HSBC: 6% (fixed) on Current Accounts for new **and existing** customers

gt94sss2

As part of HSBC's 'annual sale' they are offering 6% (fixed) for 12 months on current account balances of up to £2,500.

Unusually, for this sort of offer, it appears open to both new and existing customers (if they haven't used the HSBC switching service before.

New Customers: New customers need to switch from another UK bank and must a) open a Bank Account, HSBC Advance Bank Account or an HSBC Premier Bank Account before the 31 January 2012, b) submit the switching forms to any HSBC branch by 5pm on the 31st January 2012 (or the applicable branch closing time if different), switching over a minimum of two Direct Debits and/or standing orders and c) for a new Bank Account, where applicable, deposit £500 into the account within a month.

Existing Customers: Any existing customers can qualify for the offer on the condition that they a) have not, on any of their HSBC accounts previously used the HSBC switching service, complete the switching forms at any branch by 5pm on the 31st January 2012 (or the applicable branch closing time if different), switching over a minimum of two Direct Debits and/or standing orders, b) for a Bank Account, where applicable, deposit £500 into the account per month and c) existing customers must hold or open a HSBC Bank Account, HSBC Advance Account or Premier Account.[/COLOR]

More details and how to switch can be found here

Regards
Sunil

Gromitt

So, if you fill it up with the £2,500 thats £10/month for the next 12 months, net.

One way of giving you a £120 incentive and ensuring you stay with them for at least 12 months.

missile

6.0% sounds great. For some £120 may be worth the hassle and grief of being shackled to HSBC for 12 months. I am "happy" with 3.0% from LTSB.

horngkai

how to switch as an existing customer? Switch DD from other bank to HSBC I presumed?

Gromitt

horngkai: Exactly. If you have no other accounts, you get nothing.

I wonder how it would look me opening an HSBC account when my main bank is First Direct, also a member of HSBC.

Milarky

Having used HSBC several times, and always closed my account once the incentive was paid, I don't consider myself an 'existing' customer now. However they will retain login details from previously held accounts and expect you to use these, I have found. Technologically, that's the Dark Ages.*

Going by the terms and conditions which state:

3. New Customers:..c) you must not have another current account with us at the time you apply for the New Account.

Check

3. Existing Customers:
a) you must not have previously submitted a ‘Switching your personal account to HSBC’ form for any of your HSBC accounts in order to be
eligible for the offer

Check

Potentially contradictory. I think I may choose to regard this as referring only to currently open accounts and not applying to now closed accounts. I suspect the checks they make will only be in regard of currently open accounts.

*Yep, the curse of HSBC strikes again. I tried completing the vanilla online application without logging in. It took all my information first before informing me to close the window and log in.

YorkshireBoy

Gromitt wrote: »

One way of giving you a £120 incentive...

Except the "incentive" is only £60, since you'd make the other £60 anyway...in any one of a number of 3%+ savings accounts available at the moment.

So, how much 'work' are people prepared to put in for the extra £60?

Gromitt

If I could just open a current account, I'd go for it, even if it is, to me, £4.75 per month (as I'd get 3.15% on the cash anyway).

But having to switch DDs/SOs, deposit funds every month, and keep a balance of £2,500? Forget it. I'd rather top up my Halifax savings account so I can be entered into their prize draw.

rb10

Gromitt wrote: »

But having to switch DDs/SOs, deposit funds every month, and keep a balance of £2,500?

There's no need to switch real DDs/SOs - just set up some dummy SOs on a spare account (e.g. for £1, going to another of your accounts).

izools

Ooooh I like the sound of this. Be nice to finally get some interest on my ever positive balance!

Better hope my Halifax app goes through, I'll set up an SO from my HSBC account to go in to Halifax and two to go back (for half each) and transfer that account to HSBC. Excellent

Nine_Lives

Hmm, if there was something else in there to tempt me, such as a £100 joining bonus, or being able to have 2 of these accounts for a combined £5000 then i might've gone for it. The difference between this & what i've got now is £6.67 over a year if i've worked it out correctly (account is currently 3.2%).
I'll chase money, but even i wont go through the hassle for £6.67