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HSBC Graduate account interest?!


staz
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Hi all.

 

I've had a HSBC student account for 4 years now. When I opened the account I was told.

 

"When you graduate you'll go onto a graduate account, that is interest free though"

 

When I was a year away from graduating they said.

 

"You'll go onto an interest free graduate account, though we'll be looking at bringing the interest free part of your overdraft down by £500 per year"

 

 

When I graduate they say.

 

"Here is your new graduate account. Interest is 8.92% APR, no exceptions"

 

Obviously I'm quite annoyed at this, apart from moving my bank account to another bank what can I do? I haven't even signed anything and now I'm suddenly paying interest on an overdraft which I feel has had the terms switched under my feet!

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Ridiculous isnt it! I'm in the process of changing over to Natwest .. they offer a graduate account with a 0% interest overdraft for 2 yrs (i think) after you graduate.

 

You'd think HSBC would want to hang onto us as we've now graduated, will be earning money, possibly taking out loans or mortgages etc and they've just lost our business!?!

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Yup. I went in to complain and was told.

 

"Do whatever you want, there are no exceptions"

 

It is fairly funny. Maybe they see it as "ah these people are too lazy to move around, they'll just pony up £10-15 a month for nothing!"

 

Natwest was who I went and saw. 2 years interest free on graduate accounts. £2k limit in year 1, £1k limit in year 2.

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  • 3 weeks later...

When I was down in London this weekend a paper left on a bus (London something or other) was running it as their front page headline.

 

Students against HSBC. Apparently there has been a massive backlash against it and sites like facebook have been promoting it through groups with memberships in the thousands. There are also traditional protests planned outside their headquarters in Sep.

 

HSBC were saying something like "we didn't expect this to be honest, though we feel we are doing them a favour to encourage them to get out of debt quicker" (I think spin that bad makes me want to vomit) but yeah. They were also saying "there will be some winners and some losers" and the story finished by saying HSBC were counting on their competitors also deciding to do this though its been a bit of a cock up and they admit they might now have a 'tough sale' for their student accounts :p

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