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HSBC Student Banking
I'm about to embark on an exciting change in my life- I'm about to go off to university!!! So I took the time to look and see which bank account to get. I already bank with HSBC and having heard about their student bursary competition I was going to enter anyway, I decided to go with them (as having a student account was a prerequisite ... to enter).
~~~DETAILS OF THE ADVANTAGES~~~
Advantages offered by HSBC:
-up to £3000 interest free overdraft
-Free worldwide travel insurance
-Additional credit interest on your first £1000
-25% off Lonely Planet travel guides
-HSBC Student Bursary Competition
Advantages OTHER banks offer:
-FREE NUS CARD
-FREE 16-25 Railcard (worth £25/year)
Whilst I'm not entirely sold by what HSBC offer to us students, I didn't want to have so many accounts at different banks which would only confuse me. The overdraft provided is appealing to some, but I'm hoping I wouldn't need to use the overdraft!! Fingers crossed.
What appeals to me is the free worldwide travel insurance as a bonus. Studying architecture, I'll be frequently going on trips which would make this a good bonus, though I'm currently already covered by an annual policy, but that will soon expire.
I think the Lonely planet guide discount and the supposed extra credit interest is just 'filler' and really won't affect me. I was enticed by Natwest's free railcard but only for a small while.
~~~APPLYING FOR AN ACCOUNT~~~
I looked online on the website and it says you can apply online or at a local branch. Knowing they'd need a copy of my university acceptance letter, I popped into my local branch. Not only was I subjected to slight abuse (counter woman was most patronising in asking if I'd been in the country more than three years seeing that I was Chinese and that my mum's English was not very good). Putting on a posh English London accent just to patronise her back, she told us to take a seat not two metres away, whilst she 'gossiped' away at her colleague asking her to deal with us.
Her colleague loudly said 'I can't open a student account for them' which we heard. Despite this, she sat us down and took our details and then told me to apply online. After questioning her as it said we could open it in the branch and I had all my documents with me, she still said she couldn't do it as they didn't have the forms or whatever.
I did work experience at a different HSBC and those forms you print from the computer! How she didn't have the forms is beyond me. Either way, clearly she wasn't being transparent to the reason she couldn't open it for me so I just went to another branch the following week with the exact same information and opened it successfully within half an hour.
NOT impressed. A week onwards and I have received a new payment book, cheque book and awaiting my new debit card. I opted not to have a credit card as I don't like the idea of spending money I don't own.
About the HSBC student bursary competition:
"Your student days are some of the best of your life offering opportunities and experiences that will stay with you forever. We'd like to help you get the best out of these years, which is why for the 4th year in a row we're running the HSBC Student Bursary competition for an opportunity to win £15,000 to help you reach your potential."
I aspire to become an architect who can solve social problems through architectural design; I'm passionate about sustainability and reducing the impact we have on the environment. I have just spent over £1000 on equipment for my course before receiving my first loan instalment including £70 worth of pens and a new laptop because mine currently would not run the AUTOCAD software adequately. Never thought shopping would be so painful!
I don't know if this would be classed as spamming but I would really appreciate it if you could please check out my video for the bursary competition at http://tinyurl.com/66cawm3 and vote for me!
Voting closes in two weeks on 30th September. Thanks for watching!!!
For more information about the bank account or to apply, please visit www.hsbc.co.uk or pop into your local branch.
HSBC doesn't really offer anything particularly enticing for their student account, but since I already bank with them and I wanted to enter their bursary competition, I chose them over Natwest despite needing a railcard.
