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HSBC Advance and Regular Saver

badger09
badger09 Posts: 11,808 Forumite
Part of the Furniture 10,000 Posts Name Dropper
in Savings & investments
Finally managed to open an Advance current account last week after several gruelling phone calls followed by an hour long appointment in branch :eek:

I've registered 2nd debit card (1st sent wasn't for Advance account :cool:) and online and mobile banking set up yesterday.

Now for the Regular Saver. Does anyone know if an online application results in instant opening and debit from current account, followed by auto set up of SO on the same day each subsequent month?

I think either FD or M&S (or both) did this and I'm trying to get my timing perfect. I'll be out of the country when I normally do my monthly shuffle and don't want to miss any 'time critical shuffles' so I'm automating some. Also keen to minimise interest loss from 'feeder' account.

I have searched T&C and the forum but can't find the answer :o

Comments

  • spenderdave
    spenderdave Posts: 723 Forumite
    Part of the Furniture 500 Posts Name Dropper
    I filled in the online application the other day. You stipulate the account to take the initial sum from and which one for the regular monthly payment, the first of which will go out one month after account opening - all this will be set up when you apply. The initial sum can come from any of your online HSBC accounts, the regular monthly credits must come from your main current account. You cannot specify the actual dates, it will be the date you set it up. It said it would appear in my online banking within 2 days, but have not been back to check yet. Very easy process, all done here in a few minutes.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 31 January 2015 at 9:29PM
    badger09 wrote: »
    Finally managed to open an Advance current account last week after several gruelling phone calls followed by an hour long appointment in branch :eek:

    Been thinking about opening one of these but (like you it seems) I'd be a new customer.

    That really does sound like an absolute pain esp the appointment.

    I wonder if anyone else (a new customer) has successfully applied for a 'Bank Account' level HSBC C/A online and subsequently upgraded to the Advance before they have applied for the Regular saver?

    Sorry to hijack the thread Badger
  • spenderdave
    spenderdave Posts: 723 Forumite
    Part of the Furniture 500 Posts Name Dropper
    My upgrade to Advance was done in a couple of minutes when I popped in on another matter, no gruelling one hour appointment.... But I am a long standing HSBC customer.
  • bolzano
    bolzano Posts: 91 Forumite
    Cashback Cashier
    veryintrigued wrote: »
    I wonder if anyone else (a new customer) has successfully applied for a 'Bank Account' level HSBC C/A online and subsequently upgraded to the Advance before they have applied for the Regular saver?

    I have had a Bank Account for some time only paying in 700/month. I rang up to say I'd be increasing the amount and please could I be upgraded to Advance. They said they'd need to see 3 months payment at the higher amount before they could upgrade me. The implied that then they would be able to do it over the phone.

    It is not quite your situation. But if you don't mind the wait, you could open the Bank Account, pay in the required amount and try that way. It could be longer / shorter than 3 months given that you didn't having it running with a smaller amount in before. Worked ok for me as it fits nicely in my regular saver maturing space.
  • chickenboy
    chickenboy Posts: 74 Forumite
    I think I got lucky, but I had a good experience. Applied online, but yes, had to go into branch. Popped in without appointment and they squeezed me in straight away and setup my regular saver at the same time, and gave me my online PIN gadget and made sure my online access worked!
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    bolzano wrote: »
    I have had a Bank Account for some time only paying in 700/month. I rang up to say I'd be increasing the amount and please could I be upgraded to Advance. They said they'd need to see 3 months payment at the higher amount before they could upgrade me. The implied that then they would be able to do it over the phone.

    It is not quite your situation. But if you don't mind the wait, you could open the Bank Account, pay in the required amount and try that way. It could be longer / shorter than 3 months given that you didn't having it running with a smaller amount in before. Worked ok for me as it fits nicely in my regular saver maturing space.

    Thanks for this.

    I decided to apply for the 'Bank Account' last night online and thought it would be a formality. Only after the full application process (5mins) to be presented with a 'we'll be in touch'' screen which surprised me.

    Sorry to Badger for the hijack - will shuffle away from this thread now
  • badger09
    badger09 Posts: 11,808 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    spenderdave wrote: »
    I filled in the online application the other day. You stipulate the account to take the initial sum from and which one for the regular monthly payment, the first of which will go out one month after account opening - all this will be set up when you apply. The initial sum can come from any of your online HSBC accounts, the regular monthly credits must come from your main current account. You cannot specify the actual dates, it will be the date you set it up. It said it would appear in my online banking within 2 days, but have not been back to check yet. Very easy process, all done here in a few minutes.


    Thanks spenderdave. I have only one HSBC account, the one just opened, so I knew the SO had to come from there. You've confirmed that HSBC process re setting up the Regular Saver is identical to FD's, which is what I suspected.

    I'll open the RS in a few days so the timing fits in with my newly semi-automated monthly shuffle :)
  • badger09
    badger09 Posts: 11,808 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    veryintrigued wrote: »
    Been thinking about opening one of these but (like you it seems) I'd be a new customer.

    That really does sound like an absolute pain esp the appointment.

    To be fair, the reason I had so many phone calls was that on 21 Jan HSBC's system crashed just after telephone adviser had 'set up my profile', so had to go through everything for the second time. By then I was rapidly approaching my 60 minute inclusive call allowance, so had to ring back to proceed with the application. Rather than just accept what 1st person had entered, 2nd person went through everything for a 3rd time. They then told me that credit check was ok but that I needed to go into branch with ID :(

    Very pleasant adviser in branch went through all details (4th time) then said she had to check with her manager. She was away for almost 20 minutes, by which time I was losing the will. Anyway, all approved and manager came out to introduce himself :cool:

    On 22 Jan the adviser said welcome pack, with account details would arrive in about 5 days, followed by card and pin. I'm still waiting for the welcome pack, and on 24 Jan a 'non Advance' card arrived :cool: followed by a pin. I now have the correct debit card but haven't yet summoned the courage to see if the pin works :o
    veryintrigued wrote: »
    Sorry to hijack the thread Badger
    veryintrigued wrote: »
    Thanks for this.
    Sorry to Badger for the hijack - will shuffle away from this thread now

    Apologies not necessary. Feel free to post away :p.

    Good luck with the application.
  • Wooftastic
    Wooftastic Posts: 87 Forumite
    Once the regular saver account is open you can contact hsbc to change the date that your deposit is taken from your account. I dropped them a quick email through internet banking and they sorted it for me :)
    20p Savers (£22.20/£100)

    January NSD (7/12) 3 in a row :j

    January grocery challenge (£132.85/£250.00)
  • m00se1986
    m00se1986 Posts: 40 Forumite
    Heya,


    For those that have been asking, I opened a HSBC 'Bank Account' on 14th January and was able to change it to an 'Advance Account' entirely over the phone on the 30th January - hadn't used the account at all at this time. The person I spoke to on the phone did say she would need to check if it was possible and I was then transferred to someone else, so it may be a case of speaking to the right person.


    I was basically taken through an entire new application process over the phone and was told that they may credit check me, but I haven't seen any evidence of this on my credit report yet. The account in online banking changed to 'Advance Account' the next day.
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