Bank Loyalty - HSBC

SJ_Jones

I've been with HSBC for 13 years (since it was Midlands), and I've never had any issues with them. I feel nervous at the thought of moving my account to a higher interest one (like A&L or Halifax). Is there any justification to my hesitance - or am I just playing into their hands?

wendy30

This is something I've thought about and asked on these forums, and I've still to make a decision. I've also been with HSBC, since 1996 and added my husband onto my account about 3 years later when we were engaged.

We've always had good service in branch and they're always ready to help. This is what is stopping us making the move I think, the fact that they all know us and are always helpful and in our case understanding regarding overdrafts etc on business account.

I had also thought about A&L but since there is no branch local to us, have also thought about Halifax. But as yet no move has been made. It's amazing the 'psychological' hold actually going into branch and speaking to someone has on me lol!

Meltdown_2

Just open an account with someone else, keeping your HSBC account.
If you find you prefer the new bank, then use that account as your main one.
If you don't like the new bank, then use the HSBC account as your main one.

morg_monster

I was with HSBC since my midlands livecash account when I was 12, through student and graduate accounts etc... Now I'm 27. 2 yrs ago I got sick of paying a few pounds interest every month on my decreasing OD from student days and knowing that I would get no real interest on my current account once I was in the black, I finally shook off the shackles of loyalty and switched to A&L for their one year interest free OD while I finished paying it off. Once paid off and all the good stuff ended, I thought about switching back to HSBC but as a saver and now hardcore MSE, wasn't impressed by their poor rates, and have never really needed to use branches much. So I switched to Nationwide who I have been really happy with. Their internet banking isn't as good as HSBC, but is perfectly adequate, and I like having my short term savings in e-savings earning a good rate with no catches, and can move money across instantly. When I have had to use a branch to pay in cheques and to open a joint account with my OH I have found nationwide staff to be very professional, helpful and generally nice! I don't regret leaving HSBC at all.

By the way I have still got my HSBC account open with nothing happening to it, I cancelled the overdraft so I didn't have to risk getting one of their yearly £25 arrangement fees. Maybe I'll go back one day but probably not, I guess a tiny bit of loyalty remains with my dormant account!!

Mikeyorks

SJ_Jones wrote: »

I've been with HSBC for 13 years (since it was Midlands), and I've never had any issues with them.

I've been with Halifax as my core Bank ... for at least twice that period. And similarly had no issues, of any substance, with my own and OH accounts. But I conduct the accounts impeccably in line with the T&Cs and do virtually everything, that is possible, online. I never go into Branches ... and always use a cheerful little local agency for paying in cheques. So I do suspect part of the secret of a working partnership is keeping it as much at arms length as is possible! Their excellent online system helps with that no end.

If you keep your accounts meticulously ..... no reason whatsoever why you shouldn't enjoy an equally good relationship outside HSBC? Most of the 'Aaaaargh' posts on here ..... you can clearly read between the lines that the initiation of a problem is often not with the Bank!

SJ_Jones

Thanks to all your replies - was thinking; is there any kind of haggling you can do with a bank over rates etc, similar to what you can do with mobile phone providersif you threaten to cancel your contract & go elsewhere?

huddsta

I have the same (possibly) misplaced loyalty to HSBC. I opened my Livecash account about 12 years ago. Only now am I getting fed up with them. Local branch has been closed, credit card application messed up and long waits on hold. If it wasn't for their online banking, which I find really good, and the previously mentioned loyalty I would have jumped ship long ago.