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HSBC Says It Could Charge for Current Accounts

In the News

https://www.bbc.co.uk/news/business-54700837

Is this fair? would this put you off putting your money in the bank?

I suppose there still would be banks that offer free accounts, which they would use as a marketing tool

hspexy
1 month ago
What do you think of this?
Imnotcheap
Imnotcheap1 month ago

I'm with Halifax but would change banks if they did it.

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ptenn00
ptenn001 month ago

I would change banks if they started charging me and shop around for a better account, preferably one that would still offer competitive deals

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angelik
angelik1 month ago

I'm not with HSBC, but I would change banks if the one I am with wanted to start charging me.

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Pjran
Pjran1 month ago

I think I would change banks but if one bank starts charging others will follow. I believe Americans pay their banks for current accounts.

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BonzoBanana
BonzoBanana1 month ago

I guess with interest rates being so low many accounts aren't profitable. At the moment they seem to make most of their money from people who go overdrawn and get penalties or people running an overdraft. If you just run a simple a/c without paying any fees I guess you are unprofitable unless you have quite a few thousand in it. However I don't think most people would accept paying fees and would move if such a move was possible. I think unless all banks start charging simultaneously the first bank to do it would suffer the most.

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Fims6102
Fims61021 month ago

I read about this on money saving expert site a few days ago, but it was on the savings account, if the rates Bank of England rates were to drop lower/negative - companies would not give you any interest but charge you for a fee for having an account.

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ch7leach
ch7leach1 month ago

Would change account if they wanted to charge unless what they give you in return is worth it and covers the charge (unlikely)

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SarahBenne67061
SarahBenne670611 month ago

Yes, I’ve had a HSBC account for 14 years, I’d be saying bye bye!

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Getsome
Getsome1 month ago

Crazy you would have to pay charges for a current account. Sounds as ****** up as paying to withdraw your own money.

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neo1
neo11 month ago

Problem is if one Bank does it they'll all do it as they all copy each other and screw us over one way or another

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Mick82
Mick821 month ago

They are trying to do away with cash then the banks can do what they want and nothing we can do about it

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Tom
Tom
Founder
1 month ago

This used to be the norm but no chance from me for as long as there are free and reputable alternatives! They use your deposits as capital against lending, so they make money from it anyway. This seems unnecessary.

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Lynibis
Lynibis1 month ago

I think it is a disgusting move if it becomes commonplace. The banks make their huge profits due to us placing our money with them, mortgage interest, investments, overdraft interest etc. Society has moved to a place where it is unthinkable not to have a bank account and it is very wrong to bring in something like this when we already pay by the back door by even letting them manage our money!

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AgnesFaludi
AgnesFaludi1 month ago

In some other countries banks do charge for basic accounts...

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didbygraham
didbygraham1 month ago

Technically my First Direct bank account is charged - but if you pay in over a certain amount then its waved. I have been with them for years but I would seriously think about moving if they did start imposing the charge.

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LordUnbox
LordUnbox30 days ago

If they do, I am sure everyone would change to another bank. Good luck lol

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