HSBC closing retail business in Australia over next 18 months

[kpc]

I just want to say we should be as polite as possible when dealing with HSBC staff moving forwards as they all will lose their jobs

 

[kpc]

I have monthly for my SMSF & Trust CMAs - which was something I opted into (electronic only, but able to download the PDFs and upload into the accounting system). Not sure if you can do that just for savings / transaction accounts, though.

Have requested this via chat as I have now opened a transaction account with Macquarie...have already made the 1st of many $$ transfers from HSBC.

Edit: and I have just had a reply saying they will provide monthly statements! Im sure they can see Im coming from HSBC as my 1st 2 transactions were from HSBC!

It has been a very positive start to my first day with Macquarie...wonder how many refugees they will get from HSBC!

 

[Supersonic Swinger]

wonder how many refugees they will get from HSBC!

Probably a lot. I suspect Macquarie didn't end up buying HSBC Australia because:
1. Macquarie don't really offer credit cards
2. Most HSBC depositors are likely Big 4 refugees and vs the likes of ING, many will move to Macquarie because it doesn't require you to pat your stomach while rubbing your head while walking backwards in an anti-clockwise motion four times a month to qualify for "bonus" interest

 

[BJReplay]

four times a month

Gotta make sure that stomach pat isn't PENDING at the end of the month, or you'll miss out.

It really is (IMO) a split between UBank ($1 from an external source) or Macquarie for decent just beating inflation interest.

 

[kpc]

Probably a lot. I suspect Macquarie didn't end up buying HSBC Australia because:
1. Macquarie don't really offer credit cards
2. Most HSBC depositors are likely Big 4 refugees and vs the likes of ING, many will move to Macquarie because it doesn't require you to pat your stomach while rubbing your head while walking backwards in an anti-clockwise motion four times a month to qualify for "bonus" interest

I didn't realise NAB and Macquarie were the front runners to buy HSBC including the retail business but never put an acceptable bid in according to AFR.

 

[Coathanger]

Gotta make sure that stomach pat isn't PENDING at the end of the month, or you'll miss out.

It really is (IMO) a split between UBank ($1 from an external source) or Macquarie for decent just beating inflation interest.

I moved from UBank to AMP as hoops are a non-starter for me.

 

[serfty]

... will move to Macquarie because it doesn't require you to pat your stomach while rubbing your head while walking backwards in an anti-clockwise motion four times a month to qualify for "bonus" interest

For 10% more interest (5.5% over 5%) I'd do it five times per month.

(We do have Macquarie accounts.)

 

[serfty]

Gotta make sure that stomach pat isn't PENDING at the end of the month, or you'll miss out.

It really is (IMO) a split between UBank ($1 from an external source) or Macquarie for decent just beating inflation interest.

SWMBO and i each have an ING Savings Maximizer account connected by a joint Orange everyday account. Every two months on the 1st, we switch the savings funds across (into joint and on to tbe other Maximizer).

 

[BJReplay]

For 10% more interest (5.5% over 5%) I'd do it five times per month.

Who is paying 5.5% (outside of a 4-6 month introductory bonus rate or with special conditions like must be a student)?

Best I can see for ongoing rates after bonus periods are 5.1% for UBank (just deposit $1).

Macquarie Transaction / Savings at 5% with no conditions is very hard to beat.

Edit: Answered (possibly) while I was typing - will look at ING...

Edit: ING is a fail: $100,000 maximum. This account for us is our "year of cash if the latest crisis goes from bad to catastrophic".

 

[Supersonic Swinger]

I didn't realise NAB and Macquarie were the front runners to buy HSBC including the retail business but never put an acceptable bid in according to AFR.

As well as the new interchange charges on credit cards from 1 October torpedoing the value of credit card businesses, I think the HSBC branch network would have also deterred NAB and Mac. Macquarie don't have any branches, and the HSBC ones would overlap with existing NAB ones. Better for HSBC to bear all the closure costs rather than NAB or Mac paying to then have to pay them.