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Half price on HSBC Plus account for 6 months - normally £12.95
Half price on HSBC Plus account for 6 months - normally £12.95

Half price on HSBC Plus account for 6 months - normally £12.95

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HSBC are running an offer on their Plus account, a paid account with benefits. In the past I've dismissed these accounts, but they are worth looking at if you require / use a number of the extras elsewhere. HSBC offer the following benefits -

* Free worldwide travel insurance for the family
* UK Breakdown assistance
* ID theft assistance
* 50% off premiums for Unemployment, Sickness, Trauma & Life cover
* Automatic £3000 accidental death benefit for your spouse / partner
* Better rates on their savings account
* 10% interest rebate on personal loans
* 0.1% discount on mortgage rates

So the cost of the account is normally £155.40. With this offer it is £116.52 for the first year. I have annual travel insurance & basic AA vehicle only cover that comes to £148 / year. To that I need to add Life cover & cover for my 2nd car, so paying for this account would work for me, and the discount makes it a good deal, imho.

I thought I'd post it as I think it's a good deal, but I'm also interested to see what kind of reaction it gets in case I've missed something obvious and it turns out not to be a good deal ....

24 Comments

Original Poster

come on folks .... if its cold tell us why ...

Banned

it is a good deal if you already bank with them but not worth switching for. voted hot.

readysalted;3965123

come on folks .... if its cold tell us why ...



I guess a lot of people dont think you should have to pay for bank accounts when they are making enormous profits already... even if you are given benefits. There was a time when these things were given with accounts anyway....

I didnt vote by the way :thumbsup:

12 month contract though

I am with HSBC and dont want to pay 12.95 after the 6 months. total for 1 year £116.52. so cold for me, sorry
+travel insurance no good for me - as i have pr-existing medical condition

Original Poster

mosskeeto;3965197

I guess a lot of people dont think you should have to pay for bank … I guess a lot of people dont think you should have to pay for bank accounts when they are making enormous profits already... even if you are given benefits. There was a time when these things were given with accounts anyway....I didnt vote by the way :thumbsup:



It would seem so. But I expect that those people also pay for travel insurance, life insurance & breakdown cover too. There's something to said for not having all your eggs in one basket, but at the same time there is little sense in spending anymore cash that you have to on these products.

I expected a bank deal to be a touchy subject, where logical rational consideration of the deal goes out of the window in favour of "the banks are all evil(tm)" voting :-D

Original Poster

ijhawkins;3965238

I am with HSBC and dont want to pay 12.95 after the 6 months. total for … I am with HSBC and dont want to pay 12.95 after the 6 months. total for 1 year £116.52. so cold for me, sorry



not wanting to pay does not mean it is a bad deal, necessarily. Depends whether you would use the benefits, and currently pay for them elsewhere. If you would make use of them then surely it is worthwhile as it'll save you some cash.

readysalted;3965253

not wanting to pay does not mean it is a bad deal, necessarily. Depends … not wanting to pay does not mean it is a bad deal, necessarily. Depends whether you would use the benefits, and currently pay for them elsewhere. If you would make use of them then surely it is worthwhile as it'll save you some cash.



I dont bank with them, but do have separate travel insurance policy worldwide & break down cover,

The thing i dont like is 12 month contract for a bank account... -- plus these feature used to be free with some bank accounts when you paid more than £1k or £1,500k in per month..

Original Poster

RickT;3965317

I dont bank with them, but do have separate travel insurance policy … I dont bank with them, but do have separate travel insurance policy worldwide & break down cover, The thing i dont like is 12 month contract for a bank account... -- plus these feature used to be free with some bank accounts when you paid more than £1k or £1,500k in per month..




but you have a 12 month contract for travel insurance & break down cover ... ?

I'll give you some heat .. it's a good deal if you already pay for travel insurance, breakdown etc. :thumbsup:

* Automatic £3000 accidental death benefit for your spouse / partner

I could be wrong but surely accidental death benefit doesn't equate to life insurance.

