From 1 November:
- Thousands of HSBC Clubs and Community Bank Account holders will be moved to HSBC’s new Charitable Bank Account. You’ll be moved across so long as meet the new account’s eligibility criteria, which means you’re established as a not-for-profit organisation, you’re not a political party that fields candidates for elections, and you do not operate for the benefit of shareholders or for the generation or distribution of profit. In this scenario, you should have received a letter detailing everything you need to know.
- If you don’t meet the criteria for HSBC’s Charitable Bank Account you’ll be moved to one of HSBC’s other accounts. This could include HSBC’s Small Business Bank Account, for example, which is free for the first 12 months, after which customers are charged an £8/mth fee. After the first year, internet banking and debit card payments will remain free, however, there will be a 1.5% charge to cash in money at a branch or Post Office and a 50p charge to cash in a cheque.
There is no option for existing HSBC Clubs and Community Bank Account holders to keep the account from 1 November and new customers will only be able to open the Charitable Bank Account from 1 November. We’ve seen at least seven reports from MoneySavers over the past two weeks who are unhappy about the move.
See our Best Bank Accounts and Student bank accounts guides if you’re after an individual current account.