Your contact details are helpful so we can contact you for more information. They will only be seen by the Guardian. In breaking news situations it is important to be able to contact you quickly for more information. Your details will only be seen by the Guardian. HSBC sets accounts to dormant after 12 months for current accounts, and 24 months for savings, which is one of the shortest periods among the big four UK banks. Dormancy is typically only triggered by Barclays after 18 months for current accounts and five years for savings , while NatWest Group applies the change after more than five years, and Lloyds Banking Group after three years.
While the dormancy process is meant to protect against fraud, the HSBC report found the accounts were less likely to be hit by fraud, based on data covering the 12 months before accounts were frozen. A series of 12 anonymous and randomly selected cases contained in the report illustrate how easy it could have been for the bank to find customers who may have lost track of their accounts. It sent letters to a non-existent home address that was probably mis-recorded due to a language issue.
However, the Guardian understands that the conduct team tried to escalate the issue by expanding the report in , assigning at least two staff to the project, which was later reviewed by two superiors. The bank insisted it tries to contact customers — via annual statements in the post or electronically — even after their accounts are made dormant. It said customers may also receive text messages and can see their dormant accounts through online banking, where the majority of customers can reactivate accounts without providing extra information.
The report raised concerns that HSBC was depriving some customers of funds in frozen accounts while simultaneously earning fees and interest through other accounts and credit cards that were kept active. The report urged HSBC to make sure customers were aware of their dormant accounts before approving loans, in order to cut down or cover their borrowing needs.
If ever we discover an issue, we will work to ensure no customer loses out financially and require the firm in question to improve their processes. That is what happened in this instance. After becoming aware of the issue, we discussed our concern with the bank, which changed how it handled dormant accounts and is reviewing old accounts to ensure customers received their money.
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Deposit products are offered in the U. Member FDIC. Mortgage and home equity products are offered in the U. Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
Data rate charges from your service provider may apply. Deposit amount limits may apply. United States persons are subject to U. On the other hand, those accounts have fairly high minimum balance requirements. In general, HSBC savings accounts do not offer especially high-interest rates. The best returns can be found through its certificates of deposit, with certain term lengths offering rates well above competitors.
One of the largest banks in the world, HSBC has offices on five continents and in over 60 countries. It has branches in 10 U. In the U. These include nearly every type of loan imaginable, as well as insurance, investment products, retirement services and, of course, deposit accounts.
HSBC has four different types of savings accounts in the U. Read on to learn more about its account offerings. Please change your search criteria and try again. Searching for accounts Ad Disclosure Unfortunately, we are currently unable to find savings account that fit your criteria. Ad Disclosure. All HSBC deposit account holders have access to free online and mobile banking so that they can access their money on the go. A card may also be requested with savings accounts.
Not including certificates of deposit, HSBC deposit accounts generally have a monthly service fee that is waived for accounts based on either a minimum balance or direct deposits. The bank's standout savings account, the Direct Savings account offers the bank's most competitive rate.
You can also use the bank's Money Management Tools to compare balances, set up account alerts, watch for fees, set savings goals and more. The rates above apply to accounts opened online. Different rates may apply to accounts opened at branches. There are three different savings account options at HSBC.
Two of them, Advance Savings and Premier Savings, require customers to open a checking account in conjunction with opening the savings account. The third, Everyday Savings, can function as a stand-alone savings account.
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