HSBC says it could charge for current accounts

Dr_Crypto

£5 a month I probably wouldn't bother. £20 I probably would. 
Most people here (including me) are atypical as we want to be more financially aware. I don't know anyone who goes round changing their bank account every few months to get £100 although plenty on here do it. 

garmeg

Dr_Crypto said:

Depends on how much they charge. Most people can't be bothered moving banks and I believe the majority of people stay with the same bank they start with as a young person. 
If it was £5 a month or something I doubt many people would bother, especially if they were generally happy with the service provided. 

If you have 10 accounts, that's £50.

Some people here have more than 10 accounts.

gt94sss2

adamp87 said:

Whoever is the first bank to take the hit & bring this in for basic accounts, if they did would probably see large closures as people move elsewhere.

If one bank introduces monthly fees, I would expect the majority to follow in short order

born_again

adamp87 said:

Whoever is the first bank to take the hit & bring this in for basic accounts, if they did would probably see large closures as people move elsewhere.

As stated by HSBC
A spokesman later told the BBC it was committed to continuing to provide free "basic bank accounts" in the UK .

jonesMUFCforever

born_again said:

adamp87 said:

Whoever is the first bank to take the hit & bring this in for basic accounts, if they did would probably see large closures as people move elsewhere.

As stated by HSBC
A spokesman later told the BBC it was committed to continuing to provide free "basic bank accounts" in the UK .

Yes, but you cannot apply for a Basic account - you only get one if you do not qualify through credit scoring for a full account.

Eco_Miser

born_again said:

adamp87 said:

Whoever is the first bank to take the hit & bring this in for basic accounts, if they did would probably see large closures as people move elsewhere.

As stated by HSBC
A spokesman later told the BBC it was committed to continuing to provide free "basic bank accounts" in the UK .

There is confusion here between 'basic bank accounts' which are very limited in function and usually limited to people who don't qualify for anything else (which HSBC has pledged will remain free), and 'standard current accounts' which are no-frills, no credit interest, no minimum pay-in or balance accounts, for which banks may one day charge.

Banks already charge for accounts with incentives, but waive the charges, or provide incentives exceeding the charges, if various conditions of minimum use are met.

Dr_Crypto

garmeg said:

Dr_Crypto said:

Depends on how much they charge. Most people can't be bothered moving banks and I believe the majority of people stay with the same bank they start with as a young person. 
If it was £5 a month or something I doubt many people would bother, especially if they were generally happy with the service provided. 

If you have 10 accounts, that's £50.

Some people here have more than 10 accounts.

Some do but not many.
No doubt some people would leave but I don't think many will. Your average Joe only has one current account. 

whitesmith

Nobody wants to pay fees but I suppose if it was a small amount each month I would not object to paying it

however what I hope doesn't happen is that banks start charging transaction fees

SpanishBlue

Dr_Crypto said:

£5 a month I probably wouldn't bother. £20 I probably would. 
Most people here (including me) are atypical as we want to be more financially aware. I don't know anyone who goes round changing their bank account every few months to get £100 although plenty on here do it. 

Those of us that do that still keep our main bank account and just switch a supplementary account every so often for the free money that banks keep throwing at us.

born_again

Eco_Miser said:

There is confusion here between 'basic bank accounts' which are very limited in function and usually limited to people who don't qualify for anything else (which HSBC has pledged will remain free), and 'standard current accounts' which are no-frills, no credit interest, no minimum pay-in or balance accounts, for which banks may one day charge.

Banks already charge for accounts with incentives, but waive the charges, or provide incentives exceeding the charges, if various conditions of minimum use are met.

Well that is not a basic account...
adamp87 was referring to a Basic account.