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Member since:16.08.2002
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Ok, so most of you probably know by now that I work for HSBC, but that doesn’t mean that they are the best Bank on the high street. I’m the first to admit that we cant be the best at everything, but this opinion is here for you to make your own mind up about HSBC. This opinion is hopefully going to give you a basis insight into some of the things you can get from HSBC.
CURRENT ACCOUNT
Probably the most basic and most popular product HSBC has to offer.
So what does a current account offer to you?
Cheque Book- This allows you to purchase things in shops or in the mail by writing a cheque to pay for the goods rather than carrying cash. This makes it a lot safer and more convenient for you because you don’t have to think about visiting the cash point before you go shopping. One thing you will need though before you use your chequebook to purchase things in a shop is a cheque guarantee card. These also come with a current account.
Switch Card- This is a card with many advantages. It will allow you to withdraw up to £300 a day from cash points all over the world. It also allows you to purchase goods in shops where you see the Switch symbol. All you have to do is hand your card over and assistant will swipe your card, then either ask you to sign or enter you pin number in a little hand held machine to say its ok for the money to come out of your account and the money will be debited from your account within the next couple of days. You just need to make sure that the money is in your account before you hand over your card otherwise you might find you go overdrawn and then you might start occuring bank charges , which you dont want!! A switch card will also guarantee your cheques up to £100. This basically means that if you are paying by cheque for something the company concerned knows that they will get your money up to the value of £100. This
is a guarantee the bank makes. If you want to use a cheque to buy something for more than £100 its not a problem. The company will probably just ask from some further identification from you i.e passport or driving licence.
Solo Card- This is very similar to a switch card but is also available for customers under 18. It allows you to withdraw up to £200 a day from cash machines all over the world and it allows you to purchase things without exchanging cash from places displaying the Solo symbol. The Solo card will not guarantee cheques though.
You will not be issued with both a solo and a switch card, just one! To qualify for a switch card you have to be over 18 and have a mandated salary of at least £300 goin into the account per month.
A current account will also allow you to have direct debits and standing orders. This basically means you can pay all your bills each month without having to worry about them. The money comes straight out of your account so you’ve never got to worry about missing the due date again.
SAVINGS ACCOUNTS
Instant Access Savings- Basically this is a savings account that does exactly what it says, gives you instant access to it. You have the option of having a pin number and card so you can withdraw your money from the cash machine. Or you have to option of having a withdrawal book, which you bring into any HSBC Branch and fill in at the counter service to withdraw your cash.
I know you all want to know how much interest this savings account offers, but my best advice to you is to visit a branch or the HSBC website. Simply because the rates change so often if I put a rate on here today it would be out of date the next time base rate changes.Mini Cash ISA-This is the tax-free savings option. Which means you don’t pay tax on your interest, which means your money will earn more. Any one over the age of 16 can open an ISA as long as they are a UK resident and they haven’t already opened an ISA in the last tax year. Key Features of a Mini Cash ISA are-
Minimum deposit of £1
You can set up monthly payments to your ISA from as little as £10 a month
Interest can be paid monthly or yearly
Statements are provided twice a year
You can only invest a maximum of £3000 per tax year.
Cash can be withdrawn at any time without charge with the use of a withdrawal book at any HSBC counter service
Interest paid on a Mini Cash ISA varies depending on the amount in the account (see branch for details) but is always within 2% of base rate.HSBC do offer other types of savings accounts for example high interest deposit bonds where your money is tied up for between 6 months and 5 years but the interest paid is musch higher. And 60 day notice accounts, where you have to give 60 days notice to withdraw or transfers any money in there, but again this account does offer a higher rate of interest. See brancj for further details
CREDIT CARD
A credit card offers you convenience and financial flexibility. A credit card is used to pay for goods. Basically you can use it to pay for goods like a switch card but the difference is with switch the money comes out of your account where as with a credit card you can spend up to a limit given to you by the bank. You then get a statement every month telling you how much you have spent. You then have the option of either paying back the full balance, paying back the minimum balance, which will be printed on your statement and is usually about 3% of the remaining balance. Or you can pay a nominal amount as long as it is greater than the minimum payment. The current APR is 15.9% BUT they are doing an offer of 0% for 6 months if you transfer your balance from another credit card to HSBC. If you have already got an HSBC card and want to transfer a balance onto it then they are offering 3.9%!!! Very competitive. HSBC offers 3 main types of credit cardStandard MasterCard-
APR 15.9%
3.9% on balance transfers for the first 6 mths
Cash withdrawals of up to £500 through cash machines worldwide.
No interest charged if the bill is paid in full before the due date
£50,000 travel accident insurance when you use your card to pay for travel.
Cardholder repayment protector to provide cover in the event of accident, sickness or death.
56 days interest free. Which basically means that if you bought something using your credit card today you have got 56 days to pay it off before you start paying interest on the amount of your purchase.
Gold Credit Card-
No annual fee
Minimum £3000 credit limit
£100,000 travel accident insurance when you use your card to pay for travel
Purchase safeguard which provides 90 days insurance against loss, accidental damage or theft of goods bought with your card.
Optional annual family multi-trip travel insurance
£100,000 travel accident insurance when you use your card to pay for travel.
LOANS
Like most banks these days HSBC also offers loans. There are two main types.
Personal Loan-
Ideal if you want to borrow for a set amount of time.
Fixed monthly payments
No security needed
£500 £25,000
Repay over 6mths to 8yrs
APR from 8.9% depending on the amount borrowed. See personal Loan opinion for more details
Flexiloan-
£500-£5000
Repayment of 4%-10% monthly
Pay back lump sums free of charge
No time limit on repayments
Can be used over and over again
Spend up to your limit any time.
APR 18.3%
So what have I got to do to get one of these fab products? I here you ask. Well take a walk down to your local high street and pop into HSBC. The friendly staff there will then sit you down and run your application through! If you have already got an account with HSBC you wont need any further I.D. But if you haven't you will need to take passport/driving licence, proof of address for example recent utiliy bill or medical card and also the last months statement from your current bank or building society. All appliactions or processed there and then so theres no waiting around to find out if you qualify.
If you dont live near a branch of HSBC or you havent got time to visit one, then why not visit the website WWW.HSBC.CO.UK where you can apply for all the above products and get an answer on the spot. You can either choose to have the paper work sent out to you at home to sign and return, or you can choose to sign it at your local branch.
No computer..? no problem dial 08457 404 404 where again all the above products can be applied for over the phone.
by (6%):
17.05.2004 23:11
I've been with HSBC for 5 and a half years now and have always been very pleased wit their products and services.
18.06.2003 12:53
use hsbc myself they are a great bank..kelx
15.06.2003 12:50
I have got a basic bank account and I must admit I dont really like HSBC as I cant upgrade my account! xx