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HSBC's New £120 Switch Offer

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  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    I may have slightly over exaggerated my income to show I made 1800

    Dangerous strategy to get your hands on £120. What will you do if they ask you for payslips other proof of your income?
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    How many current accounts allowed ? If you already have a bank account with them, Is it allowed to open a new one by switching, to make it two ?
    ALso is there any requirement of the minimum number of DD to be switched or SOs will do ?

    Thanks
  • Dird
    Dird Posts: 2,703 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    colsten wrote: »
    Dangerous strategy to get your hands on £120. What will you do if they ask you for payslips other proof of your income?

    Just don't turn up to the meeting then when they call a couple days later so you're going with a different bank instead?
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    adindas wrote: »
    How many current accounts allowed ?1 If you already have a bank account with them, Is it allowed to open a new one by switching, to make it two ? No
    ALso is there any requirement of the minimum number of DD to be switched or SOs will do ? No


    Nothing wrong with reading the T&Cs.
  • Nationwide8
    Nationwide8 Posts: 362 Forumite
    Hung up my suit!
    edited 30 June 2015 at 2:56PM
    Not impressed,went into a HSBC branch this morning,a hour 20 mins later only offered the Basic Current account not the Advance.If this is a way of conning people just to catch them and get them to open a basic then it will loose them business,very shoddy.

    Was going to open an IS A and a regular saver,details given of how account would be funded....be aware they DO ask your salary,I had my salary slip,steady job 17 yrs +,salary in Region of £20,000-25,000 and they are VERY insistent on 3 mths paper statements for account you are switching from

    Financial review questions which are VERY detailed....be aware....they were informed how I would fund the £1750 going in every month.

    Never been rejected for ANY account or switch before,have no idea why this rejection ????

    No reason given but it was at the VERY VERY end,advisor had even gone to get all the booklets,last check on computer....computer says no.

    As I say not impressed....beware

    At one point she also said "we don't like you having accounts with other banks" ....so how are you supposed to fund the account,PURELY by earnings ??? No savings at all ?.

    Only thing I can think of is they want people earning over £1750 a month after tax... and proof you earn this.

    Will be interesting to see if anyone actually manages to open an account and qualify for the incentives,if you do am guessing you're a high earner.

    Morning of my life I won't get back.....btw have no debts,loans,credit card debts,no mortgage....

    Really think if it's worth the hassle if you are thinking of trying to switch,not quite sure HSBC wants our business if it's criteria are so strict
  • fuzzgun19
    fuzzgun19 Posts: 7,767 Forumite
    Part of the Furniture 1,000 Posts
    colsten wrote: »
    They might take you back, they might not. Only way find out is if you are eligible to apply again. But wait to see what switch terms say once they launched their offer.
    Just applied online, got the 5 days thing.

    Not holding out much hope, they seem strict to get in. When I was with them before, they wouldn't even give me a £50 'buffer' overdraft and I was with them for years.

    Saying that I got in with First Direct whom I've read are picky about who they take.
    I Hate Jobsworths!!!
  • Dird
    Dird Posts: 2,703 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    edited 30 June 2015 at 7:30PM
    salary in Region of £20,000-25,000

    they were informed how I would fund the £1750 going in every month.

    £24k is < £1600/month (after student loan anyways) so not surprised really. It's probably clear to them you're asking for the incentive alone & planning to do a bit of a fiddle (back and forth transfers) so they've probably just decided against it.

    Most will still be doing the same with other banks (e.g. halifax) but they probably all use salary as a requirement. There's probably people earning less than £750/month who got refused for the Halifax account
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
  • norm_
    norm_ Posts: 191 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 30 June 2015 at 7:45PM
    No reason given but it was at the VERY VERY end,advisor had even gone to get all the booklets,last check on computer....computer says no.

    Did you hold any other HSBC accounts prior to this application? e.g. First Direct or M&S.

    PS. Did you take the basic account? Keep funding it with £1750 a month and try upgrading again after 3 months or so.
  • Nationwide8
    Nationwide8 Posts: 362 Forumite
    Hung up my suit!
    Dird wrote: »
    £24k is < £1600/month (after student loan anyways) so not surprised really. It's probably clear to them you're asking for the incentive alone & planning to do a bit of a fiddle (back and forth transfers) so they've probably just decided against it.

    It was made clear to them that it would be part financed through savings but if it is salary based ( which is the only reason I can think of For rejection ) it's a waste of people's time and effort to even try if they earn below a certain amount and its shady of them not to make the salary req clear.It hasn't left me with any positive feel about HSBC
    As I say they would have got my business as well via an ISA and Regular saver,not now.
  • Paul_1977
    Paul_1977 Posts: 992 Forumite

    Only thing I can think of is they want people earning over £1750 a month after tax... and proof you earn this.

    Will be interesting to see if anyone actually manages to open an account and qualify for the incentives,if you do am guessing you're a high earner.

    Morning of my life I won't get back.....btw have no debts,loans,credit card debts,no mortgage....

    Really think if it's worth the hassle if you are thinking of trying to switch,not quite sure HSBC wants our business if it's criteria are so strict

    Intreating as my father has over 40k of pure debt (credit cards and loans - majority with HSBC :D) and they offered to upgrade him to this account some time ago.

    Maybe they are more strict now.

    His salary is around 2000k a month.

    I may go and get an account just to see what they say. I only earn £1500 a month and have other accounts so we will see.:rotfl: I would like to have a Midlands bank account should the brand return.
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