HSBC Passport account

Someone mentioned this in another thread; it's described here: http://www.hsbc.co.uk/1/2/personal/current-accounts/passport

Other than the fact that it's got a monthly fee (84 pounds/yr), which I normally don't like, it sounds on the face of it like an OK deal and easy enough to set up. Better than one of those HSBC international accounts which you need to have a bajillion dollars to open. However - I actually don't see any of the small print about minimum balance, what those exchange rates/transfer fees are, &c. Anyone have any experience with this?

Oh, and what does this mean? "You can earn 8% AER/gross fixed for 12 months on our Regular Saver."

It means that if you are willing to deposit any amount between £25 to £250 into that account each month, without the ability to withdraw anything....you will earn a really good rate on that money.  We have one in each of our names and they are great if you don't think you will need the month in a 12 month period and you can always make the same deposit.  It has to be by direct debit.

Ha! I was just about to post the same question.  I'll see if I can find the fine print stuff, I am pretty sure I found it before but have read so many bank account stuff today that my head is spinning.  Has anyone else used this type of account before?  What are the international transfer fees? 

It means that if you are willing to deposit any amount between £25 to £250 into that account each month, without the ability to withdraw anything....you will earn a really good rate on that money.  We have one in each of our names and they are great if you don't think you will need the month in a 12 month period and you can always make the same deposit.  It has to be by direct debit.

Karin - if it's really 8%, that is fabulous! Way better than any CD here... (but not more than £250, that's too bad).

It really is 8% (or 10% if you opened it at the beginning of the year).  But yes, there is a £250 cap, which stinks if you have more you could save.  But you can't withdraw the money and you have to keep up the deposits each month.  They only pay at the end of the 12 month period.

So basically it's a £3000 CD that you pay in installments. Except maybe you only get the 8% on the average balance over the year or something. Just guessing; I suppose it's worth asking. I guess it's a good way to enforce savings if you're not much of a saver to begin with.

Incase anyone was still wondering about this, my wife opened one when she first moved over because she literally could not get an account anywhere else, they all wanted proof of address (which we didn't have as living with parents at the time and they wouldn't accept a letter) and proof of regular income, which of course she didn't have because most companies now physically cannot pay you without you holding a bank account.

She opened a passport account, and after a couple of months of regular deposits was offered a normal HSBC account.

I don't find HSBC particulary better or worse than my previous bank (Natwest) but if no where else will let you open an account, its not a terrible option to start building yourself some credit etc.

Great, thank you!  I am heading out tomorrow morning to open mine.

I just wanted to update this in case anyone was looking to open up an account with HSBC.  My situation may be just a one time thing but HSBC has consistently made mistakes with my money. 

 1st, HSBC doesn't have time to meet with me to open an account but when I called for an appointment  I was told I don't need to make an appointment, I should just walk in.

 2nd) my bank card and pin # never came, I had to have them re-order it... it took weeks for me to finally get a card

 3rd) they sent a letter saying I need to provide proof I am from the USA (which I did and the branch manager approved

 4th) they tell me to ignore said letter so I did (I phoned them up)

5th) they close account because I never gave them proof (which I did) (I guess ignoring said letter wasn't the right advise)

 6th) they re-open account and agree to send new bank card and bank statements (don't trust them in putting the correct amount back into my account) to Holland since they made a mistake and I am now abroad with no money

7th) they send bank statements to UK address (boyfriend's address, as I live in Holland till Dec)

8th) they never sent out new bank card. ... I have more days in which I can not access my money (over the past 3 months) then I can access my money at this point

9) to correct their mistake they want me to use my one time free of charge western union service (that comes with account) so I can access money.

At this point, I plan on closing this account (the woman in charge of my account is out till Thursday) and going with a different bank.  My situation may not be the case for others and I will admit everyone is very sweet on the phone but since there are other options I thought people might want to know. 

I just wanted to update this in case anyone was looking to open up an account with HSBC.  My situation may be just a one time thing but HSBC has consistently made mistakes with my money. 

 1st, HSBC doesn't have time to meet with me to open an account but when I called for an appointment  I was told I don't need to make an appointment, I should just walk in.

 2nd) my bank card and pin # never came, I had to have them re-order it... it took weeks for me to finally get a card

 3rd) they sent a letter saying I need to provide proof I am from the USA (which I did and the branch manager approved

 4th) they tell me to ignore said letter so I did (I phoned them up)

5th) they close account because I never gave them proof (which I did) (I guess ignoring said letter wasn't the right advise)

 6th) they re-open account and agree to send new bank card and bank statements (don't trust them in putting the correct amount back into my account) to Holland since they made a mistake and I am now abroad with no money

7th) they send bank statements to UK address (boyfriend's address, as I live in Holland till Dec)

8th) they never sent out new bank card. ... I have more days in which I can not access my money (over the past 3 months) then I can access my money at this point

9) to correct their mistake they want me to use my one time free of charge western union service (that comes with account) so I can access money.

At this point, I plan on closing this account (the woman in charge of my account is out till Thursday) and going with a different bank.  My situation may not be the case for others and I will admit everyone is very sweet on the phone but since there are other options I thought people might want to know. 

I think one thing to bear in mind is that as with all banks, your mileage may vary depending on what your local branch is like. I had terrible trouble with Natwest, they wouldn't let me add my wife to my account without a job etc, yet when I transfered to HSBC, they were only too happy to open us up a joint account, give us Maestro (now Visa Debit) cards straight away etc.

Sorry your experience with your local branch was a terrible one though

I know you originally posted this in November, but I'm interested in who you ended up going with, and did you have any problems setting up an account?

I dealt with more then the local branch because after I set up the account I had to be in the Netherlands for 3 months so I was dealing with the call center and eventually was assigned one person when they did the investigation of why my account was just closed down.  The list I posted earlier was only the beginning as I ended up not having access to my money until Dec and then still didn't have a bank card until January.  I honestly think that this is not normal and once things started to go wrong, they just kept going, just one of those things.  I ended up staying with them since they waved the fee for the year and I figured maybe I would get all the mistakes out of the way. 

I have learned a few things.... 1) I think every person who works at HSBC is the nicest person ever but 2) I am not the only one who has horror stories. 

Since I have received my card, things have been fine but it has been less then a month so we'll see.