest 

pollypenny

HSBC did exactly the same with the old Premier account, gradually whittled away the perks, so we transferred to Nationwide, who are now doing the same.  

adamp87

Apparently their current account is off market on an email I’ve read today.

It’s about overdraft charges coming back after the 0% coronavirus step they made.

I’m confused by it though. I have a overdraft facility on the account, so before Corona I believe it changed from 0% to 39 % there or there abouts no fee.

Now this email states 

Interest Free Arranged Overdraft £25
Interest Rate 39.9%

So does that mean if I ever used it, I’d pay £25 regardless? 

gt94sss2

adamp87 said:

Now this email states 

Interest Free Arranged Overdraft £25
Interest Rate 39.9%

So does that mean if I ever used it, I’d pay £25 regardless? 

No. HSBC give you a £25 interest free buffer on the account - so if any overdraft was less than £25 you would not be charged interest.

adamp87

Cheers I get it now