PS. I haven't voted BTW
PPS. Sorry for calling you Shirley

Original Poster

Hartley;3965397

* Automatic £3000 accidental death benefit for your spouse / partnerI … * Automatic £3000 accidental death benefit for your spouse / partnerI could be wrong but surely accidental death benefit doesn't equate to life insurance.PS. I haven't voted BTWPPS. Sorry for calling you Shirley



That is separate to the half price life insurance cover that is available ...

readysalted

...I have annual travel insurance & basic AA vehicle only cover that … ...I have annual travel insurance & basic AA vehicle only cover that comes to £148 / year...


I suggest you stick with HUKD and discover what real deals are!
Basic AA online membership only costs £29.00 per year ... and you can get £17 rebate with quidco, meaning it only costs £12.00 per year.
You should be able to get annual travel insurance a lot less than £136!
(moneysupermarket.com shows several options for £40 or less)

Why are you paying £148 for something you can buy for as little as £52 ???

Makes that £116.52 look expensive now, since personal current accounts are available for free from most banks (including HSBC)

readysalted

To that I need to add Life cover & cover for my 2nd car, so paying for … To that I need to add Life cover & cover for my 2nd car, so paying for this account would work for me, and the discount makes it a good deal, imho.

I suggest you get some independant quotes for this too before saving 50% on something that could be costing 200% more in the first instance (HSBC are offering 25% off their premiums to any customer anyway at present)
e.g. it looks like life cover with HSBC starts at £6.00 per month. Even with 50% off that's still £36.00 per year - a 30 y.o. male non-smoker can get £10k of life cover (the minimum they offer, what's the point of £3k life cover???) for less than £30 p.a. with Synergy Financial Products Ltd (source: moneysupermarket.com)

Original Poster

Premier;3965429

I suggest you stick with HUKD and discover what real deals are!Basic AA … I suggest you stick with HUKD and discover what real deals are!Basic AA online membership only costs £29.00 per year ... and you can get £17 rebate with quidco, meaning it only costs £12.00 per year.


The £29 cover is worthless, imho. If they can't start your car you have to pay to be towed to garage ...

e.g. it looks like life cover with HSBC starts at £6.00 per month. Even … e.g. it looks like life cover with HSBC starts at £6.00 per month. Even with 50% off that's still £36.00 per year - a 30 y.o. male non-smoker can get £10k of life cover (the minimum they offer, what's the point of £3k life cover???) for less than £30 p.a. with Synergy Financial Products Ltd (source: moneysupermarket.com)



for the 2nd time, the £3k of cover is not the same as the from £6 / month life cover.

but hey, I'll just keep quiet in future ...

Banned

ijhawkins;3965238

I am with HSBC and dont want to pay 12.95 after the 6 months. total for … I am with HSBC and dont want to pay 12.95 after the 6 months. total for 1 year £116.52. so cold for me, sorry+travel insurance no good for me - as i have pr-existing medical condition


just because you dont need travel insurance is a bad reason to vote cold.

if you can find worldwide travel insurance, aa road cover, etc etc all for under £116 then that is a good reason.


cannot understand how anyone could find this cold.

Banned

other way to get more business......

Banned

ijhawkins;3965238

I am with HSBC and dont want to pay 12.95 after the 6 months. total for … I am with HSBC and dont want to pay 12.95 after the 6 months. total for 1 year £116.52. so cold for me, sorry+travel insurance no good for me - as i have pr-existing medical condition



Premier;3965429

I suggest you stick with HUKD and discover what real deals are!Basic AA … I suggest you stick with HUKD and discover what real deals are!Basic AA online membership only costs £29.00 per year ... and you can get £17 rebate with quidco, meaning it only costs £12.00 per year.You should be able to get annual travel insurance a lot less than £136!(moneysupermarket.com shows several options for £40 or less)Why are you paying £148 for something you can buy for as little as £52 ???Makes that £116.52 look expensive now, since personal current accounts are available for free from most banks (including HSBC) I suggest you get some independant quotes for this too before saving 50% on something that could be costing 200% more in the first instance (HSBC are offering 25% off their premiums to any customer anyway at present)e.g. it looks like life cover with HSBC starts at £6.00 per month. Even with 50% off that's still £36.00 per year - a 30 y.o. male non-smoker can get £10k of life cover (the minimum they offer, what's the point of £3k life cover???) for less than £30 p.a. with Synergy Financial Products Ltd (source: moneysupermarket.com)


you forgot

* ID theft assistance

and is the £40 travel cover worldwide for a FAMILY for a year?

readysalted;3965613

The £29 cover is worthless, imho. If they can't start your car you have … The £29 cover is worthless, imho. If they can't start your car you have to pay to be towed to garage ...


