HSBC is to increase its charges for 700,000 small business customers with many losing their free banking service as part of an overhaul of accounts. HSBC’s move is towards a more ‘transparent’ system of charges.

Current account holders will be able to switch banks this month after the Payments Council confirmed a new switching service (account portability) will start on 16 September. Banks are currently offering incentives as part of a much quicker and hassle free process which might see movement away from the ‘Big Four’ (Lloyds Banking Group, RBS, Barclays, HSBC) to smaller alternatives. Payments Council switch service  has details.

When TSB Bank launches, personal finance customers of Lloyds Banking Group will be unable to access their accounts overnight. TSB bank is launching September 9  when Lloyds offloads 631 branches and 5 million customers and the bank deconstructs.

At the end of August the Pound was set for its biggest monthly advance in a year against the Euro as reports showed consumer confidence and house prices rising, along with mortgage approvals for July.

According to a poll, parents spent over £1000 on each primary school aged child during the summer holidays, and according to the Post Office Annual Summer Spend Report, the figure is over £400  – Either way, they’re back to school soon….

Image and Article credit: Copyright SUF 2013 ©