Some key changes to savings rules are coming in soon
HSBC has shared an update about its bank account rules after a customer reported having an annoying experience. The person claimed they were denied a service despite already holding an account with the bank.
The disgruntled customer took to social media to air their complaint. They fumed: “I want to apply for a bank account but you’re making it very difficult as I already have a product so can’t do it online???”
HSBC responded to the customer’s gripe, offering an apology for their inconvenience. The savings provider also outlined the relevant rules to be aware of. The bank said: “To open a secondary account, we would need to complete some additional checks.”
The bank directed the customer to ring their customer services team on 03457 404 404 for further assistance. This helpline operates Monday to Sunday from 8am to 8pm.
Nonetheless, the customer remained dissatisfied with this reply. They asked: “I get the extra checks but why call? Can’t it all be done online like all other banks?”
HSBC responded: “I am sorry about this, but this would need to be completed with an agent.” The bank also told the customer they could send a private message about the problem.
£500 payments
The bank is currently offering £500 to new customers who switch their current account to the HSBC Premier Account. To qualify for the bonus, you must complete a full switch using the Current Account Switch Service.
Additionally, you’ll need either a qualifying annual salary of £100,000 or more, or deposit and maintain £100,000 or more in savings or investments with HSBC UK. Should you meet all the necessary criteria, the £500 will be deposited directly into your new Premier Account.
To be eligible, you must be a UK resident aged 18 or over. HSBC provides a range of fixed rate and regular savings accounts, alongside fixed rate and instant access ISAs.
With ISAs, any growth on your savings is completely free from tax. At present, you can deposit up to £20,000 per tax year into any type of ISA.
However, from April 2027, you will only be permitted to use up to £12,000 as you see fit. The remaining £8,000 will no longer be available for cash deposits and can only be directed into stocks and shares accounts.
However, those aged 65 and over will be exempt from these changes and will keep the existing £20,000 allowance.
