Considering HSBC Switch - Questions

fiisch · 14 September 2017 at 12:13PM

We currently bank exclusively with the Halifax - mortgage, 2 x individual accounts, 1 x joint account and savings account. I have been considering opening a second account, largely to get a better interest rate on the regular saver (Halifax offer a paltry 2%).

With HSBC deciding to re-issue the £200 joining offer (£150 + £50 for using the switch service), I am considering opening a joint HSBC account with linked 5% regular saver. First, I have a few questions I hope you clever people can help me with!:

1. I had a sole bank account with HSBC a few years ago (+4 years). I will now be opening a joint bank account with my wife - will I still be eligible for the cashback offer?

2. I plan to pay my salary into HSBC, my wife's salary (£600 / month) into Halifax, then to up Halifax account with an extra few hundred - will this satisfy the minimum £750 pay-in to receive £3/month?

3. For Halifax £3/month offer, do "standing orders" count as Direct Debits? You have to have "at least 2 Direct Debits" to qualify - I will have standing orders set up to child's JISA/mine/my wife's individual current accounts - will this be sufficient?

4. When you using HSBC's switching service, can you exclude some DD's if you wish - e.g.: if I switched all DD's, but wanted to exclude Netflix, for example and leave this DD coming from the Halifax Account?

Thanks in advance!

IanSt · 15 September 2017 at 8:30AM

DYOR to be 100% certain, but I believe:

1. This will depend on the details in their t&cs. I think you will be okay, certainly if your wife has never had an account and it's a joint account, but to be sure have a read yourself of https://www.hsbc.co.uk/1/2/switching-to-hsbc

2. As long as the minimum is paid in over the month. I believe it is a calendar month, but check to make sure that is right as some offers are based on the month from when the account was opened.

3. Must be Direct Debits.

4. Everything switches, and the account you switch from is closed. So you may wish to open a sacrificial account that you use for the switch.

fiisch · 15 September 2017 at 9:50AM

IanSt wrote: »

4. Everything switches, and the account you switch from is closed. So you may wish to open a sacrificial account that you use for the switch.

Thanks IanSt.

Argh.... that last point is annoying, as I'd like to take advantage of both the HSBC Switching and maintain my Halifax account. Opening a Sacrificial Account and then switching is going to be a ballache, but sounds like the only way!

canadianBill · 18 September 2017 at 8:56PM

Good luck in making the switch, hopefully you won't run into issues like I experienced ...

forums.moneysavingexpert.com/showthread.php?t=5710510&highlight=hsbc+advance

PKaurK · 18 September 2017 at 10:24PM

I am actually in the same position as you. I opened a sacrificial Halifax account today, it was very easy and showed up on my online banking immediately. I have applied for the HSBC account, haven't been accepted yet, this is still gong through.

In regards to eligibility, I think I read as long as you haven't had an account since January 2015 then you qualify.

takman · 18 September 2017 at 11:15PM

fiisch wrote: »

4. When you using HSBC's switching service, can you exclude some DD's if you wish - e.g.: if I switched all DD's, but wanted to exclude Netflix, for example and leave this DD coming from the Halifax Account?
!

I know this post is a few weeks old but you need to make sure that what you think are DD's are actually DD's. Netflix comes out your bank as a card payment and is not a DD.

Considering HSBC Switch - Questions

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