HSBC Advance Save Together

KTF

adindas wrote: »

Are you transferring yourself or you did you ask them to do it for you by completing the transfer form??

Thanks

The bank has to do it otherwise the money loses its tax free status.

MARTYM8`

adindas wrote: »

MARTYM*, Thank you for this valuable infos .....
Could you please shed the light how did you transfer your previous year ISA subscription ??

Are you transferring yourself or you did you ask them to do it for you by completing the transfer form??

Thanks

I used their transfer form.

Why should HSBC care anyway where the money comes from - if the loyalty isa account accepts transfers in as it does.

Westie983

I paid in £300 from my advance current account on March 2nd and got the letter thorough the post last week, but still no £10, I sent a secure message to HSBC via Online Banking and they replied with a link to the T&C's and told me that is will be paid between the 11th and the 31st, I suppose I will just have to wait till Thursday to see if its paid,

I dont think I will have an issue as I haven't used an tax year allowance but Im a little concerned as others funded the account after me and already got the payment... Ill just keep checking :-)

s71hj

Tried to open over the phone. Guy put it through and informed me that it had only offered me the Bank Account. He talked me into accepting on the basis i could upgrade after 2 to 3 months. Then when he opened it said it showed as an advance after all!!! Anyone had the same expooerience

myth123

adindas wrote: »

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 ??

It says in their T&Cs that transfers are allowed to qualify for the offer.
https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/44444_A5_Save_Together_Terms.pdf

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.

Archi_Bald

adindas wrote: »

Because if it is from new money e.g from this tax year allowance, it will mean you will be tied up to this ISA.

You can put the rest into an S&S ISA (e.g. £300 into HSBC and £14,940 into S&S ISA - which is what I have done).

With current interest rates, and given that nobody expects them to rise before sometime late 2016 at the earliest, it could be considered quite academic to put more than the £300 into any a cash ISA. If you are chasing interest rates, use current or regular savings accounts. If you don't care much about interest rates, the 1.4% from HSBC is actually quite competitive.

Anyway, transfers in do qualify for "Save Together", as per the T&Cs.

adindas

@myth123 and @Archibald

This have been discussed in post #253, #254, #253
Two people (I and Alisha) have confirmed that HSBC customer service has claimed it is only for the new money. While another people MARTYM8 confirm that s/he get £10 despite coming from old ISA.
Yes T&C is saying
“Single payments and lump sum payments can include transfers from another ISA"

But as per post #257.
This is probably not 100% clear as transfer from another ISA could be a transfer from this year whole ISA subscription from another provider. It does not really say they will allow the money from previous year subscription to qualify for this.

If I hear more from people who got £10 save together in spite of transferring from previous year ISA. I will definitely start fighting my corner.

About Cash NISA, Saffron BS is paying 3.5% for Regular saver member cash ISA of max £1270 monthly is a better deal for me as I qualify for this.

Lokolo

adindas wrote: »

@myth123 and @Archibald

This have been discussed in post #253, #254, #253
Two people (I and Alisha) have confirmed that HSBC customer service has claimed it is only for the new money. While another people MARTYM8 confirm that s/he get £10 despite coming from old ISA.
Yes T&C is saying
“Single payments and lump sum payments can include transfers from another ISA"

But as per post #257.
This is probably not 100% clear as transfer from another ISA could be a transfer from this year whole ISA subscription from another provider. It does not really say they will allow the money from previous year subscription to qualify for this.

If I hear more from people who got £10 save together in spite of transferring from previous year ISA. I will definitely start fighting my corner.

About Cash NISA, Saffron BS is paying 3.5% for Regular saver member cash ISA of max £1270 monthly is a better deal for me as I qualify for this.

To be honest you are making a much bigger deal out of this than need be.

In my time on MSE I have never had a provider say that they cannot get the offer when transferring in because the subscriptions aren't this years. There is no validity to it. Nowhere in the T&Cs does it say the transfer has to be money from current years subscription, it says transfers are allowed. It is 100% clear that if you transfer money, you get the £10 offer.

badger09

@ adindas & Alisha 2008

I haven't gone back through this thread to determine when you funded your Save Together Loyalty ISAs, but if you don't get your £10 when due, I would raise a formal compaint


http://www.hsbc.co.uk/1/2/contact-and-support/feedback-and-complaints/complaints


As others have said, the T&C are perfectly clear that ISA transfers (of £300 or more) do qualify as a 'lump sum'. If customer services have told you otherwise, they need to be corrected :cool:

Alisha2008

I got my £10 a few days ago, so it's all ok for me.