I banked with HSBC for the past 5 years and their interest rate on saving accounts (e.g. Instant Access) has slowly declined. Their current account interest rate is a measly 0.1%. Seeing many other banks with higher interest rate, I was hoping HSBC to follow, but so far, nothing. Now I have joined Alliance & Leicester Premier Current Account (2.12%AER) and PlusSaver Account (3.75%AER) and I do not regret it one bit. I am much happier.
The process of opening accounts with HSBC is easy. At the branch, the staff filled in an application form on the computer asking me questions on the way. The electronic form was printed out and I signed. I received my paying in/cheque book and Solo card within a few days. I asked for a Switch card but they said they only provided to customer that has banked with them for more than 3 months. I was annoyed with this policy but I decided it was worth the wait because of the competitive interest rate at that time (but now, what competitive interest rate).
HSBC customer service is the best I have experienced. No matter which branch I visited, they were always courteous and professional. Even after I told that I did not choose their mortgage because I found a better deal, they were still polite to me.
If you are the sort person looking for a personal banker, face-to-face service, can perform bank services within branches and not too bother about low current account interest rate, then HSBC is the best. 100 times better than Barclays.
Regarding HSBC saving accounts, it certainly provide much better investment returns, but not better than other new saving accounts, i.e. Internet banking. HSBC saving accounts as following:
Instant Access – Interest paid Annually AER Up to £10,000........0.75% £10,000+........0.90% £25,000+........1.30% £50,000+........1.65%
Cash ISA – Interest Interest paid annually. AER Up to £3000.....3.35% £3000+..........3.60% £9000+..........3.85% £15,000+........4.25%
High Interest Saving Account/ High Interest Saving Account for Children/ HSBC Premier Saving Account – Interest paid annually. AER Up to £5000.....1.95% £5000+...........2.15% £10,000+.........2.35% £50,000+.........2.65% £100,000+........2.80%
For latest interest rate on saving accounts: http://www.ukpersonal.hsbc.com/public/ukpersonal/personal_banking/useful_information/en/any_interest_rates_savings_accounts.jhtml
The strength of HSBC is with their service rather than on the interest. The heavily advertised ING Direct offers 4.3%AER from £1+ saving with interest paid monthly. HSBC is no where near in comparison.
Personally for me, I rather have a better investment return, so HSBC will not be my first choice. If Internet banking is not for you, there are other high street banks that offers better returns for current account such as Lloyds TSB and Alliance & Leicester, but with these accounts, you need to pay in a minimum amount each month to continue to receive high interest return. Check out the details:
From experience, moving to another bank is little work. Your new chosen bank will handle all the paper work since they want your business. They will contact your old bank and have your account closed if you wish. They can also transfer all your direct debits and standing orders to your new account. The additional work you might need to do is to contact each company to ensure they have your new account details before your next due payment. Other than that, there are no other problems.
http://www.hsbc.co.uk
How helpful would this review be to a person making a buying decision? Rating guidelines
very good review, i am just started to work with them and i hope they are good, pt
marko100 01.07.2003 23:20
Yes I heard about HSBC Premier Account and is about time to. Their interest rate is much better but still not the top flight competition. Looks like they still depending heavly on good customer service to keep their business.
redpen 01.07.2003 19:39
Interesting opinion, both my children who are currently at uni have HSBC premier accounts, they offer a better rate of interest and they're always commenting on how good the customer service is! Harvey
Jun 21st, 2003
(Jan 6th, 2004)
very helpful by (76%):
helpful by (24%):
