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HSBC's New £120 Switch Offer

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  • SDK1958
    SDK1958 Posts: 6 Forumite
    Quote:
    Originally Posted by SDK1958 View Post
    Did it over the telephone, took 45 - 50 minutes and got a 'No' answer.
    What was the reason?

    No reason given, just that I haven't been accepted but was accepted for the Bank account which I will take and use the regular Saver

    Quote:
    How was the experience? Not wishing to be too inquisitive, but, presumably you met all the qualifying criteria otherwise you would not have applied ?

    Yes, met all the criteria. Not much different for any of the other many banks who do them over the phone. Told them that it would be funded from salary(£1400 pm) plus savings. Requested who I banked with, and told them santander. Asked if I was going to switch from Santander and I told them I was going to switch from Yorkshire - so this may have been the reason.
  • Nationwide8
    Nationwide8 Posts: 362 Forumite
    Hung up my suit!
    norm_ wrote: »
    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.

    Yep have a FD acc for 30yrs + would never leave them First class service,M&S for regular saver,in the T&C HSBC say no problem,have a feeling they are not being straight with Advance acc criteria hence refused Basic,they wasted my time and effort
  • Nationwide8
    Nationwide8 Posts: 362 Forumite
    Hung up my suit!
    Paul_1977 wrote: »
    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.

    Interesting...
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    Eighth Anniversary 1,000 Posts Photogenic
    edited 30 June 2015 at 9:59PM
    Paul_1977 wrote: »
    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.



    Bill Gates


    Edit; Read whole of thread before posting
  • SJshah
    SJshah Posts: 140 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    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

    vUL4P6G.jpg

    Thanks for the info.
    My salary will not currently meet the required amount, so I'll hold on with this one.
    "Real knowledge is knowing the extent of one's ignorance."
  • TheEffect
    TheEffect Posts: 2,293 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I've had the opposite experience. I upgraded my HSBC student account to Advance soon after they launched the new account. No free £10 back then, so opened FD 1st account and switched.

    Once they released the £10 loyalty ISA, I applied for another Advance account as a new customer. No problem.

    I applied for a credit card as well - they reinstated an old card I had a while ago instead of issuing me a new card and limit.

    I've also applied and been accepted for a £500 overdraft.

    Ironically, First Direct won't give me an overdraft or increase my credit card limit at the moment. HSBC have been fine though.

    FYI my take home pay is £1580.
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,966 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 30 June 2015 at 10:55PM
    Some posts talking about needing to earn £1750+ a month to fund this account.

    HSBC say nothing about this having to come from earnings, therefore as long as it is funds from outside HSBC bank should not be a reason for refusal.

    They also state can fund with £10,500 min every 6 months to maintain the Advance status.

    I've got appointment tomorrow in branch.

    I don't get anywhere near the minimum £1750 monthly funding through earnings/pension but could fund this amount by various legit means. Its not as if HSBC are making you spend that amount every month just fund that amount I guess to show you have enough money to be a customer they want.

    I will let you know if I get turned down because of this reason that as far as I can see has been generated by forum users as a possible reason for refusal even though not part of the T&C.
  • Nationwide8
    Nationwide8 Posts: 362 Forumite
    Hung up my suit!
    edited 30 June 2015 at 11:07PM
    Some posts talking about needing to earn £1750+ a month to fund this account.

    HSBC say nothing about this having to come from earnings, therefore as long as it is funds from outside HSBC bank should not be a reason for refusal.

    They also state can fund with £10,500 min every 6 months to maintain the Advance status.

    I've got appointment tomorrow in branch.

    I don't get anywhere near the minimum £1750 monthly funding through earnings/pension but could fund this amount by various legit means. Its not as if HSBC are making you spend that amount every month just fund that amount I guess to show you have enough money to be a customer they want.

    I will let you know if I get turned down because of this reason that as far as I can see has been generated by forum users as a possible reason for refusal even though not part of the T&C.

    Hope you get on OK.It's just i really really do not know why refused the Advance and they won't tell you why.Maybe it depends on who you see in which branch ? But it is all computerised and they fill in various things but as i say it was literally at the last click computer said No.
  • dj1471
    dj1471 Posts: 1,969 Forumite
    Part of the Furniture 1,000 Posts Home Insurance Hacker!
    HSBC say nothing about this having to come from earnings, therefore as long as it is funds from outside HSBC bank should not be a reason for refusal.
    Well, based on other posts here it sounds like it is grounds for refusal. Nobody knows what HSBC's internal criteria is, they do seem to have tightened it up for the duration of this offer (not surprising given the lack of DD requirements).
    I've got appointment tomorrow in branch.
    Good luck, not heard of anyone actually being accepted since they launched the offer...!
  • Nationwide8
    Nationwide8 Posts: 362 Forumite
    Hung up my suit!
    TheEffect wrote: »
    I've had the opposite experience. I upgraded my HSBC student account to Advance soon after they launched the new account. No free £10 back then, so opened FD 1st account and switched.

    Once they released the £10 loyalty ISA, I applied for another Advance account as a new customer. No problem.

    I applied for a credit card as well - they reinstated an old card I had a while ago instead of issuing me a new card and limit.

    I've also applied and been accepted for a £500 overdraft.

    Ironically, First Direct won't give me an overdraft or increase my credit card limit at the moment. HSBC have been fine though.

    FYI my take home pay is £1580.

    This was all before the £120 incentive ?

    I didn't require a credit card or overdraft.
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