The provider plans to move thousands of charities, sports clubs and community groups with its current free Clubs and Community Bank Account onto a new option. This is to be called the Charitable Bank Account.
The move is set to take place from November 1 onwards, and the new account is complete with a £5 per month fee – translating to a cost of £60 per year. Understandably, some will want to avoid this fee if it is at all possible. But first, it will be important to fully understand the changes which are due to occur.
People will only be moved across to the new Charitable Bank Account if they meet the account’s eligibility criteria. This states the organisation must exist for a charitable purpose. The bank confirms most of its current members will remain eligible for this kind of account.
But HSBC is taking active efforts to keep its customers in the loop about the matter. It has sent out letters to those who may be impacted by the change, informing them of it, and letting them know if any action will need to be taken on the matter.