HSBC Current Account - Do I have to pay Salary into it?

Alarae

I am applying for a normal HSBC account so I can take advantage of their regular saver account. I don't earn enough to pay tax as I am part time (student), so in comparison to my ISA which is a measly 1.6% this seems like the better option (4%). Even if I had to pay tax it still seems like the better deal.

I filled out the online application form but right at the end it said I needed to transfer my salary into the account? It didn't mention having to do that, and I would prefer not to since it's easier for me to have everything (wages, student loan/grant) paid into my Student account with Lloyds.

On the main page it doesn't list as having to pay my salary into the account... do I really have to? All I will be doing is setting up a standing order from the current account to the saver, and that's all the account will be used for. I'd rather not have to mess around with transferring my money out every month.

My other option is Barclays Regular Saver, but I haven't looked into whether I need to pay salary in there. As well as the higher interest rate HSBC allows you to make up for lost allowance in previous months where I don't believe Barclays does, which is why I'm more interested in the HSBC one.

Sorry if this is a silly question as it is said on the application form, but it doesn't on the main page. Would it not ask if I put my occupation down as 'Student' instead of 'Part-time'?

innovate

I got an HSBC current account, for the sole purpose of having access to their regular saver. I pay in £500 a month by SO from another current account. £250 of that goes into the Reg Saver, the other £250 go back to the current account by SO.

So: no, you do not need to pay in any salary.

it's months ago that I applied for the HSBC current account - I remember it took an eternity for them to process my application, and the promised debit card hasn't arrived to the very day. But since I don't need one, I don't mind.

Alarae

innovate wrote: »

I got an HSBC current account, for the sole purpose of having access to their regular saver. I pay in £500 a month by SO from another current account. £250 of that goes into the Reg Saver, the other £250 go back to the current account by SO.

So: no, you do not need to pay in any salary.

it's months ago that I applied for the HSBC current account - I remember it took an eternity for them to process my application, and the promised debit card hasn't arrived to the very day. But since I don't need one, I don't mind.

Ah, many thanks. According to the T&Cs I don't have to fulfill the £500 criteria as I am under 24, which is a bit of a bonus since then I don't have to bother with setting up a transfer of extra funds each month.

Thank you for putting my mind at ease, I shall go ahead and apply then