HSBC Account Cost Changes

So, I am currently an HSBC customer (as well as being #FullMonzo) because the bundled account offer I have has been good value for me. Unfortunately I just got the following notification:

From 31 May 2019 the monthly fee will change from £9.95 to £11.95 per month.

In return for your monthly payment, you get:

Worldwide Travel Insurance (for eligible customers aged under 70). 

24-hour Motor Breakdown Assistance.

Mobile Phone Insurance.

Does anyone have any views on whether this is still good value or where I could get better value? I do use rely on the travel insurance, and have used both the mobile insurance and breakdown cover in the past.

Hoping for some wisdom from the community.


The consensus seems to be that the Nationwide Flex Plus account is the best packaged one out there.

Although Monzo is launching Monzo Plus soon, so you never know…


It’s still a bit cheaper than Nationwide Flex Plus (£13). But Flex Plus offers more benefits, one of which is 3% interest, which reduces the net cost.

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If you have a positive balance to earn interst on :wink:

Does sound (from the limited advice so far) that I should hold on to what I have and see what Monzo offer :smiley:

Sure. If you don’t, there’s a free overdraft.

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I’d be amazed (and pleasantly surprised), if Monzo managed to get close to the Nationwide Flex Plus offer.

If other banks can’t, history shows us that it’s unlikely Monzo will in their first iteration (I think the pro points for Monzo will likely be around the Monzo brand, rather than “traditional” packages).

It’s worth pointing out that the NW Flex Plus account covers 4 mobile devices in the house.

If you live alone, I’d stick with HSBC - Otherwise, the mobile insurance alone is worth switching for.


I hadn’t realised it gave 3‰ interest which brings the overall cost down to 7pm I think? The only one I would use is travel insurance, I may now consider just using that rather than buying a one off policy the next time I travel.

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My HSBC Advance account is still active for this very reason. I got the same increase update and will continue with it, despite the increase, as it represents good value for money - IMO

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How does this reduce the cost? You’re just losing out on the interest that you could have earned in another free account if it goes towards paying for the account

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I’m not sure that there are any free accounts paying 3% interest. I’m happy to hear of any.

The reason for opening the account was to have the breakdown cover. My previous cover was £79 per year, taking that off the £156 per year cost leaves a deficit of £77. I was also paying around £90 pa for travel insurance, so the package is a no brainer, financially.

The money in there, earning 3%, would otherwise be in a different account, probably earning 1.5%. or thereabouts. So the difference (around £3 per month) effectively reduces the net cost of the account. An account which is already effectively free.

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The TSB Classic Plus

It also sounds as if you may have been overpaying for travel insurance and breakdown cover before - have a look at MSE for some of the deals they recommend.

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You’re right. I’d forgotten about that one. At the moment, the maximum monthly interest amount on that works out about the same as the Nationwide account, but it’s reducing in July.

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HSBC… change a monthly fee for discounted account :rage:
Come on Monzo! I want flex plus benefits from Monzo! I’m happy to pay a bit more for same benefits and fully switch