Yes, none are really comparable to HSBC except maybe at the lower tiers. Certainly they are the best for global reach.
Taking Lloyds as an example, you have:
Classic = HSBC Bank Account
Club Lloyds = HSBC Advance
Lloyds Private Banking = HSBC Premier equivalent, not real private banking
There then is no higher tier at all, or anything with global links. They do have an international division but it’s basically just for keeping money offshore like HSBC Expat.
Santander have branches in quite a few other countries and there is some access to them if you are a Select customer (their Premier equivalent, again).
I don’t think any other bank helps you set up accounts abroad like HSBC.
They didn’t break it down further. I highly doubt that their UK basic retail consumer market is anywhere nearly as profitable as the Premier and International customers.
I think they need to do something about First Direct. At the moment, their brand seems all over the place and im not entirely sure who they are really targeting anymore.
I know, but arguably it has never been their focus - even back then, it was more of a side element of the business.
That sounds ambitious when First Direct seem to make changes very slowly and conservatively; very little is different now than when then-boss Joe Gordon announced plans for a radical overhaul. However, I agree with @Lightning720 that the brand is a mess and needs attention.
I would actually love to see this, the whole FD brand and app look super nice I think.
I had heard it was going to be “the next Monzo” bit that was under the tenure of the old boss and It feels like they don’t know what to do with it anymore.
I really like their “balance after bills” feature. It constantly updates, letting you know what your balance will be after DDs and SOs. You can edit it, too, unlike Monzo’s DD predictions.
The main issue for a lot of people with FD is you need to technically qualify for an overdraft to even open an account. There isn’t any diversity in their accounts really to have a large customer base, especially young people who might struggle to qualify for the overdraft.
Edit: for the life of me I cannot find the page on their website talking about eligibility checking so maybe they have stopped this now. It used to say something similar to the HSBC Advance account:
That’s no longer the case with First Direct (it may have been in the past), only HSBC Advance has that requirement.
Of course, one of the key selling points is the interest-free overdraft of up to £250 so most would at least want that to use the account.
I applied without an overdraft myself as I just wanted to be accepted for the bonus and had no real intention of using the account, plus with HSBC’s famously tight lending criteria I was concerned that they’d reject my application if I asked for one.
Yes, they’ve done away with this now as far as I know.
I doubt this is the reason they don’t have much diversity. Great customer service plus an “app” to bank with is very 2012. They haven’t really innovated much since then if it all.
I would actually love for FD to have a renaissance and if they did I’d probably bank with them. I like the app and I think they have one of the best “tone of voice” structures out there. But, they are a dinosaur in a field of meteors.
