HSBC Advance Changes

japeski

On receiving the letter about the changes I called up to make sure I wouldn't be moved onto the insurance aspects option at £9.99. However I have been charged the £9.99 this month and HSBC claim that this is my last payment in arrears for the old advance account.....even if the charge was £12.95. Anyone had the same experience?

SLZ

Now that this account is open to new applicants, is it worth getting now?

I'm currently with Lloyds (Standard) and HSBC (Student), I get paid £1,500 a month, just short but I can transfer in and out to hit the target, the only issue I see is that checking my credit profile on Noddle it says 1/5 despite all accounts being Green for the past 12 months, at least, so would that be an issue?

I wouldn't want to upgrade my account either, not until my student overdraft is paid off.

My history with HSBC is one of no money bar the money I transfer for bills, £200, and the occasional transfer from my parents which is usually £1k+, I have also gone over the limit of my HSBC credit card twice in the past two months although paid off.

Is it worth applying now or should I wait until the new year? I'd quite like to get one as by October next year I hope to be in Hong Kong where I'd need an account and HSBC transfer accounts and credit profiles to each country you open an account which makes it easier.

TheEffect

SLZ wrote: »

Now that this account is open to new applicants, is it worth getting now?

I'm currently with Lloyds (Standard) and HSBC (Student), I get paid £1,500 a month, just short but I can transfer in and out to hit the target, the only issue I see is that checking my credit profile on Noddle it says 1/5 despite all accounts being Green for the past 12 months, at least, so would that be an issue?

I wouldn't want to upgrade my account either, not until my student overdraft is paid off.

My history with HSBC is one of no money bar the money I transfer for bills, £200, and the occasional transfer from my parents which is usually £1k+, I have also gone over the limit of my HSBC credit card twice in the past two months although paid off.

Is it worth applying now or should I wait until the new year? I'd quite like to get one as by October next year I hope to be in Hong Kong where I'd need an account and HSBC transfer accounts and credit profiles to each country you open an account which makes it easier.

I'd wait until you've paid off your student overdraft and then convert that to an Advance account. I converted my Graduate account to an Advance. They state they're doing a credit check, but they didn't.

bolzano

It seems you need to phone them to upgrade from C/A to Advance (can't do it online).
1.) Is this a problem when upgrading joint accounts?
2.) Do they actually look at your transactions, and can they turn you down? (1050 of the qualifying deposit will be a straight SO in & out job)

Archi_Bald

1 - looking at clause 22 of the HSBC T&Cs, either account holder can ask for an upgrade

2 - they can turn you down but I reckon you'd need to be very unfortunate for that to happen. They will probably be very keen to have you on Advance as it probably increases the money that goes through them.
They are likely to want to know the source of your incoming money, particularly if you have paid in less than £1,750 a month so far. They didn't ask me what I was planning to do with the incoming money but I would have said pay bills and stuff. It's what you do with your money, don't you?

SLZ

TheEffect wrote: »

I'd wait until you've paid off your student overdraft and then convert that to an Advance account. I converted my Graduate account to an Advance. They state they're doing a credit check, but they didn't.

Yeah that's what I'm thinking. Cheers

Bloomberg

dotdash79 wrote: »

HSBC are stopping charging for the Advance account from the 10th November, anyone can have an Advance account if they pay in £1750 per month.

They are replacing the insurance side with an insurance package for £9.95 per month, with the following changes:

ID theft Assistance, and travel safety Assistance is no more
£3,000 life cover is no more

Mobile Phone insurance has now been added
Motor break down cover now has home start.

You can opt out of the insurance but not opt in again.

If you don't meet the criteria for an Advance account have you currently have one you can keep it for 12 months. All advance account offers are still valid.

I used to be a HSBC plus customer. Their packaged accounts offer extremely poor value for money and are probably some of the worst on the market. Abolishing the monthly charge would mean that the account is honestly priced.

s71hj

Is it possible to apply for hsbc advance online. Don't really like telephone or face to face as I'm only opening for the 6% regular saver and possibly the 10% interest cashback on personal loans not as a proper main account. If not is the phone route relatively hassle fee?

SLZ

s71hj wrote: »

Is it possible to apply for hsbc advance online. Don't really like telephone or face to face as I'm only opening for the 6% regular saver and possibly the 10% interest cashback on personal loans not as a proper main account. If not is the phone route relatively hassle fee?

No you can't apply online, why can't you open in person, they won't stop you because you want the cashback and better rates.

s71hj

SLZ wrote: »

Yes you can apply online, why can't you open in person, they won't stop you because you want the cashback and better rates.

Hi. When I click apply it goes to a screen with only 2 options being the phone number or the link to book a branch appointment. How do I get to the online application? I prefer online as otherwise you get the sales talk and they try to get you to transfer all dds etc. Thanks john