HSBC Graduate Mortgage question

slysy

I noticed the following in the terms and conditions for applying for an HSBC graduate mortage:

You need to hold, or open, a Graduate Bank Account with HSBC and have your salary paid into it.

Does anyone know how long you have to pay your salary into this account for after getting the mortgage? I currently have one but want to change my current account, so need to find out if I am allowed to do this under the t&cs.

HGLTsuperstar

Can I bump this please, as also keen to know answer

PoorDave

slysy wrote:

I noticed the following in the terms and conditions for applying for an HSBC graduate mortage:



Does anyone know how long you have to pay your salary into this account for after getting the mortgage? I currently have one but want to change my current account, so need to find out if I am allowed to do this under the t&cs.

I suggest you phone them to ask!

Does the new current account supplier you want to switch to do a similar mortgage product?

PoorDave

slysy wrote:

I noticed the following in the terms and conditions for applying for an HSBC graduate mortage:



Does anyone know how long you have to pay your salary into this account for after getting the mortgage? I currently have one but want to change my current account, so need to find out if I am allowed to do this under the t&cs.

You could keep the HSBC account, have your salary go into that, and set up a standing order for just after your salary gets paid in to it, taking the money to your preferred current account perhaps.

annie-c

Yes, give them a ring - I have both mortgage and account o don't know t's and c's - but in my experience on general queries the telephone people are much less concerned about retaining business than the local branch people so you'll get a straight answer without too much hard sell.

slysy

Thanks for the advice guys. I phoned HSBC and was told that you have to pay your salary into the current account for the duration of the mortgage. If anyone has been told or knows differently I would be interested to hear from you!

Joe_Bloggs

@slysy
Why do you need to switch accounts ? Poordave may have the solution.
Many people on these forums have multiple current accounts. Often they are opened to take advantage of savings products. There is often no need to totally switch , to take advantage of special offers. Why did you feel the need to ditch HSBC ?
J_B. (just curious.)

slysy

Joe_Bloggs wrote:

@slysy
Why do you need to switch accounts ? Poordave may have the solution.
Many people on these forums have multiple current accounts. Often they are opened to take advantage of savings products. There is often no need to totally switch , to take advantage of special offers. Why did you feel the need to ditch HSBC ?
J_B. (just curious.)

I just seems simpler having a single current account as opposed to setting up transfers. That and the HSBC interest rate is completely rubbish. Having said that, it's definately something I am going to consider

Joe_Bloggs

I have looked at the interest paid on the instant access savings options available with your bank and they are very poor indeed.

The debit card can be your way out. A bank wrote to me mentioning that they will take deposits over the phone from any debit card from any bank. Funds received will start earning interest immediately in either savings or current account.

From experience the transfer between savings and current accounts is instant with online or telephone banking. You can also arrange for the savings account to automatically maintain a minimum level in the current account.

This is 21st century banking, apart from the telephone bit. The rates they offer on savings account is only 4.4% AER so not the best. If only other banking/saving institutions would treat [STRIKE]direct debits[/STRIKE] debit card tansactions the way they were meant to be.
Were going off the mortgage topic perhaps consider reposting on the Budgeting and Current Accounts or the Savings and Investment boards.
J_B.
Edit mixed up direct debit with debit card. :embarasse

slysy

Hmm, I now notice that this has been changed to

In order to qualify for the Graduate Mortgage, you must already hold a HSBC Graduate Bank Account and have your salary paid into it.

They way this is worded sounds like you only have to be doing this when you apply for the mortgage and can change later. Maybe its worth just giving it a try and seeing if they complain. When I spoke to the guy from HSBC a while ago he didn't seem very sure of his answer to be honest! Wish I knew where some t+c's were so I could just look it up.

yas247

slysy wrote:

Thanks for the advice guys. I phoned HSBC and was told that you have to pay your salary into the current account for the duration of the mortgage. If anyone has been told or knows differently I would be interested to hear from you!

Hi All

i had a HSBC graduate mortage, never paid my salary in to it (before/after). They did ask for proof of my salary so gave 3 months statements from my halifax account & wage slip.

It was a year ago, kept the HSBC graduate mortage for 7 months sold the house made a cool £20k (shame spent it all)..

Hope this helps