HSBC Advance Save Together

badger09

badger09 wrote: »

Me three

Westie983 wrote: »

still waiting for mine - can I ask when the posters above opened/funded their isa?

I know I have till thursday for the money to go in, but its already monday, should I be worried yet?

Westie

sorry Westie, I missed this.

Mine was opened & funded 9th March. £10 appeared this morning, credited 27th.

adindas

HI


I have transferred my previous year cash ISA to HSBC Loyalty cash ISA which is about £15,000 (e.g more than £300 as required).


I just called the HSBC advance customer services today. I was told that in order to get £10 the 25 monthly or £300 Lump sum will need to be a NEW MONEY and can not be fro previous year? So my transfer does not count toward the required £300 ?? In this case I will still need to transfer either £25 monthly or £300 lump sum ?

1. For those who are transferring from previous year subscription Does anyone have the same experience ??
2. I remember reading somewhere that it will not need to be a new money. Does anyone know where to find this information from HSBC official site that could be used to prove that her information is incorrect ??

Thanks

Lokolo

adindas wrote: »

HI


I have transferred my previous year cash ISA to HSBC Loyalty cash ISA which is about £15,000 (e.g more than £300 as required).


I just called the HSBC advance customer services today. I was told that in order to get £10 the 25 monthly or £300 Lump sum will need to be a NEW MONEY and can not be fro previous year? So my transfer does not count toward the required £300 ?? In this case I will still need to transfer either £25 monthly or £300 lump sum ?

1. For those who are transferring from previous year subscription Does anyone have the same experience ??
2. I remember reading somewhere that it will not need to be a new money. Does anyone know where to find this information from HSBC official site that could be used to prove that her information is incorrect ??

Thanks

It doesn't have to be new money.

Yes it does say in the offer information. Which is on a post in this thread near the beginning where I asked the exact same question.

It's post 4/5/6 on this thread.

Alisha2008

I was told in the branch that it had to be new money put every month (or £300 in a lump sum), I also transferred my ISA but also put the £25 and I plan to continue doing so for a year, so I get the £10 every month.

Lokolo

adindas wrote: »

You will need to prove that they are wrong. But for this it will need to come from official HSBC documentation or T&C.

Once we get that, we could call them back and prove it that their suggestion that it will have to be a new money is wrong ....

Honestly, I was hoping you'd just google as it's pretty easy to find ha.

http://lmgtfy.com/?q=hsbc+advance+save+together+t%26cs

Google "HSBC Advance Save Together T&Cs"
First result links you to a PDF of the Terms and Conditions
https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/44444_A5_Save_Together_Terms.pdf

Quick scan, second main page, section 6

. The offer is:
• Each calendar month after the offer start date when you make a single payment of
£25 or more (a single payment) into your HSBC Loyalty Cash ISA, we will make an
additional interest payment of £10 a month into your HSBC Loyalty Cash ISA. We
will only make an additional interest payment for months you have made a single
payment and for up to 12 months from the date of the first single payment; or
• If you make one lump sum payment of £300 or more (a lump sum payment)
into your HSBC Loyalty Cash ISA after the offer start date we will make additional
interest payments of £10 a month into your HSBC Loyalty Cash ISA for up to
12 months.
Single payments and lump sum payments are eligible payments for the purposes of
this offer.
Single payments and lump sum payments can include transfers from another ISA.

adindas

Thanks ...
"Single payments and lump sum payments can include transfers from another ISA"

This is probably not 100% clear as transfer from another ISA could be transfer of this year whole ISA subscription. It does not really say they will allow the money from previous year subscription to qualify for this.

If this is the case it will be the same with new ISA money put into this ISA. Not good as you will lock you current ISA subscription to 1.5% where you could get a better rate elsewhere. For instance. Saffron is offering 3.5% for Regular cash ISA up to £1270 monthly ...

Lokolo wrote: »

Honestly, I was hoping you'd just google as it's pretty easy to find ha.

http://lmgtfy.com/?q=hsbc+advance+save+together+t%26cs

Google "HSBC Advance Save Together T&Cs"
First result links you to a PDF of the Terms and Conditions
https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/44444_A5_Save_Together_Terms.pdf

Quick scan, second main page, section 6

masonic

adindas wrote: »

Thanks ...
"Single payments and lump sum payments can include transfers from another ISA"

This is probably not 100% clear as transfer from another ISA could be transfer of this year whole ISA subscription. It does not really say they will allow the money from previous year subscription to qualify for this.

The crucial point is that it doesn't specify that they don't allow previous year subscriptions to qualify and key exclusions such as that must be pointed out in the T&Cs.

adindas

masonic wrote: »

The crucial point is that it doesn't specify that they don't allow previous year subscriptions to qualify and key exclusions such as that must be pointed out in the T&Cs.

I agree with you. As we might be at the same boat, we hope they are willing to accept that. Although it is arguable it is their decision and interpretation that will count.

As I previously mentioned I have called them, they even look at all of my transactions and their decision is that I will not get £10 if I do not keep paying £25+ from a new money, even though I have transferred £15.000+ in one go from previous year ISA. Alisha2008 Today, 5:24 PM in post #256 also got information the same with what I have got.

Has anyone got confirmation from HSBC that they are allowing a transfer from previous year subscription of lump sum £300+ to qualify for save together £10 incentive ??

masonic

adindas wrote: »

I agree with you. As we are might be at the same boat, we hope they are willing to accept that. Although it is arguable it is their decision and interpretation that will count.

Their decision will not be the final one. The FOS would have no trouble upholding a complaint if the T&Cs are unclear, since unclear terms are automatically unfair. So the way I see it, HSBC could choose to pay 12 x £10 in accordance with their T&Cs, or they could choose to pay several hundreds of pounds in compensation and the FOS case fee.

MARTYM8`

Alisha2008 wrote: »

I was told in the branch that it had to be new money put every month (or £300 in a lump sum), I also transferred my ISA but also put the £25 and I plan to continue doing so for a year, so I get the £10 every month.

Transfers of prior year ISA funds are eligible - I did that and they have paid me the £10 and confirmed to me by letter that I qualify.

I suggest the branch staff read the terms and conditions - assuming HSBC haven't changed them since they were issued last month?