Beneficial Bank
The corporate history and reasoning behind the Beneficial Finance bank is rather convoluted. It's a subsidiary of HFC, otherwise known as the Household Finance Corporation. If you've heard of HFC at all, it'll be because they've lent you money- neither HFC, Household nor Beneficial Finance bank actually offer bank accounts.
Instead, HFC handles credit agreements for stores such as Curry's or Dixons, and they also own Hamilton Direct Bank, who do loans over the phone and the internet. Beneficial's position is rather odd; because HFC already own a branch network, called the Household Bank, with around 130 branches. Household sells almost exactly the same products as Beneficial, and one has to wonder how long the two will remain separate. HFC and all its constituents are now a part of HSBC
Remember we noted that neither Household nor Beneficial operate bank accounts? They only have two serious products: loans and credit cards. If you walk into a branch of Beneficial Finance bank, it's because you need to borrow, so don't expect to see savings or investments at the counter. Some insurance schemes are offered too, but only in the sense of covering loans or credit card security.
