I’ve had a mixture of experiences banking with HSBC. I opened a ‘teenage’ back current account and have been with them ever since through a ‘student’ account and a ‘graduate account’. However, I’ve chosen not to go with HSBC when setting up my savings accounts and not to use any of their other services.
The current account has always been good, with a larger interest-free overdraft than most of the other high street banks through my student years – up to £1500 in my final year. Some of the freebies are pretty good - there was a free railcard (back in my day) worth at least £50 if you’re on a 3 year course. My debit card and credit card limits have also steadily increased and I’m still not being charged for my credit cards with the graduate account. Even though I’ve moved several times during my course of study and starting work, there has always been at least one branch nearby and plenty of cash points I can use without being charged – NatWest cash points are always very handy.
The one-to-one customer service both in person and over the telephone has been excellent, but unfortunately other things have let them down. There are really small things that just start to niggle after a while, such as my the date of my next statement gradually shifting from the beginning of the month to the end and having to go into a branch to request my credit limit be increased to the advertised rate rather than it happening automatically. Then there are the bigger things, such as erroneous charges on both my current and credit card accounts, and if there is more than one branch in a town, credit cards always seem to go to the wrong one! I was once left without a cash and debit card for 6 weeks because they both cancelled my old card and destroyed my new card because it hadn’t been collected, and it took weeks to get another one.
Recent trouble setting up a standing order has made me think about moving the account, but all the things that have gone wrong have normally been sorted out without much trouble, and there are advantages as listed above. However, it’s difficult to recommend HSBC to anyone and I have chosen to go elsewhere for all my other financial services.
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I haven't had any major problems with them yet and the overdraft on the student account is VERY nice. But I always check my statment and credit card bill each month to check all is right and after reading this I'm glad I do!
Excelle 23.02.2001 14:30
Yes, you're pretty spot on there - the railcard is great, as is the customer service and current account, but the savings account is only really good for temporary storage - it doesn't exactly lavish you with interest. Great op - nice!
Advantages: Good rewards for banking with them,lots of HSBC cashpoints to be found. Good overdraft facility Disadvantages: Some banks,such as Lloyds charge you for making a transaction from their cashpoints
GERI 23.12.2000 ·
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Ciao members have rated this review on average: very helpful
Review of HSBC Accounts
Advantages: Big overdraft and loads of cash machines Disadvantages: instant access to cash allows potentially disasterous overspending of student loans!
fairydust 27.12.2000 ·
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Ciao members have rated this review on average: helpful
Review of HSBC Accounts
Feb 23rd, 2001
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