After a frustrating incident at my local branch, I was finally able to open my account at another branch so all is well. Hopefully I won't encounter any more problems like this with my account. :P
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by Mr. Davis
Update September 5th. 2011. I think I'm finally rid of MBNA. I work abroad a lot and MBNA change their terms and conditions so often, informing you by post with letters containing huge amounts of tiny print I decided I got nothing in return for the time I spent administering the card so I'll just stick with my other cards. I imagine MBNA ... give cards to people with pretty useless credit ratings which explains their apparent paranoia towards their customers. If your credit rating is so bad people like MBNA are the only people who will give you a card, maybe you shouldn't have one at all and just stick with a debit card and a bank account you keep in credit with an agreed overdraft limit. The period of time between MBNA issuing their statements/bills and the time payment is due seems to get less all the time meaning, I suppose they cream off a fortune in late payment fees. The amount of correspondence having an MBNA card generates is amazing, yet, if you owe them money, they don't contact you. They contact debt collection agencies (who I presume "buy" cases from them). I was once working on a boat, the internet access was awful, when I DID get online MBNA's servers were down and before I got online again, my ages and wonderful mum was getting aggressive phone calls from MBNA's debt collectors for a late payment fee I didn't even know about plus interest. Part of the problem I've had with them recently is the web site has been redesigned giving the impression you don't owe anything. Working abroad a lot, payments can take weeks to show up on your card. I can think of nothing positive to say about MBNA. Anyway, my "Platinum" card is now in bits and I think, I've paid them everything they're due though when I spoke to them, they couldn't tell me when charges would stop being applied to some elements of the card and I have to keep logging onto the web site for about 2 months to be sure I owe them nothing. Now, the original review is below.
I have an MBNA "Rewards" Platinum card. My main gripe, since I travel a lot, is the short time between the bill being generated and the payment due date. My June bill was generated June 9th 2011 and the payment due date is June 26th. Allowing 2 working days for the clearance of payment, that means if you see your bill immediately it is issued, you have 15 days to pay it.
I pretty much ignore this card but used it to buy something worth £48 over the phone in the UK when my other cards were in my car. The transaction date was May 5th.. By June 7th, MBNA had generated a bill for my account for June where I owed them £61.26 for the same transaction. If you want a card you can use to get up to about 50 days interest free credit, I wouldn't choose MBNA.
MBNA deluge you with changes in terms and conditions, interest rates, payment due dates, definitions of statement dates. If you value your time and work out how much time you spend keeping up to date with what's going on with your card, this card is very expensive.
If you pay by direct debit, I presume that won't be a problem.
I find their web site a bit weirdly laid out and, as usual, all the stuff you need to know isn't easily found.
What irritates me most about MBNA is that if your account is in arrears, perhaps because you THOUGHT you'd paid your card off in full and then didn't use your card for a while and didn't know a £1.20 interest fee was added just after you paid the full amount which would then be liable for a £12 late payment fee, MBNA, whilst being perfectly able to email you when your statement is ready seem unable or unwilling to email you about such matters and instead, hire debt collectors to hassle you for small amounts and send you letters which, if you travel a lot is no good so expect calls from your worried elderly Mum when she's had calls from people wanting to talk to you etc..
I also find their payment due dates seem to shift around a bit so this is a "high maintainance" company who expect you to be take a deep interest in your MBNA card. Time is money so it could be seen as an expensive card to run.
MBNA may not be the worst but they're not the best so I can't see any point in suggesting you have one of their cards. The constant notifications and paperwork revealing changes to the way they administer your card have made me reluctant to use the card since I don't have the time to read all their paperwork so, the day before I use the card, they may have trebled my interest rate for all I know.
Maybe the Conservatives will bring in a limit on the charges and interest credit card companies can charge.
