Loosing faith in HSBC :(

nyermen

ratechaser said:

https://www.hsbc.co.uk/current-accounts/products/jade/

...and no I don't have a Jade account myself, I have no desire to tie up half a million of my money with HSBC just to acquire a card with a few benefits (including of course the now near-obligatory airport lounge access). Was just pointing out that there are a few more tiers on top of Advance...

ps. kudos on you for not changing your screen name to "alex_livingstone" before posting that photo

colsten

nyermen said:

I think it's 500k savings minimum.  Bearing in mind HSBC's conservative rates etc, does anyone with "6+ digit" money actually keep it with them?  With savings rates of around 0.01%, on 500k, that would be about £15 a day of interest.  If you do, I'll pay you £50 (triple a days interest!) if you withdraw it in twenties, and i can throw the notes over myself while cackling evilly for 5 minutes?

Nobody in their right mind would keep their money in normal HSBC savings account. But HSBC also offer investment accounts, and have some quite decent Funds themselves (which can also be held on other investment platforms). It would not be unthinkable that people have HSBC S&S ISAs and/or other investments worth half a million.

ratechaser

colsten said:

nyermen said:

I think it's 500k savings minimum.  Bearing in mind HSBC's conservative rates etc, does anyone with "6+ digit" money actually keep it with them?  With savings rates of around 0.01%, on 500k, that would be about £15 a day of interest.  If you do, I'll pay you £50 (triple a days interest!) if you withdraw it in twenties, and i can throw the notes over myself while cackling evilly for 5 minutes?

Nobody in their right mind would keep their money in normal HSBC savings account. But HSBC also offer investment accounts, and have some quite decent Funds themselves (which can also be held on other investment platforms). It would not be unthinkable that people have HSBC S&S ISAs and/or other investments worth half a million.

And that's a fair point about the funds themselves being decent. Must admit that I've not looked into what the fee structure would be like holding them directly with HSBC, versus on a discount platform, but my instinctive guess is that on £500k, it would be a significant markup, and a lot more than I'd want to pay for the baubles that go with the Jade account, nice though the card looks.

They do also make it clear that they are FAs and not IFAs, so restricted investment selections...

I did briefly look to see if they offered pensions as that would have been the easiest way to dump half a buck on them, but nothing obvious came up...

General_Grant

Drum roll for the excitement of a reward from HSBC ...................

Earlier this year I did receive an M&S voucher (value about £12) for having used my HSBC debit card a few times.

colsten

ratechaser said:

colsten said:

nyermen said:

I think it's 500k savings minimum.  Bearing in mind HSBC's conservative rates etc, does anyone with "6+ digit" money actually keep it with them?  With savings rates of around 0.01%, on 500k, that would be about £15 a day of interest.  If you do, I'll pay you £50 (triple a days interest!) if you withdraw it in twenties, and i can throw the notes over myself while cackling evilly for 5 minutes?

Nobody in their right mind would keep their money in normal HSBC savings account. But HSBC also offer investment accounts, and have some quite decent Funds themselves (which can also be held on other investment platforms). It would not be unthinkable that people have HSBC S&S ISAs and/or other investments worth half a million.

And that's a fair point about the funds themselves being decent. Must admit that I've not looked into what the fee structure would be like holding them directly with HSBC, versus on a discount platform, but my instinctive guess is that on £500k, it would be a significant markup, and a lot more than I'd want to pay for the baubles that go with the Jade account, nice though the card looks.

They do also make it clear that they are FAs and not IFAs, so restricted investment selections...

I did briefly look to see if they offered pensions as that would have been the easiest way to dump half a buck on them, but nothing obvious came up...

They are definitely into SIPPs as well. https://www.moneymarketing.co.uk/news/hsbc-uk-launches-sipp-with-fidelity/

Their charges appear to be in the middle range of charges but they have a very limited range on offer - just their own. People who I know have HSBC funds all have them on other platforms, mainly for reasons of flexibility.

gt94sss2

HSBC also offer self select ISAs, if you want to control what you purchase/sell.

colsten

gt94sss2 said:

HSBC also offer self select ISAs, if you want to control what you purchase/sell.

That's the most common form of S&S ISAs. But at HSBC, you are limited to the funds they pre-selected, and I don't think they offer ETFs.

adamp87

Most banks don’t really reward you for being with them. They charge you extra for accounts that come with perks. They aren’t under an obligation too let’s face it.

Croeso69

nyermen said:

I think it's 500k savings minimum.  Bearing in mind HSBC's conservative rates etc, does anyone with "6+ digit" money actually keep it with them?  With savings rates of around 0.01%, on 500k, that would be about £15 a day of interest.  If you do, I'll pay you £50 (triple a days interest!) if you withdraw it in twenties, and i can throw the notes over myself while cackling evilly for 5 minutes?

Actually 0.01% of £500,000 is £50 so more like 14 pence per day!

Emmia

pbd79 said:

As many have said HSBC don’t seem to be bothered about keeping customers. When you look at their offering compared to many of their competitors, they simply don’t match up in terms of rewards or benefits. I also feel their I.T is slow and clunky. It’s not even as though they offer outstanding customer service (in my humble opinion) to at least offer their customers something. Does make you wonder if they’ve given up trying to be innovative and can’t really be bothered 🤔 

No one is forced to bank with HSBC (or indeed any other bank) if you find the lack of rewards and "clunky" IT unattractive - then you can go elsewhere.

I'd argue that banks don't need to be "innovative" as a primary function.. they need to be a safe repository for your money. Bells and whistles on an app and a jazzy interface are fantastic until your bank suffers from IT issues - or (has happened before) goes under.