HSBC Advance vs First Direct?
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Jlawson118
Posts: 1,132 Forumite
I opened my first bank account in 2013 with HSBC when I was just turned 17, and a year later when I was 18, they wouldn't upgrade my account, especially around a time where I needed to withdraw a larger sum of money than what I could on the younger person's account. So I then switched to First Direct who I've stayed with for the last three years and still plan to stay with them.
I've been looking at the Advance account for a few days now and I've been waiting for news about a new job before I proceeded, and that good news came this morning.
My first query though is that I won't be earning the exact £1750 per month solely from the job. As it's border lining being part and full time as I'm a student, It'll fall around £1300 per month. Although aside to this, I usually get money from friends and family through transfer or PAYM. As well as in a few months I'll hopefully be working for another job on a zero hour contract, as well as transfers and cheques from other savings accounts I hold myself elsewhere. I feel comfortable enough to say that I will meet the £1750 through those, but this might not be every single month, though the T&Cs do say "or £10,600" within six months.
Does that mean I could fall under the £1750 one month, but as long as I make it up to £10,600 within six months, I'll still be able to keep the account? I'm not just talking a one off either, I am talking within the duration of the account. Could I also essentially transfer £5300 backwards and forwards twice from another account and that would still count?
My second query is wondering what the customer service is like for Advance customers? Is this better than being a regular customer? I've heard sometimes you can get transferred to the First Direct call centre but I'm not sure how true it is. Or do you still get put through to the same call centres as any HSBC customer? As I know their offshore call centres were one of the main problems I left three years ago when they wouldn't upgrade my account probably due to the language barriers.
My final question is, is there any real difference between the Advance account and First Direct? As much as First Direct is a subsidiary of HSBC, it seems as if this is a rival account, although it does seem like the Advance account offers more. I would keep my FD account open, but one thing if I decided to get the Advance account, I'd like their regular saver. But where they have a maximum of £250 per month, FD beats that with £300. Despite HSBC offering more in terms of cash back on loans and things which appeals to me in the future, is there really any point in me opening one of these accounts if I essentially have one already?
I've been looking at the Advance account for a few days now and I've been waiting for news about a new job before I proceeded, and that good news came this morning.
My first query though is that I won't be earning the exact £1750 per month solely from the job. As it's border lining being part and full time as I'm a student, It'll fall around £1300 per month. Although aside to this, I usually get money from friends and family through transfer or PAYM. As well as in a few months I'll hopefully be working for another job on a zero hour contract, as well as transfers and cheques from other savings accounts I hold myself elsewhere. I feel comfortable enough to say that I will meet the £1750 through those, but this might not be every single month, though the T&Cs do say "or £10,600" within six months.
Does that mean I could fall under the £1750 one month, but as long as I make it up to £10,600 within six months, I'll still be able to keep the account? I'm not just talking a one off either, I am talking within the duration of the account. Could I also essentially transfer £5300 backwards and forwards twice from another account and that would still count?
My second query is wondering what the customer service is like for Advance customers? Is this better than being a regular customer? I've heard sometimes you can get transferred to the First Direct call centre but I'm not sure how true it is. Or do you still get put through to the same call centres as any HSBC customer? As I know their offshore call centres were one of the main problems I left three years ago when they wouldn't upgrade my account probably due to the language barriers.
My final question is, is there any real difference between the Advance account and First Direct? As much as First Direct is a subsidiary of HSBC, it seems as if this is a rival account, although it does seem like the Advance account offers more. I would keep my FD account open, but one thing if I decided to get the Advance account, I'd like their regular saver. But where they have a maximum of £250 per month, FD beats that with £300. Despite HSBC offering more in terms of cash back on loans and things which appeals to me in the future, is there really any point in me opening one of these accounts if I essentially have one already?
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Comments
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The question you ask at the end is what your answer is.
Would you benefit from moving? If not, just leave it. If you would, then move.
I also doubt HSBC will give you an advance account with your earned income as low as it is, even if topped up by other people.0 -
The question you ask at the end is what your answer is.
Would you benefit from moving? If not, just leave it. If you would, then move.
I also doubt HSBC will give you an advance account with your earned income as low as it is, even if topped up by other people.