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Claire Rayner's last words: "Tell David Cameron that if he screws up my beloved NHS I'll come back and bloody haunt him." Caring after death as well. - - - - - - Phillip Green the retail billionaire and government business adviser summed up the impending spending cuts perfectly: "There are quite ... substantial earnings to be made by shaving quangos." It what he didn't say and how he said it. Head nodding in his pompous puffin manner, a sense of humour as dry as Samantha Cameron's cracked nipple. To put you all in the picture, against all odds Phillip Green opened up a Top Shop retail outlet in New York during America's worse recession since the 'Great Depression.' Guess what; Top Shop in New York it is thriving! Green's business ethos doesn't cater for 'Austerity'. Yet he is the governmental business adviser, and you don't get bigger than the guru of British retail, although apart from Osbornes purse to which he inherited, without really having to do anything entrepreneurial, to quantify his position as Chancellor of the Exchequer. He may've collected school sponsorship monies for a new hockey team bus and shaved the price down a shade on the double-door school logo, but alas Osborne hasn't done anything economically orientated in real life. Eerm, Green is a successful billionaire; I know who I want to listen to about finance, and it would be positive talk of a plan for National 'Prosperity.'
Supply and demand in the food chains private sector could potentially be the Achilles heel for Britons who may be forced to picket just to aid a normal standard of living. I'm referring to the demonic VAT hike of 20% and the shocking cost of wheat and other crops, due to the dreadful winter we've had this year globally. Crops are down two thirds from a couple of years ago, and that's pushing the costs to stratospheric concerns. The problem is, the public are feeling the pinch even now, also for quite a while and that isn't involving the public guillotine out on-show on the 20th October 2010.
Of course the ConDem coalition economic policies are determined on several vital factors; firstly, is the private sector able to take the strain for four years of intravenous funding shortfalls in the public sector? The answer is no. Secondly, the number of unemployed is set to top 1.3 million extra claimants by the year 2014, causing more strain for the private sector, as the necessary evil of extra National Insurance to combat loss taxable incomes will strangle worth-while once profitable businesses. In turn, the economy will shrink another 1.5% in the next three years, based on the austerity plan. What is notable and has stabilized the British economy for the last year is the successful Fiscal stimulus that has created jobs in the public sector for short-term gains by labour; the timely finance plan has saved the UK from immediate double-dip probabilities. Sadly, the shop-door is closing at the end of December as many posts will never be re-activated, under this coalition, set on the intentional austerity measures.
Impending public sector cuts *will* wipe off £84bn worth of contracts to private companies resulting in 450,000 job losses. Business models and expertise inevitably will be forced to compete in more precarious work patterns of 'uncertainty' the under-cutting arena of what we the public know as the 'black-market,' where trading laws change at a whim. Osborne will take figures from this summers report by the (OBR) 'Office of Budget Responsibility' as fact, on 20th October 2010. They're very comforting reading to a coalition set-on creating the biggest austerity program in modern times; economic business leaders have pained over the new governments rhetorical figures for months and have concluded they're too quick to announce such a positive return from the private sector, especially as it is so dependent from the public purse. It is very likely that the private sector will generate 620,000 less jobs than originally considered during the coalition term. The biggest mistake that Osborne has made so far is to box the private sector separately from the public sector. Bewildering immaturity from a Chancellor who is about to cut and shred contracts across the land; it'll be felt for generations to come.
"Desperate measures for desperate times." "We are in this together." "Our country needs you." "The 'Big Society 'is a fairer society." "The cupboard is bare." "There Is No Alternative (TINA)." ie (Thatcher 'mantra' recycled) - These are well-known phrases used in the last four months by our political elite; even if you've not intentionally listened, you'll be aware of this type of rhetoric. It isn't new. A national deficit of £160bn (I rounded it off to the nearest 10bn) has been well documented even though it fluctuates between the 150 and 160 mark, depending what you read and believe. Whitehall aims to wipe off around £85bn of it during the next four years, up to the beginning of 2015.
The reason that they claim this requires urgent attention is so that the UK retains her triple 'A' credit rating and it therefore encourages international business to trade with the UK with confidence. The concept/analogy breaks-down somewhat as evidence has shown a rise in trade by 0.6% since January 2010. Trading confidence has nothing to do with national deficits but all to do with market shares and bold financial stimulus packages. Another major flaw of Osborne, he is reading the wrong log at the wrong timescale. Generally the forecast is bleak if cuts are to be sweeping the board without prior knowledge of the devastation that could happen if implemented as sharply as the coalition has indicated. It could be a United States styled slow-down, whereby 10% of the working population is unemployed. Fiscal stimulus packages are blocked up in localized State bureaucracy without ever seeing the light of day and on top of that the recession fears has double-dipped, the UK has the same symptoms, and that isn't even taking in to account the impending cuts.
