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HSBC offers new UK migrant account

30 June 2006
High street bank HSBC has launched a new 'hassle-free' bank account aimed at new arrivals to the UK called the HSBC Passport Account.

The new product has most of the same features as a regular current account service but also contains several additional benefits, including the option to apply over the internet before a person actually arrives in the UK.

"About 590,000 people come to live and work in the UK every year and our customer research shows that migrants regard having a bank account as one of the most important aspects of settling in," said Joe Garner, head of HSBC's UK personal financial services.

"But many are not aware of the requirements for proving identity and address, plus the need for banks to establish credit and employment histories," he continued.

"As a result, applying for a bank account can become time consuming and frustrating - hardly a warm welcome."

Mr Garner added that this new product was intended to plug a perceived gap in the market, which exists when those without the relevant UK financial backgrounds are looking to set up an account that has more standard features than a Basic Bank Account.

Frequently migrants are only eligible for these more simplified accounts and for many they do not meet all of their needs.

The account comes with an internationally-accepted debit card, a flexible saver account and access to internet banking, standing orders and direct debits, among other features.

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