Is there any benefit to banking with HSBC?

Lions_89

I hold a number of accounts across the clearing banks. It occurred to me HSBC is the only bank who doesn’t offer any account benefits. I have the advanced account but it doesn’t come with anything really. Have the HSBC group given up on the UK retail arm?

I am thinking of switching away as my main account. 

ColdIron

HSBC, along with the Natwest group, are the only banks I have never had an account with. They have never offered any benefits worth the bother. They did have a decent regular saver once but the barriers to entry were higher than I was prepared to overcome

friolento

As an HSBC current account holder, you get access to a range of other HSBC products. For example, to their Regular Saver account which for many years (not now) offered a market-leading interest rate. You also get access to their Global Money account, as well as to their investment accounts. These may or may not matter to you, and you are free to close / switch your account if that's the right thing for you to do.

wmb194

Lions_89 said:

I hold a number of accounts across the clearing banks. It occurred to me HSBC is the only bank who doesn’t offer any account benefits. I have the advanced account but it doesn’t come with anything really. Have the HSBC group given up on the UK retail arm?

I am thinking of switching away as my main account. 

I've never used HSBC for my main account but it sometimes offers good regular savings accounts - only 5% at the moment though - and its Global Money Account is good and will be even better once Fineco is out of the picture. Its GIA is okay - lookout for cashback offers to open one. Not too expensive (0.5% and no buy/sell commission) and offers the novelty of actually crediting OEIC dividends on the day they are due (*cough* iWeb).

If you move abroad you have a much better chance than with other British banks that it'll allow you to keep it.

PloughmansLunch

You also get decent family (and grandchildren) travel insurance completely free up to age 70 if you qualify for HSBC premier

Bazzalona13295

Lions_89 said:

I hold a number of accounts across the clearing banks. It occurred to me HSBC is the only bank who doesn’t offer any account benefits. I have the advanced account but it doesn’t come with anything really. Have the HSBC group given up on the UK retail arm?

I am thinking of switching away as my main account. 

I had/have a number of current accounts, but HSBC was the only one which didn't have a linked EA or RS account so I've switched. If you can £150-200 for switching its an easy decision.

Bigwheels1111

Never been with HSBC, But had an account with their sister company First Direct for 20 plus years.
Benefits, regular saver, £250 free overdraft, 24-7 call centre that speaks English.
I’ve had issues, they have been resolved. Mostly by giving me money to shut up.
They messed up 3 transfers for 4 days.
I told them how much interest I had lost at 5%, £135 and they paid it to me plus £50 good will.
Took 10 minutes.

WillPS

One advantage of HSBC is that they are able to use your history with them in one country to offer you credit in another where they also have a presence. This is useful if you banked with them overseas then move to the UK or vice versa (or plan to).

JacJac1

Touch wood but I haven't had any of the outages that friends/family seem to get with other banks. They aren't fancy, but everything seems to work as it should. I've had one cause to complain in about 30 years, and they gave me some money and apologised. So maybe it's not about what you get, but also what you don't get, i.e. issues!

Lions_89

WillPS said:

One advantage of HSBC is that they are able to use your history with them in one country to offer you credit in another where they also have a presence. This is useful if you banked with them overseas then move to the UK or vice versa (or plan to).

Thanks for your suggestions, from what I have seen the above is the benefit. 

Rich2808

They are a global bank - and offer multi currency accounts.

They have shut their US arm now but when I lost my debit card in Miami I was able to go into their branch there in the Financial District and call home for free to cancel it.  That was before cheap roaming and mobile phones which worked abroad!

Also found branches while on holiday in Singapore and Malaysia - as their main presence is in Asia. Probably of not much use these days but it could offer some benefits if you travel.