Behind the desperado term of austerity 'lie' an innovator named Bevan - that's wishful thinking!
Amidst the dark clouds is always a shimmer of light, perhaps hope, that yet again an Aneurin Bevan (1897 - 1960) will rise from the despair of bleak economical hardship and come up with a plan that'll change policies, ethics, lifestyles for many generations to come; yes, he was the Health Minister in 1948 who gave us the envy of the world, the NHS. It was borne out of the most difficult of periods in our modern history, we've just come out of World War II and after the joyous return of peace-time the reality of a depression hit our shores. A period of re-structuring and house-keeping was in order; similar as it is today; mindset wise. Instead our political representatives are running scared ringing up Osborne in a bid to rescue some of the funding their department requires to being sufficient or actually run for a purpose, rather than twenty 'skill-mix' (people who do important jobs within a sector, who neither have any prior knowledge of the job nor proper training) workers prancing about a massive office, being paid by an agency, ironically funded by Whitehall at a higher premium than if they saved the fifty jobs, in the first-place - Tory policies reek of these absurdities. A saving of £2bn is expected by not employing this ludicrous management styles - Keeping the front-line un-touched, such as nurses, social workers and police.
History is yet again repeating itself. Lo and behold, in the 1920's the then coalition 'Tory - Liberal' sprung into government wielding an axe, the same 'national finance axe' apparent in today's climate. Sounds familiar? The cuts were called 'the Geddes Axe,' named after Eric Geddes (1875 - 1937) who implemented them. No wonder Liam Fox the defense minister had kittens, several weeks ago, the then coalition government in the 1920s cut defense by 40%. He also didn't spare any civil servants and bureaucracy - an astonishing 35% of the workforce was reduced. History is repeating itself again and 'Quangos' are on the hit list in round one of the funding cut splurge. The same bells are ringing, the coalition are re-enacting a slice of history that has long been forgotten. It is like the alarmists have risen again recycled from ninety years ago. No wonder the Liberals practically disappeared after the Geddes axe; they'd lost their identity, and it's all happening again.
This is what they mean by progressivism!
Economics tells us that every thirty years (exactly) unemployment in a capitalistic society rises dramatically, and the next forecast of an unemployment surge is 2013, right in the middle of the coalition's five year term in government. The UK's unemployment rate is currently 7.8%. Most are which are in a poverty trap that was left by the Tory government in the 1980s and ignored by the 'New Labour' administration. Now we've entered the period of political coalition 'progressivism,' it looks again the inner city demise continues amidst the spending cuts. Bottom of the pile, destined to be so, for yet another term from their arch enemies the 'Tory toffs.' Our very own Queen Elizabeth II has cancelled a lavish Christmas Party due to the costs, normally paid for by the taxpayer, her effort of not having a Christmas Party this year is yet another piece of spin that I do not buy. Its not that her lifestyle has changed, in fact it'll be business as normal. Meanwhile the taxpayer continues taking the brunt of her annual costs under the heading 'tradition.' Her annual income of 500,000 GBP from oversea engagements and tourism surely could pay for her fuel bill, instead of going into a cash pot just to rot.
