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    hsbc new t&c's on current accounts

    Hi,

    I've just got a letter from hsbc saying that due to me being with them for 18 years they are upgrading me to a new account where the main change seems to be that I'll get no interest at all on it!?!

    It's only my current account and runs to 0 each month with anything left being moved into an ISA anyway so I'm only looking at a few pence a year but it's a bit harsh innit!

    My GF & her mom have had the same letters just with a diferent length of service mailshotted into the first paragraph.

    worto.

    11 Comments

    times are hard I guess when profits dip....:-)

    what a/c have they given you is it just the bankc account or an advance account? cause you get benefits with the advance for free.

    Sounds More Like A Downgrade

    Original Poster

    lol

    yeah as I get over £500 a month paid in it's the advanced account apparently - I didn't really see any benefits on the letter just a load of fluff really.

    Are any of the benefits any good?

    worto.

    these are the main ones:-
    Overdraft facility with a current rate of 19.9% EAR variable (Cashback – get up to £50 cash back at various UK outlets when you pay with your Free HSBC Debit Card
    8% AER Regular Saver
    Identity Theft Assistance including one free on-line credit report per year
    Mobile Banking

    Original Poster

    hummmm sounds a bit **** to me.

    I already have an overdraft of £750 which I've not used for a couple of years now but it's there if I want it.

    I'll have to have a look at the cashback I use a 1% cashback credit card at the mo so maybe it's better than that for certain retailers.

    Identity Theft Assistance including one free on-line credit report per year - OK something that I hope I'll never need but may come in handy - don't they already offer this sort of thing though.

    Mobile banking - lol on my phone - can't see that working very well.

    heh - thanks for the info though - I'm just stuck at work still & thought I'd have a moan to see if anyone else had got the same letters.

    if your looking for good credit interest then plus account is great you get 6% for the first year. i think you do still get credit interst on the advance i hadnt heard that you dont get ne at all

    lol sounds like its to everyone, got that letter this morning..

    Hang on so they getting rid of free overdraft had that for years :O

    also wheres the detials on the cashback cant see any online or in the pack

    I got a letter from HSBC and them changing terms, which i did not read, i also got another letter which is usual for me today. i dont mind no interest

    Sign up for a current account with Alliance and Leicester through quidco
    you get £50 quidco plus 6.5% interest for 12 months. A&L also match your
    current ( interest FREE )overdraft plus other benifits......After the 12 months change it for their different
    current account
    with less interest but FREE travel insurance
    ( This is what I did anyway, needed the travel insurance as I was going away
    worked out perfect )

    Original Poster

    yeah I think I'll do some swapping around now - all of my bills go out of my joint account so I can have my salary paid in anywhere without any hastle as long as I keep my joint account with hsbc.
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