HSBC Advance £150 offer & 6% interest for First Direct & M&S(HSBC Bank) Customers?

ashnojutsu wrote: »

Did your monthly pay hit the required amount within that six months? I too was rejected, so was wondering what changed to make them accept you?

Salary isn't a problem.

In the 4-7 month lead up to the first application I'd opened nearly 20 current accounts* (chasing incentives) and 4 or 5 credit cards. I was also, as I have been for many years, and still am, carrying significant credit card stoozing debt.

Maybe I just didn't fit their ideal profile!


* Most of these searches would have fallen off my credit reports well before my second attempt, and all of the current accounts opened were closed down and marked as settled on my credit reports.

It seems to be quite tricky to meet HSBC's hidden criteria for the Advance account (and therefore the £200 switching incentive). I met and exceeded all of their published criteria but was rejected without a clear reason. Funnily enough they offered me their basic current account (I am good enough for that), but the linked higher rate regular saver account was not on offer with that and neither was any kind of switching bonus.


They pushed the basic account and said that I could probably upgrade to the Advance account in a couple of months once I'd regularly paid in my wages. This appears to be their tactic and won't get you a switching bonus either. I exited rather quickly after this and told them that I was quite annoyed that they try and suck you in with a decent offer and then refuse you any of their decent products without any clear reason. Unlike some others that have posted I am not a serial switcher and I have been with my current bank for over 2.5 years.


It's also worth noting that the linked regular saver account has recently reduced to 5% interest with HSBC, First Direct and M&S Bank.

Kernel_Sanders wrote: »

Would one of these criteria be the £1750 minimum pay-in that MSE quote here on their review? I've been on the HSBC site but can find no mention of it!
https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/hsbc-gbp200-switching-offer-tnc.pdf

The minimum pay in of £1750 per month is one of the conditions for the Advance account:cool:

http://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance/how-to-apply

schiff wrote: »

My number 2 Santander 123 account has no 'income' by way of salary, wages or pension going into it, only the required £500 per month (from another bank account) to keep it going. It does have the necessary number of DDs and SOs though.

I could of course load it monthly with the £1750 set out in the T&Cs.

Would those with experience of this scenario say if HSBC would find this acceptable?

TIA

Yes

My income from my employer & state retirement pensions goes into my 'main' (40+ year old) account.

However, somehow, I manage the minimum monthly funding of 16 (from memory, without checking spreadsheet) current accounts:)

If you are unlucky enough to have to complete your application for the HSBC Advance account in branch, just be prepared to explain how you intend to fund it. And don't forget, they are looking for current account customers, not people who want their account purely to access the regular saver;)

Just completed an application for the Advance Account and it will apparently be reviewed over the next 5 days. Not sure if that will affect my eligibility for the switching incentive. They've received my application by 11:59pm on the 30th but it's not yet known if it's been successful. Would have applied before now but have been setting up my donor account.

My income is barely over their eligibility requirement but my net pay is below the pay-in requirement due to pension deductions. Will have to see what happens. If rejected, will switch donor account to Tesco for 2500 Clubcard points, not the same but better than nothing.