HSBC not honouring application within deadline

lp_in_Brighton

Until recently I was a reasonably happy HSBC customer - so much so that I decided to take advantage of its one year fixed rate savings account offering a 5.7% interest rate. I was aware that this offer was being terminated on the 18th October, so decide to apply.

On that date I completed the on-line application and made arrangements for my funds to be transferred from another HSBC account, relieved that I had met the deadline (confirmed by the bank announcing a lower interest date the following day).

I then awaited an email confirmation which never arrived. Six days later I contacted the bank for confirmation of the new account. I was informed that my application was pending but that the 5.7% interest rate could not be confirmed because the 18th October deadline had now passed. The following day I discovered on line that the account was now open. However, not only had I lost one week's worth of interest through this delay, but the interest rate was now 5.4%. And still no confirmation email, or any explanation of why I was able to apply within the deadline with no warning that there might be a delay resulting in a loss of interest.  

During this time I have contacted HSBC's advisors (itself a difficult long winded process) and while they were very sympathetic to my situation, they couldn't offer any solution. 

All told, not a happy customer!

subjecttocontract

Yes I'd be unhappy with that as well.
I usually work on the basis that ALL banks are going to disappoint me eventually so I never hold high expectations.

Look at First Direct......on the outside a very good service. But when your regular saver ends, instead of just transferring the balance into your current account, they want to take 5 days faffing around before it's available. They seem to want to go out of their way to make it as difficult as possible for their customers. They must belong to the same club as HSBC.

retiredbanker1

lp_in_Brighton said:

On that date I completed the on-line application and made arrangements for my funds to be transferred from another HSBC account, relieved that I had met the deadline (confirmed by the bank announcing a lower interest date the following day).

All told, not a happy customer!

OP What time did you start and submit your application?

For instance if you did it in the evening then your application might have rolled over to their next day workings - just a thought,

lp_in_Brighton

No it was first thing in the morning. I clicked on "Open Account" on the page listing the one year fixed rate account at 5.7%, and already had funds in my main HSBC acc to transfer, so no delays on my part. Also I already have 3 HSBC accounts, so opening another one should have been a formality. 
Annoyingly I had contacted HSBC a week previously before I had funds available to enquire if I could open an account then, and then transfer my money when it became available. They told me not possible, so you can see why I am annoyed. There was no warning on the application about likely delays, or that the product might no longer be available - and as yet I still have no email confirmation that the account is open even though I can access it on line. Must admit I always thought that HSBC was a reputable bank, but on line reviews suggest otherwise! 

lp_in_Brighton

Following this I logged into my account this morning and the account is showing as opened on the 25th October with an interest rate of 5.85%. I then called HSBC to establish if this was correct, but was told that since I applied within the deadline then the advertised rate of 5.7% would apply.  This is exactly what I would have expected to hear in the first instance - so either HSBC's advisors were previously giving me wrong advice, or the company has changed its mind. The advisor this morning could offer no explanation why the app (and my PC) is displaying the higher rate of 5.85%. 
So overall I am now happy with the product but the service and advice remains very poor.