HSBC Opening basic savings account

FindMyWayBack

My elderly father banks online with HSBC, I want him to move most of his money to a savings account that will show when he logs on to his account, so that just in case the worst happens they will only clear out a small amount, via Amazon/Ebay.
This should be very easy to do online, however when we logged in and went to apply for this savings account  in addition to his current account, it said he was not eligible as he is not UK tax resident. This is completely wrong, we checked his details online on the website and it is all correct and clearly says UK.
We got nowhere with the chat bot, or a live assistant who followed, so we rang up, the operator was in the throws of setting up the account and the line went quiet and he never came back.
Can anybody suggest anything please, or have you come across this before?

jimjames

Surely you'd want the money with a different bank so that if someone gets access to his account they can't touch it? Anyway there are far better places for savings than HSBC that pay much higher rates

FindMyWayBack

I would prefer that yes, but we were thinking more about the bank card details attached to Ebay and Amazon, so you are thinking that if they got access to that card at HSBC they could also get to the savings account?
And yes, I would prefer it away from there, but my father is elderly and doesn't like change

Daliah

How much savings does he have?

How much interest will HSBC pay him?

What is the best interest he can get from his savings (savings league table: https://moneyfacts.co.uk/savings-accounts/)?

How much does he care about getting the best return from his savings? (nb. his money will lose purchasing power in any savings account as interest rates are way below inflation)

What are the risks of having all his savings with the same provider (account locked, account hacked etc etc etc)?

What are his objections, if any, for keeping his savings in a separate account / with a different financial institution?

[Deleted User]

He could open any of these but not much in the way of interest.
Would he not be better with a credit card with a modest limit ?

FindMyWayBack

Daliah said:

How much savings does he have?

How much interest will HSBC pay him?

What is the best interest he can get from his savings (savings league table: https://moneyfacts.co.uk/savings-accounts/)?

How much does he care about getting the best return from his savings? (nb. his money will lose purchasing power in any savings account as interest rates are way below inflation)

What are the risks of having all his savings with the same provider (account locked, account hacked etc etc etc)?

What are his objections, if any, for keeping his savings in a separate account / with a different financial institution?

Thank you for your reply, don't want to disclose the ins and outs, I think I will suggest again that the money is deposited in a separate institution and with a better return.

FindMyWayBack

Deleted User said:

He could open any of these but not much in the way of interest.
Would he not be better with a credit card with a modest limit ?

Unfortunately not until they speak to him, will find out why on next visit when we try yet another contact with them. He won't entertain credit cards, sees them as the work of the devil. I can see exactly why you would suggest that and it has made me think too....

pokora

A visit to a HSBC branch probably would help.
has the current account been inactive for a long period ?
Did you try to open a regular saver or an easy access account?
Are you using the app or a computer ?

Zanderman

Not sure why people are replying about interest rates. 

The sole aim of the exercise is to simply ensure money is not available if details of a current account are used by fraudsters.  But to keep it in the same institution.  

It's a simple enough concept and makes perfect sense - a fraudster with debit card details will not be able to access a savings account.

The only problem is why HSBC won't open a savings account. You just need to persevere with HSBC OP!

FindMyWayBack

pokora said:

A visit to a HSBC branch probably would help.
has the current account been inactive for a long period ?
Did you try to open a regular saver or an easy access account?
Are you using the app or a computer ?

Current account in constant use on laptop.
Yes he was refused stating not UK tax resident, when trying for the flexible.
Phone appt scheduled for next week.

FindMyWayBack

Zanderman said:

Not sure why people are replying about interest rates. 

The sole aim of the exercise is to simply ensure money is not available if details of a current account are used by fraudsters.  But to keep it in the same institution.  

It's a simple enough concept and makes perfect sense - a fraudster with debit card details will not be able to access a savings account.

The only problem is why HSBC won't open a savings account. You just need to persevere with HSBC OP!

Agree with all that, but people were kind enough to offer additional advice.
We shall see when we can actually get a human on the phone for long enough without technical issues.
Other money in high paying ISA's etc.