Hands up if you remember the G20 Summit in April 2009? It seems a long time ago and nothing appears to have flourished from the London event that discussed tax havens, financial banking levies, capitalism and even dabbled in the bonus culture. This is where my confusion is heightened, now the spending cuts are knocking on the door of every household in the UK, I therefore am going to delve into a labyrinth of conflicts of interests and demented contradictions, that should've solved the UK deficit. One of the first concerns for the G20 Summit was to close lucrative veins for illegal tax havens and make the fifteen main tax havens accountable for loss of taxable business earnings, many of which are UK firms who claim to reside in the Cayman Islands, Moldova, Belize, Monaco, the list goes on. International Banks and illegal offshore practices were on the G20 Summit agenda, considering the Western World Global Market near financial catastrophe. Illegal tax havens were to foot the bill, for the demise and failings of the US and UK finance sectors; it was estimated a figure of £223bn was owed collectively by the main fifteen illegal tax havens back to the UK treasury. Yet since the end of May 2009, a silence has emerged of the alleged agreed G20 plans; fronted by Gordon Brown and Alistair Darling.
The whole G20 Summit was deemed a great success. Conflicting messages to what the now coalition is imposing with deep cuts across the spectrum, squeezing middle England till she squeaks and stifling growth, creating a widening chasm between the rich and poor. Tories are renowned for it. For a political party who've bank-rolled themselves' into 'near power,' the election was close to being a financial disaster for Cameron's 'Big Society,' ambiguous vision - especially as it already exists in every town, community centre, and average house-hold who works all the hours God sends them. The rhetoric is beyond spin, it is immoral. It's like saying: 'brown whole-meal bread is better for you than white economy bread.' Totally obvious and fundamentally flawed, the concept of the 'big society' shafts governmental collective responsibility; it will cost more for the taxpayer, for less value. Again the concept smells very much like a John Major 'Back to basics' message; pure rhetoric, no substance; for much less value, therefore feasibly unworkable.
I, 'Osborne' under a wallpaper Czar
The Tories have major fingers in the pies of the top 50 companies in the FTSE100: Most of them have made hefty Tory contributions a few months before polling day, and would you know it, have their head-offices in the tax-haven paradise of Cayman Islands; (hedge-fund businesses) - remarkably the Tory conference clearly stated they were going to crack-down on tax-havens, the same organizations that fund them; Tory sleaze oozing out from their pores already. They've safe-guarded companies trust by opting to go to Britain's hard-working people via an incredulous, ferocious spending cuts agenda. It has nothing to do with the UK public. It has everything to do with the crazy gang financial sector creating huge wealth and not declaring it and that is illegal. 'Capitalism at it's most frail,' - another itinerary matter that G20 claimed to have resolved via a 'new global finance model.' Whatever that means? Now it has been all swept under the carpet without a second thought, eighteen months on, just about long enough for the average house-owner to forget. In fact, ironically the death of Ian Tomlinson took most of the headlines, all very carefully orchestrated, with the offending policeman who had strangely struck Mr. Tomlinson a passer-by, only to be let off with the crime completely - suffice to say it is very bizarre.
Late in 2009, the British Crown Dependencies made significant contributions to the UK market, the figure £195bn. It was injected into the financial market to free-up the stagnant banks that were too busy keeping hold of their assets; and nevertheless still are. Why weren't the huge financial package contributions from Jersey, Guernsey and the Isle of Man used to clear the alleged deficit, they're part of the British Crown and in the long-term would benefit the Islands because the Queen is their monarch too? Plus the UK would keep there triple 'A' credit rating, which the coalition are harping on about *now*, again benefiting the British Isles as a whole. In layman terms it looks as if the deficit doesn't exist, or it wasn't there in the second quarter of 2009. The choices made to free-up markets, doesn't comply when more urgent demands of 'the deficit' is obviously a more urgent concern, going by the coalitions urgency for cuts. You can't have it both ways. Either way the coalition is attempting to dupe the electorate and it is working; polls say the Tories are 1% up in the last week.
During George Osborne's address to the conference several weeks ago, he'd claimed that the British people supported the coalition's vision of dealing with the deficit by 2015; when in fact a 'Populus poll' at the time found that barely 22% agreed with squeezing middle England till she squeaks. I suppose the more worrying factor is, that all the governing bodies backing Osborne, including Bank of England and credit giants 'Experian,' completely misjudged the 'perfect financial storm' when the UK was a couple of hours away from total financial collapse (apparently) I'm surprised it wasn't forty five minutes away.
