HSBCs £200 switch incentive ending this month?!

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  • badger09
    badger09 Posts: 11,201 Forumite
    First Post First Anniversary Name Dropper
    Regarding this condition



    I presume this means that two direct debits must be present in the prior account before the switch, you can't set it up after? If so I may need to arrange another direct debit before the switch if not before the application

    I also presume they aren't bothered about sending £1,750/mth in then 1750/month out to the same bank? Seems a bit of a cheat.

    Yes, the DDs or SOs need to be set up on the account to be switched. I assume you know SOs are very easy to set up;)

    Don't presume. Its a current account so you would be expected to spend your salary/wages/pension etc if that was the source of your deposits.

    Before transferring it all out again though, you might take a look at their regular saver.
  • badger09 wrote: »
    Yes, the DDs or SOs need to be set up on the account to be switched. I assume you know SOs are very easy to set up;)

    Don't presume. Its a current account so you would be expected to spend your salary/wages/pension etc if that was the source of your deposits.

    Before transferring it all out again though, you might take a look at their regular saver.


    It's worked on other accounts, is there something on this one which says it's against the terms & conditions?
  • badger09
    badger09 Posts: 11,201 Forumite
    First Post First Anniversary Name Dropper
    It's worked on other accounts, is there something on this one which says it's against the terms & conditions?

    Perhaps I should have said 'there is no need to presume'.

    As you will know from having read them, there is nothing in the T&Cs which says you must leave a specific amount in the account for a specific length of time.
  • andromedean
    andromedean Posts: 1,774 Forumite
    badger09 wrote: »
    Perhaps I should have said 'there is no need to presume'.

    As you will know from having read them, there is nothing in the T&Cs which says you must leave a specific amount in the account for a specific length of time.

    I've no problem using their 5% saver but feeding £1750 into it every month without earning interest on nearly all of it, is a bit much unless some can be churned around.
  • badger09
    badger09 Posts: 11,201 Forumite
    First Post First Anniversary Name Dropper
    I've no problem using their 5% saver but feeding £1750 into it every month without earning interest on nearly all of it, is a bit much unless some can be churned around.

    So, £1750 in, £250 to the RS, £1500 out again:)

    Personally, I run mine with a small balance and make sure I use it either to buy something, or pay a small amount off my credit card every 3 or 4 months. That way it looks as if I'm using it for something other than access to the RS. There's nothing to say that's necessary though.
  • Ballard
    Ballard Posts: 2,849 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Sorry to be a pain but I’m on holiday at the moment and want to double check the t&cs for the £200. I have switched successfully with a couple of direct debits but I’m not sure whether I need to pay in the £1,750 within 30 days to qualify. If so, can it be sent from a first Direct account?

    I’ve looked at the t&cs on the hsbc website and can see no mention of it but would like to double check with others who may know.

    I only received my debit card on the day I left home and didn’t have a chance to set up payment instructions from another account. My only option would be to telephone first direct to pay. By the time I get back it’ll be touch and go whether I’m within 30 days.
    I hate verisimilitude.
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