HSBC Advance Save Together

Archi_Bald

Looking at the HSBC Loyalty Cash ISA Application, Cash Transfers In and Reactivation Form, you should be able to get this ISA by simply requesting a transfer-in.

You might not be able to do this online but it would certainly be possible in Branch, on the phone, or by Post.

sildenafil

I did phone them but was advised that to open the isa I needed to deposit a minimum of £1 and to wait until the next tax year to take advantage of this offer. Having read the form you have provided it does seem possible to do otherwise. I will fill it out with the transfer details and send it off and hope for the best. Many thanks Archi Bald

myth123

sildenafil wrote: »

For anybody trying to take up this offer having already deposited into another cash isa this tax year, the minimum deposit needed to open this isa is £1. I have fully subscribed this tax year to my First Direct isa and was hoping to open the HSBC account (with zero balance) and transfer £300 (from previous year subscription) to take advantage of this offer. As it would mean subscribing to two different cash isas in the same year, this is not possible? Although, what are the penalties if I was to open a new cash isa with HSBC with £1, transfer £300 in, then withdraw the original £1? I'm not suggesting anyone to do it, just wondering what sort of reprimands or repercussions could come from it?

If you submit a paper application in branch you can open the ISA by transfer rather than making a deposit - that's what I did.

Shortypie89

Hi, apologies if this has already been answered - I've scrolled back a few pages to read comments, but most are about the ISA technicalities.

I see I have to use the transfer service to get the deal. I'm quite happy with my current bank. Would it be ok to set up a current account elsewhere, and then transfer from there? - I would be able to pay all the money in every month by moving money around between my accounts

Thanks!!

KTF

You can open an Advance account then shuffle the money in and out on a monthly basis from another account.

It doesnt matter as long as you meet the funding criteria.

colsten

Shortypie89 wrote: »

I see I have to use the transfer service to get the deal.

If by "transfer service" you mean the "current account switching service (CASS)", and if by "deal" you mean the £120 for switching a current account, you can do as you suggest. There is a very long thread about this: https://forums.moneysavingexpert.com/discussion/5273638

You can independently, without switching a current account, get the £120 Save Together offer, which this thread is about.

If you don't have any HSBC current account yet, it would of course make sense to try and make use of both offers. Whether you switch a current account or not, the biggest hurdle is to get accepted for the HSBC Advance account, as the above thread demonstrates.

Shortypie89

colsten wrote: »

If by "transfer service" you mean the "current account switching service (CASS)", and if by "deal" you mean the £120 for switching a current account, you can do as you suggest. There is a very long thread about this: https://forums.moneysavingexpert.com/discussion/5273638

You can independently, without switching a current account, get the £120 Save Together offer, which this thread is about.

If you don't have any HSBC current account yet, it would of course make sense to try and make use of both offers. Whether you switch a current account or not, the biggest hurdle is to get accepted for the HSBC Advance account, as the above thread demonstrates.

Thank you! Didn't realise there were two separate offers being discussed - silly of me. Will have a read of that thread now.

moneysavinggirl40

Apologies if this has been answered. Has anyone partially transferred a £300 lump sum from an old ISA they are not subscribing to into their new Loyality ISA and then taken £299 out immediately leaving it with £1.
Have you still benefited from £10 per month with the save together deal?

It's just that I have a regular ISA that I am subscribing to for 2015/16 with a slightly better rate than the loyality ISA, so want to use previous years subscription ISA monies to fund the Loyalty ISA.

I would like to then take £299 out of the Loyalty ISA and put into high interest current account/regular saver. I'll do this if £1 in Loyalty ISA will do the trick to getting free £10.

colsten

moneysavinggirl40 wrote: »

Apologies if this has been answered. Has anyone partially transferred a £300 lump sum from an old ISA they are not subscribing to into their new Loyality ISA and then taken £299 out immediately leaving it with £1.
Have you still benefited from £10 per month with the save together deal?

It's just that I have a regular ISA that I am subscribing to for 2015/16 with a slightly better rate than the loyality ISA, so want to use previous years subscription ISA monies to fund the Loyalty ISA.

I would like to then take £299 out of the Loyalty ISA and put into high interest current account/regular saver. I'll do this if £1 in Loyalty ISA will do the trick to getting free £10.

What do the T&Cs say, do you have to leave the money in the ISA for any given length of time?

gt94sss2

moneysavinggirl40 wrote: »

I would like to then take £299 out of the Loyalty ISA and put into high interest current account/regular saver.

Assuming its allowed by the T&C, have you considered just how much extra interest this will give you? Hardly anything I suspect.

Regards
Sunil