New HSBC £20 cashback Online Saver offer

[gt94sss2]

HSBC are repeating their offer of £20 cashback if you open an Online Saver (http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/online-saver) account with a minimum of £500 by the 15 October.

Terms and Conditions

1. In order to be eligible for the £20 cash back offer;
• you must submit an application for an Online Saver account between 12.01am Monday 9th October 2006 and 11:59pm Sunday 15th October, and
• such application must subsequently be accepted by us, and
• the account must have been opened and all account opening formalities must have been completed by 15th November 2006, including the execution of any required documentation, any funding or activation requirements (NB minimum deposit of £500 required) and the provision of any documents required for identification or address verification purposes, and
• any cancellation period applicable to the product must have expired.
2. You will only be entitled to receive one cash back payment of £20 regardless of how many accounts you apply for during the offer period. This means a maximum of one cash back payment of £20 is available per applicant in total.
3. Cash back payments will be paid by 31st December 2006. Cash back will be credited to the account in question.

Regards
Sunil

[Meatballs]

I've been looking through the T&C, but couldn't work out if it was possible to pay the £500 in, and then take it out (on say 1st December) and still recieve the cashback on the 31st...

Obv you'd want to take it out at the start of a month so you dont lose any interest for a month.

[climbgirl]

One other thing to note - it says quite clearly on their T&C that you have to open the account by 15th October and fund it by 15th Nov to get the cash back. But when you try and apply, they're asking for immediate funding.

I'm currently on the phone asking why their T&C state otherwise, will let you know what they say.....

[Milarky]

Obvious question: If you already opened one of these to get a previous cashback (i.e. different 'promotion') are you inegible to apply? (I don't think it says you are) Maybe there is a separate restriction on only holding one HSBC Online saver at a time - there is with the FD e saver equivalent. But you could close the existing one (nil balance in my case) and reapply the nect day?

(must be having a laugh!)

EDIT yes I was right:

1.3 You can only have one Online Saver, which must be in your sole name. You cannot open an account on behalf of someone else.(Terms and Conditions (http://www.hsbc.co.uk/1/PA_1_4_24P/content/uk/pdfs/en/online_savers_tandcs.pdf))

[climbgirl]

One other thing to note - it says quite clearly on their T&C that you have to open the account by 15th October and fund it by 15th Nov to get the cash back. But when you try and apply, they're asking for immediate funding.

I'm currently on the phone asking why their T&C state otherwise, will let you know what they say.....

Well, after 40 minutes on the phone, they're going to call me back tomorrow! Apparently they hadn't picked up this problem and they have no way of opening an account without immediate payment (although the T&C clearly state you don't have to fund it until 15 November).

They're going to get someone more senior to look into and call me back, they can't see a way around it.

[Dagobert]

The current promotion has exactly the same format as their Easter offer. You will probably find some of your questions answered in this thread.

[Dagobert]

If you already opened one of these to get a previous cashback (i.e. different 'promotion') are you inegible to apply?
a maximum of one cash back payment of £20 is available per applicant in total.
The T&Cs of the offer don't really answer this question. Per applicant in total per promotion?

[stuzhunter]

Well, after 40 minutes on the phone, they're going to call me back tomorrow! Apparently they hadn't picked up this problem and they have no way of opening an account without immediate payment (although the T&C clearly state you don't have to fund it until 15 November).

They're going to get someone more senior to look into and call me back, they can't see a way around it.

Climbgirl, are you saying that HSBC is asking for your current account details to make an immediate transfer to your newly opened HSBC savings account?

[Dagobert]

HSBC is asking for your current account details to make an immediate transfer to your newly opened HSBC savings account?
When you apply you have choose between existing customer and new customer. The applications go down a totally different route.

Existing customers are prompted to login and - at least that was the case last Easter - can only complete the application if funding from an existing HSBC account there and then.

I was not able to do that at the time and chose the new customer route. New customers receive a phone-call and are asked for direct debit funding.

However, according to the T&Cs (1.4) of the Online Saver, you have 14 days to fund the account with its minimum £500 balance. I confirmed this with the HSBC advisor, funded from an external account by BACS, and did receive my incentive payment.

[KTF]

How long does the money have to be in there for? Can it go in on Nov 15 and out on Nov 16 for example?

[damien1]

Open an online saver before 15th October (with initial deposit of £500) and receive £20 by the end of December. The interest rate is a respectable enough 4.75% and worth opening if you have the spare cash to play about with. The offer now only seems to be on the online saver unlike before when it included bank a/c plus, credit card, home insurance etc. - This'll be the 3rd time i've opened an online saver and received the £20 incentive though (since each time i've closed pretty much straight after)! :T

[Dagobert]

But you could close the existing one and reapply the next day?
It appears to be possible: HSBC £20 Incentive returns!.

[climbgirl]

When you apply you have choose between existing customer and new customer. The applications go down a totally different route.

Existing customers are prompted to login and - at least that was the case last Easter - can only complete the application if funding from an existing HSBC account there and then.

I was not able to do that at the time and chose the new customer route. New customers receive a phone-call and are asked for direct debit funding.

However, according to the T&Cs (1.4) of the Online Saver, you have 14 days to fund the account with its minimum £500 balance. I confirmed this with the HSBC advisor, funded from an external account by BACS, and did receive my incentive payment.

That is correct, as an existing customer you have to immediately transfer the funds. Which is in direct breach of their terms and conditions, giving you 14 days to fund the accounts. I've been talking to them over the past few days about this, and they hadn't picked up on it before. They're looking into it apparently.....

[cowboy]

Open an online saver before 15th October (with initial deposit of £500) and receive £20 by the end of December. The interest rate is a respectable enough 4.75% and worth opening if you have the spare cash to play about with. The offer now only seems to be on the online saver unlike before when it included bank a/c plus, credit card, home insurance etc. - This'll be the 3rd time i've opened an online saver and received the £20 incentive though (since each time i've closed pretty much straight after)! :T

I already have an online saver with HSBC...can I close my account and receive 20pounds from them if I reopened ?

[damien1]

well thats what i've done but you might be cutting it a bit fine now....if you get it closed today and then open it back up in a couple of days time over phone (so it'll be quicker) you should be fine.

[gt94sss2]

Open an online saver before 15th October (with initial deposit of £500) and receive £20 by the end of December. The interest rate is a respectable enough 4.75% and worth opening if you have the spare cash to play about with. The offer now only seems to be on the online saver unlike before when it included bank a/c plus, credit card, home insurance etc. - This'll be the 3rd time i've opened an online saver and received the £20 incentive though (since each time i've closed pretty much straight after)! :T

Already being discussed here (http://forums.moneysavingexpert.com/showthread.html?t=279594) :)

Regards
Sunil

[Market Oracle]

Yes, if you already have an account, you need to make an opening transfer of £500.

I transfered to my HSBC account on the 10th, the cash should land by the 15th so I can open the account online.

I think if you want to open one now, you best go and deposit £500 at an HSBC branch.

Theres no point worrying about T&C confusion as the clock is ticking.....

[Dagobert]

Can you close the account online or do you need to phone?

[cowboy]

Can you close the account online or do you need to phone?


Yeah, I wanna know the answer to this too.