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.

 

[HappyFlyerFamily]

Some options to consider from a savings perspective.

I believe UBank saver is to grow balance by $1 (excluding interest earnt) for 5.1%
ING introduced the Booster account [different from the Maximiser] - need to grow by $100 (excluding interest earnt) for 5.4%.
St George/Bank of Melbourne/Bank SA Incentive saver account - need to grow by $50 (excluding interest earnt) for 5.15% so that might be an option for those that want branch access.

Least hassles is Macquarie Savings 5% account but need a transaction account (2.75%), then the next option might be ME Bank (5.35%) and need a $2000 monthly deposit - no growth requirement.

 

[HappyFlyerFamily]

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

Definitely. Suncorp Bank (owner - ANZ) is also going through this process. Apparently they need to wrap up before 30 June next year when apparently the Suncorp licence arrangement for the Bank sale ends. Branches closing. Customers left wondering what legacy items ANZ will transfer over.

 

[BJReplay]

Macquarie Savings 5% account but need a transaction account (2.75%)

Note that you don't actually need to use the transaction account, other than that is the account that the optional debit card is linked to.

We run all our transactions through the savings account, and only put money in the transaction account if we actually need to use the debit card.

 

[Beer_budget]

Note that you don't actually need to use the transaction account, other than that is the account that the optional debit card is linked to.

We run all our transactions through the savings account, and only put money in the transaction account if we actually need to use the debit card.

Noting that unlike most other banks, Macquarie is perfectly happy for you to transact externally from the savings account (BPay included). So you really don't have to use the transaction account at all.

 

[BJReplay]

Noting that unlike most other banks, Macquarie is perfectly happy for you to transact externally from the savings account (BPay included). So you really don't have to use the transaction account at all.

BPay, PayID (both inbound and outbound), direct debit and direct credit. It is just a normal account, but you can't link a debit card to it.

 

[kpc]

The most annoying thing is that I have all my direct credits and debits into my HSBC acct...will have to find a new bank in the next 2-3 months and start changing all the direct credits and debits over the next 12+ months...huge sigh!!

Just went through my last 18 months of statements....I have 20 entities that direct credit into my HSBC account that I have to now change! Not happy HSBC!

 

[Supersonic Swinger]

Just went through my last 18 months of statements....I have 20 entities that direct credit into my HSBC account that I have to now change! Not happy HSBC!

Don't forget any private health insurance, share registries, as well as My.Gov things like Medicare or ATO!

 

[kpc]

Don't forget any private health insurance, share registries, as well as My.Gov things like Medicare or ATO!

You can't change the banking details for Medicare online...you have to go into the office or call. I give up!!

 

[Supersonic Swinger]

You can't change the banking details for Medicare online...you have to go into the office or call. I give up!!

How I did it:

Log in to My Gov
Click on Medicare
Click on "View and edit my details"
Scroll down to "Bank details"

Are you not able to?

 

[kpc]

How I did it:

Log in to My Gov
Click on Medicare
Click on "View and edit my details"
Scroll down to "Bank details"

Are you not able to?

Nope. Did exactly that but got the message below