'Expats' are coining in 16mn from just having a property in the UK, on fuel allowances alone. A pittance considering the amounts of money I've mentioned. But if I say £34bn has had the go-ahead this week to build nuclear plantations near you and me, without your say so, it is a lot of money to dish out when major cuts are imminent. I suddenly think of blue-chip businesses, illegal trade, corrupt government, as we already know, the Tory government have accepted sizeable funding from illegal tax havens. "It's back to old-school politics" - Where Cameron and his rich buddies will become more powerful and rich, leaving the taxpayer to pick up the bill. One poisoned chalice is the medias favourite, 'child benefit;' very meager funds will be collected via this outlandish cut; it is seen as taking money from mothers and children, from one income families. Usually the two main entities a standard government *protects,* considering it is only hitting 16% of claimants you wonder if they thought it through, especially as the loopholes are so big I doubt any money will be made from the scheme; - another incoherent policy oddity.
'Austerity,' wasn't she a character in the TV program 'The Good Life!'
All charities are out for a bidding war in January 2011 to save their current funding which they get from (PCT's) Primary Care Trusts, who are going to be reduced substantially also. I must admit I'm feeling a little prickly under the collar - although I'm unsure where the cuts could touch me, personally; however, as I'm involved in fundraising for a charity, my main focus will be purely on January's funding as it is rumored half a million will be swiped off leaving me to deal with the shortfall. I'll have to dig deep and hope a multiple number of hands could help and deploy this ambiguous 'big society' rhetoric along with juggling a demanding occupation two point four children, the dog, the hamster, plus spouse. If you drop one, a hefty bill could appear on the welcome mat, especially from a vet.
To say the coalition has endured a successful extended honeymoon period is an understatement; it has been good news in the city, because overall it has stabilized UK markets and therefore fine in the short-term. Sadly the good news just stops there. In the city short-term wealth generated doesn't help any average income house-hold; the bonus culture has never been healthier in the finance sector, paid for by the taxpayer. Bonuses will hit headlines now ere entering the season when they're implemented; the one to watch for are the Whitehall bonus's estimated at 140Mn every year. Perhaps another poisoned chalice that'll leave you disgusted - and *No* we are not in this together! George Osborne while in the shadow government has safe-guarded all of his own family inheritance last year prior to potential front-line politics. He will pay *No* inheritance fees, due to the share mechanism his Father and other share-holders have in Osborne's multi-million pound wallpaper firm. The scheme has been manipulated to its full capacity, whereby Osborne benefits in all areas. Does this sound like a man who should be trusted when he says "We are all in this together?" The facts speak for themselves.
At present, several snippets of leaks have shown a stomach churning £25bn spending cut fiasco in the duration of the current administration. Another £50bn has yet to be emerged and it isn't coming from the MoD - Ministry of Defence - Liam Fox has been forced to accept a cut of 8% over the next 4.5 years, double the amount Dr. Fox had drawn-up. Welfare and the benefit system will apparently lose £5.2bn but I feel the minefield outfit won't be cost-effective as fraud teams will swallow up huge fees trying to counter-act against fraudulent claims, mildly rich from a Tory government who accepts funding from corrupt tax havened businessmen.
Something to think about when we are forced these impending ferocious spending cuts, yet again, faithfully endured with gritted teeth; the good old British Bulldog spirit; although I wouldn't be surprise if it pulls at the leash dragging Osborne and his cronies to ransom. MP's have reported to be afraid of potential spending cut 'lynch mobs' standing outside their abodes. They've already alerted private enforcement officers paid for by the taxpayer. It's a mad world.
Thank you for reading this rather broad subject.
copyright 10 -2010 -1st2thebar
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