I based it on this as this is what you suggested you had in your earlier post i.e. "basic AA vehicle cover".

If the vehicle cannot easily be repaired at the roadside, the AA do NOT make any charge to transport the vehicle to a local garage.

I see the HSBC offering is not AA or RAC, but cover supplied by Mondial Assist. It has several exclusions too, such as no vehicle over 15 years old and there is no home start cover. Cover is limited to a maximum of 5 call outs per year and missing/broken keys are not covered. Furthermore it only covers private cars and light commercial vehicles (so motor cycles are not covered)

Auto-aid will provide full breakdown, recovery & at home protection for just £37 per year. It works slightly differently to AA/RAC cover in that you pay for the work at the time and then get your money refunded by Auto-aid. (usually within 10-14 days). It includes home start (which is limited to £65 maximum cover) but has a general exclusion of vehicles in excess of 2500cc

If you want traditional full breakdown, recovery & at home cover, this is available for as little as £42.50 per year from First Call GB Ltd.

MSE has a great summary on low cost breakdown cover options here:
moneysavingexpert.com/ins…ery

csiman;3965698

you forgot* ID theft assistance

No, the OP didn't specify he was interested in this

csiman;3965698

...and is the £40 travel cover worldwide for a FAMILY for a year?

Yes, that is what I requested the quote for.
2 adults & 2 children

readysalted;3965613

but hey, I'll just keep quiet in future ...



Don't let this one bad experience and some idiots on here ruin it for you

I bank with the Bank of Scotland who have a similar style account (slightly different benefits though) for a similar price, and I absolutely love it.

Each bank has slightly different benefits in their accounts, so you simply need to make sure you go with the one that you can get most use out of :thumbsup:

tickedon;3965948

Don't let this one bad experience and some idiots on here ruin it for you … Don't let this one bad experience and some idiots on here ruin it for you :)...


I don't think it's fair to classify others as idiots just because they don't think this is a good deal.

There is no doubt that if someone were intending on going out to purchase each and every benefit this particular deal is thowing in, then it would possibly be worthwhile optiong for this deal ... if they can be bothered with all the hassle of possibly switching banks too.

However, I suspect that the majority of people probably have no intention of buying each individual product, although some may want a couple. In that case, as I have demonstrated, it may be possible to get an even better deal by shopping around.

Unless you were planning on buying each and every product, this deal may end up costing you a lot more than buying just the products you originally planned on purchasing ... and that's why it may not be a good deal for the majority.

readysalted;3965332

but you have a 12 month contract for travel insurance & break down cover … but you have a 12 month contract for travel insurance & break down cover ... ?



no... i pay for it for 12 months in advance.... im not in a contact with them... you can cancel it at any time and get a possible rebate of the amount of time you have not used...

Contract = you cant cancel...

IE.. you are unable to close the account... and you HAVE to pay the monthly charge

readysalted;3965401

That is separate to the half price life insurance cover that is available … That is separate to the half price life insurance cover that is available ...



Thanks for clearing that up. :oops:

co-operative bank privilege account £8.50 pm. no contract.

-£200 interest and fee free overdraft
-world wide family travel insurance
-mobile phone insurance for 4 mobiles reg to one household
-better rates on their savings
-20% off home insurance
-discounts on hotels, attractions, mots, electricity through ecotricity

and a choice of
-gadget insurance
-id theft protection/insurance
-access to airport travel lounge

for 12.50 pm you get all above plus european breakdown cover..

all that and a few extras i couldnt be bothered listing provided by a bank voted number 1 for customer service 4 times in 2008 and the only bank with an ethical policy that gives custs a say where there money is invested.

happy where i am thanks
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