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maurice

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Review of the HSBC, Cash ISA:

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Beware the term "variable"

I have learned the hard way that when applied to savings the term "variable" only means one thing: guaranteed to go down¹. 7 months after openinig an ISA with HSBC the advertised interest rate of 3% was surreptitiously dropped to less than 1%. Why such deceitful tactics in banking? After 12 months, I have transferrred my ISA to Virgin Money who offer a slightly higher interest rate. ¹ when applied to borrowing, the term "variable" has the opposite meaning. Reviewed on: 6th June 2016

Review of the M&S Bank - Marks and Spencer, Current Account:

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Bank with a proper bank, not a retailer

I switched to M&S Bank lured by the offer of a £125 M&S voucher. All was fine until I needed to withdraw £2,000 cash. I called the M&S Bank 3 days in advance to arrange. The only branch able to do so within my reach was at Marble Arch, London, 1 hour drive away. Not convenient but I needed the cash. On the pre-agreed day, I called several hours in advance to confirm the appointment but when I arrived at the branch I was informed they had run out of cash! When I pressed, one employee admitted they had cash but needed the authorisation of their manager ... who was away on a course and could not be contacted by phone. I pointed out at their FX bureau adjacent to instore "bank" but then again they declined to help. Both employees seemed powerless to take any initiative. After much waiting and arguing, I tranferred money to my wife's bank (HSBC) and withdrew it from there the next morning. from this experience I have learned never again to bank with a retailer. Bank only with a proper bank. Reviewed on: 6th June 2016

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