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  • FIRST POST
    • ClarkeKent
    • By ClarkeKent 5th Sep 16, 10:04 PM
    • 293Posts
    • 46Thanks
    ClarkeKent
    HSBC Advance 150 offer & 6% interest for First Direct & M&S(HSBC Bank) Customers?
    • #1
    • 5th Sep 16, 10:04 PM
    HSBC Advance 150 offer & 6% interest for First Direct & M&S(HSBC Bank) Customers? 5th Sep 16 at 10:04 PM
    Good to see this HSBC Advance offer is back as I missed out applying last time.

    I got a switch reward from First Direct (100) and a 100 voucher from M&S (HSBC operated). Just making sure these will not affect or invalidate receiving the 150 bonus from HSBC, if anyone knows.

    I have 2k in my bank accounts that I loop round each month to receive bonuses etc that I can use to satisfy the requirement for HSBC and have a bank account to switch with 5+ direct debits.
Page 2
    • Kernel Sanders
    • By Kernel Sanders 29th Sep 16, 7:12 PM
    • 2,861 Posts
    • 1,210 Thanks
    Kernel Sanders
    I'm imteresed in this offer and it would be my main bank account but my monthly pay equates to 50 less than the minimum pay in. Is it possible to just transfer a few quid to a different account then transfer it back to hsbc to make the monthly minimum pay in?
    Originally posted by Startup1985
    Sure it is.
    • YorkshireBoy
    • By YorkshireBoy 29th Sep 16, 7:26 PM
    • 28,271 Posts
    • 16,094 Thanks
    YorkshireBoy
    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?
    Originally posted by ashnojutsu
    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.
    • ashnojutsu
    • By ashnojutsu 29th Sep 16, 9:08 PM
    • 108 Posts
    • 17 Thanks
    ashnojutsu
    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.
    Originally posted by YorkshireBoy
    Ah there we are then, I have opened 8 accounts this month to grab switching incentives.
    I guess I should have held off on the HSBC application for a few months
    • Hanxx
    • By Hanxx 7th Oct 16, 10:39 PM
    • 311 Posts
    • 129 Thanks
    Hanxx
    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
    • By Kernel Sanders 16th Oct 16, 12:57 AM
    • 2,861 Posts
    • 1,210 Thanks
    Kernel Sanders
    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.
    Originally posted by Hanxx
    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
    • badger09
    • By badger09 16th Oct 16, 11:02 AM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    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
    Originally posted by Kernel Sanders
    The minimum pay in of 1750 per month is one of the conditions for the Advance account

    http://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance/how-to-apply
    • schiff
    • By schiff 19th Oct 16, 4:57 PM
    • 17,002 Posts
    • 8,383 Thanks
    schiff
    A switch to HSBC Advance account
    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
    • badger09
    • By badger09 19th Oct 16, 5:25 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    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
    Originally posted by schiff
    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
    • arbster
    • By arbster 20th Oct 16, 2:12 PM
    • 160 Posts
    • 49 Thanks
    arbster
    Has anyone had experience of receiving the switching incentive yet? It's been about 80 days (not working days) since my account was opened, and the switch was completed within the first 30 days.
    • TheShape
    • By TheShape 30th Oct 16, 10:37 PM
    • 421 Posts
    • 205 Thanks
    TheShape
    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.
    • YorkshireBoy
    • By YorkshireBoy 30th Oct 16, 10:58 PM
    • 28,271 Posts
    • 16,094 Thanks
    YorkshireBoy
    Would have applied before now but have been setting up my donor account.
    Originally posted by TheShape
    The requirement was to apply successfully by midnight tonight wasn't it? Switching could then be completed within 30 days of today...so you could/should have applied some time ago? No need to wait until the donor account was ready?
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