I see it as benefitting me in the future opposed to right this moment in time. I have considered the same with my income being fairly low, this used to be higher but I have to make do with what I have. I'll have a think about things0 -
First Direct's otherwise identical Regular Saver offering allows an extra £50 per month saving. HSBC offer you £250 off mortgage booking fees, but First direct mortgages are better in places; 2 year fix at 90% has 0.05 percentage points lower... just an example.
Loan cashback, only on a sub 5-year loan, and only if you don't pay it off early.
Foreign cash withdrawals are *not* free, you still pay 2.75% loading charge. Get a Halifax Clarity credit card for foreign purchases and cash (but pay cash off quickly!)
I have both, but if I were to close one, I'd close HSBC. They are nowhere near as good on the phone- pretty sure the First Direct staff are only used for Premier accounts. Also, I can create new payees in the FD app, can't in HSBC one, but it does have quick balance function... Stay where you are!
Oh btw, you won't be accepted with a salary not high enough for the income requirement either. Sorry.0 -
I switched from FD to HSBC Advance.
HSBC's internet banking is better.
First Direct's mobile app is better.
Both equally as good via the phone, though FD have no 'press 1 for this'.
First Direct were a pain whenever I wanted credit, whether that was a credit card or overdraft... they manually pull your credit report and look through it. HSBC use computerised systems which I prefer.0 -
First Direct's otherwise identical Regular Saver offering allows an extra £50 per month saving. HSBC offer you £250 off mortgage booking fees, but First direct mortgages are better in places; 2 year fix at 90% has 0.05 percentage points lower... just an example.
Loan cashback, only on a sub 5-year loan, and only if you don't pay it off early.
Foreign cash withdrawals are *not* free, you still pay 2.75% loading charge. Get a Halifax Clarity credit card for foreign purchases and cash (but pay cash off quickly!)
I have both, but if I were to close one, I'd close HSBC. They are nowhere near as good on the phone- pretty sure the First Direct staff are only used for Premier accounts. Also, I can create new payees in the FD app, can't in HSBC one, but it does have quick balance function... Stay where you are!
Oh btw, you won't be accepted with a salary not high enough for the income requirement either. Sorry.
I ended up applying the other night anyway, so I'll wait and see if I do get accepted and if I don't then it's no real loss to me I suppose.
I currently do have the Clarity card and intend to keep it because it still remains charge free compared to the HSBC advance account, I read on the website that there's cheaper foreign transactions but still that charge so what's really the point of them promoting that part of it? :rotfl:0 -
greenorange wrote: »I switched from FD to HSBC Advance.
HSBC's internet banking is better.
First Direct's mobile app is better.
Both equally as good via the phone, though FD have no 'press 1 for this'.
First Direct were a pain whenever I wanted credit, whether that was a credit card or overdraft... they manually pull your credit report and look through it. HSBC use computerised systems which I prefer.
I did have a First Direct credit card towards the end of last year, only really got it for the incentive at the time and then didn't really use it. Can't say I really had any trouble with the process apart from applying online was really buggy. Credit isn't something I'm really looking for at the moment, already have a large overdraft with First Direct and I hold credit cards elsewhere that I've always paid off in full
Sounds to me as if they are very similar but First Direct still tops HSBC slightly0 -
Have both accounts, I have First Direct as a main account (salary pain in, bills paid out) plus the reg saver, free overdraft and a mortgage. HSBC advance is only for the reg saver (plus I got a bonus and £10/month for a year).Oh btw, you won't be accepted with a salary not high enough for the income requirement either. Sorry.
My net salary is less than £1750 by hundereds but I still got the account. I applied via phone and said that I will be meeting the pay in requirements by transfering from savings (£1750 goes in, £1500 goes out immediately (£250 goes to the reg saver)). Applying online might be different.0 -
Have both accounts, I have First Direct as a main account (salary pain in, bills paid out) plus the reg saver, free overdraft and a mortgage. HSBC advance is only for the reg saver (plus I got a bonus and £10/month for a year).
My net salary is less than £1750 by hundereds but I still got the account. I applied via phone and said that I will be meeting the pay in requirements by transfering from savings (£1750 goes in, £1500 goes out immediately (£250 goes to the reg saver)). Applying online might be different.
I was wondering about the different ways they may portray an income, I did apply online and it did ask me about my main income and then asked me to tick other methods such as cash, cheques, savings etc, and I ticked them and gave an estimate of how much I hope to put in. So I'm just waiting to hear back 0
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