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Beware more mis-selling from the crooks at HSBC

I get the impression that the well-paid bosses at HSBC are not satisfied with their profits and massive bonuses and want more, more, more. So to get their profits and languishing share price up, they are putting pressure on bank staff to squeeze more money out of their customers by selling us ever more complex supposed “investments”. To force us to move our money from safe deposit accounts into their wonderful “investments” HSBC has been pushing down interest rates offered to customers with savings. For example, on £50,000 in an instant access savings account HSBC are paying a pathetic 0.7%. When I asked them why it was so low, they claimed it was because the Bank of England base rate was only 0.5%. Yet HSBC can lend this £50,000 to mortgage customers for almost 5% and to people not paying their credit cards for around 20%. Moreover, five doors down the high street from my local HSBC, the Chelsea Building Society is offering 2.2% – over three times the interest paid by HSBC.

It seems that HSBC has a deliberate policy of forcing its customers out of deposit accounts into various savings  schemes, usually linked to the stock market, where HSBC will make massive commissions and savers will get fleeced. So if you’re a loyal HSBC customer, take your money out and put it somewhere else – you can get over 3.5% in other banks. But whatever you do, do NOT allow yourself to be sold any of HSBC’s garbage stock-market investments. They are rubbish. They make huge commissions for HSBC staff and bonuses for HSBC bosses. And they’ll lose you money.

1 comment to Beware more mis-selling from the crooks at HSBC

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