HSBC account closure

Ezii

Daliah said:

You should be able to get a savings account, despite the CIFAS marker, to deposit your savings into. However, most UK savings accounts these days will only allow deposits from, and withdrawals to, a UK current account in your name. So you are back to square one.


You could try and apply for a Basic current account, and hope they don't do a CIFAS check. Best one IMO would be a Nationwide FlexBasic.

Having checked the nationwide website, it states must not hold any other UK current account, at this current point in time I do actually have 4 bank accounts that are current. But I'm assuming they will soon follow suit with closure. After the CIFAS, I hastily applied for Halifax's current account and they just opened it quickly, not sure if they'll close it as well. 

MrFrugalFever

It seems like your stuck between a rock and a hard place, namely because if you start moving large quantities of money it will most certainly raise flags and go against you.

I have a POCKIT account, which I transfer approx £400-500 a month to, purely to benefit from the cash back it provides, its £1.99 a month and other than the next to non-existent customer services (of whom I have had a very heated debate with over the quantity of completely unnecessary emails they send me) it’s not been a problem. I am also an investor in them as they are still a relatively new startup. I think the worst reviews are for, their initial setup.

I can confirm that a savings account does need a UK bank account or it will not be accepted, I experienced this with one savings account whom I had to send evidence of a revolut account to enable me to be able to use it. Revolut are shocking though and I wouldn't use them again.

Daliah

Ezii said:

Daliah said:

You should be able to get a savings account, despite the CIFAS marker, to deposit your savings into. However, most UK savings accounts these days will only allow deposits from, and withdrawals to, a UK current account in your name. at you did, you shouldn't try it elsewhere.

I'm not doing anything within regards to crypto EVER.......I just assumed it was for the recent transfers that I made that was me selling BTC that I had in my wallet for a long time .....

BTC is not crypto? What is it then?

Daliah

Ezii said:

Daliah said:

You should be able to get a savings account, despite the CIFAS marker, to deposit your savings into. However, most UK savings accounts these days will only allow deposits from, and withdrawals to, a UK current account in your name. So you are back to square one.

also for the nationwide account am I just able to apply online? or do I need to visit my branch and explain my situaction? also If I transfer all of my funds from my main bank won't they raise eyebrows? its over 10k+ 

you can apply online, see the link I posted earlier

You don't have to transfer your funds all in one go, and you can transfer some to your savings account(s) once you have a working current account.

Daliah

Ezii said:

Daliah said:

You should be able to get a savings account, despite the CIFAS marker, to deposit your savings into. However, most UK savings accounts these days will only allow deposits from, and withdrawals to, a UK current account in your name. So you are back to square one.


You could try and apply for a Basic current account, and hope they don't do a CIFAS check. Best one IMO would be a Nationwide FlexBasic.

Having checked the nationwide website, it states must not hold any other UK current account, at this current point in time I do actually have 4 bank accounts that are current. But I'm assuming they will soon follow suit with closure. After the CIFAS, I hastily applied for Halifax's current account and they just opened it quickly, not sure if they'll close it as well. 

sorry, didn't realise you already have 4 current accounts. In which case, there doesn't appear to be much point opening any more just now.

Ezii

Yeah but if I've currently got 4 current accounts at the moment I wouldn't be able to fit in the criteria to open the nationwide flex account. It's rather just silly I'm unable to open it and transfer the funds in case it does get closed- at least I'll be able to have access to funds and set up new direct debits ect. Because of my main bank just decides to close one day. It'll be a new headache to deal with having all of the direct debits set up, not to mention quick access to funds in case I need them. I tend to just use 

General_Grant

Ezii said:

Yeah but if I've currently got 4 current accounts at the moment I wouldn't be able to fit in the criteria to open the nationwide flex account. It's rather just silly I'm unable to open it and transfer the funds in case it does get closed- at least I'll be able to have access to funds and set up new direct debits ect. Because of my main bank just decides to close one day. It'll be a new headache to deal with having all of the direct debits set up, not to mention quick access to funds in case I need them. I tend to just use 

Can you point to where on the Nationwide website you are finding the criterion that you can't open a Flex account if you have multiple current accounts?

Ezii

It says on 

Ezii

General_Grant said:

Ezii said:

Yeah but if I've currently got 4 current accounts at the moment I wouldn't be able to fit in the criteria to open the nationwide flex account. It's rather just silly I'm unable to open it and transfer the funds in case it does get closed- at least I'll be able to have access to funds and set up new direct debits ect. Because of my main bank just decides to close one day. It'll be a new headache to deal with having all of the direct debits set up, not to mention quick access to funds in case I need them. I tend to just use 

Can you point to where on the Nationwide website you are finding the criterion that you can't open a Flex account if you have multiple current accounts?

Have linked it above

Daliah

Ezii said:

General_Grant said:

Ezii said:

Yeah but if I've currently got 4 current accounts at the moment I wouldn't be able to fit in the criteria to open the nationwide flex account. It's rather just silly I'm unable to open it and transfer the funds in case it does get closed- at least I'll be able to have access to funds and set up new direct debits ect. Because of my main bank just decides to close one day. It'll be a new headache to deal with having all of the direct debits set up, not to mention quick access to funds in case I need them. I tend to just use 

Can you point to where on the Nationwide website you are finding the criterion that you can't open a Flex account if you have multiple current accounts?

Have linked it above

If they won't let you have a FlexBasic, chances are they would offer you one of their other current accounts.. Only way to find out is by applying.

Though I don't understand why you can't just use one of your existing accounts.