HSBC's New £120 Switch Offer

Yorkshire_Pud

jayjay21 wrote: »

I'm going to get a switch from Yorkshire sorted soon and fund the account myself, the person on the phone told me that the account has a £10 monthly fee? So would not want to keep it open for too long.

Also wanting to do the ISA for the rewards, am I able to keep the ISA and close the current account once I have got the £120?

The HSBC Bank Account Pay Monthly has a £10 monthly fee and what you get for your £10 is sweet FA as the Bank Account seems to offer the same with no fee.

You want the HSBC ADVANCE current account no fee and the one where the switch bonus is offered if your the one in a million customer the bank seems to want!:cool:

Then you need to keep the Advance account open all the time you have the ISA or it will be downgraded from Save Together back to Loyalty Cash ISA. You've got to be loyal , see:)

jrm

Applied online on Monday and was give the 5 day spiel. Received a pack via the post this morning offering me their basic current account and stating " unfortunately you didn't meet our required scoring for this account ". So I have 30 days to take them up on this offer. Not sure (a) it's worth opening the basic account and then trying to upgrade, or, (b) just accept their decision. I should add, in my opinion, I met and exceeded their criteria. There was no offer to attend an interview in branch and/or discuss over the phone. I can only assume their initial checks showed I have acquired Yorkshire and Clydesdale accounts thereby suggesting my motives are purely mercenary, which of course they are. I shall consider my options ie ask for an appeal, just open the basic account and then try and upgrade, do nothing and let the matter lapse.

arbster

jrm wrote: »

Applied online on Monday and was give the 5 day spiel. Received a pack via the post this morning offering me their basic current account and stating " unfortunately you didn't meet our required scoring for this account ". So I have 30 days to take them up on this offer. Not sure (a) it's worth opening the basic account and then trying to upgrade, or, (b) just accept their decision. I should add, in my opinion, I met and exceeded their criteria. There was no offer to attend an interview in branch and/or discuss over the phone. I can only assume their initial checks showed I have acquired Yorkshire and Clydesdale accounts thereby suggesting my motives are purely mercenary, which of course they are. I shall consider my options ie ask for an appeal, just open the basic account and then try and upgrade, do nothing and let the matter lapse.

I got the same treatment when I applied for the Advance before they even had a switching incentive, even though I too would have expected to have exceeded their scoring criteria. I suspect they generally apply very stringent criteria to Advance customers, as it's not a bad package of services. I declined their offer of a Basic account, as there's nothing about it that makes it stand out over other offers in the market.

nearlyretired2004

Seems I really was one of the lucky ones - as I said earlier, my a/c to switch was Clydesdale so it seems that on its own that shouldn't be an issue.

Received my debit card from HSBC this morning together with notification from Clydesdale that the switch had started.

Someone asked if I would be willing to disclose the branch. Think its quite unlikely, but if I did, together with other stuff I've posted on here, its just possible that someone could ID me, so I'll decline........

Guess all it proves is their inconsistency?

EDIT: Arbster ..... sa they would already have done the credit search why not accept the basic account.....handy to have as a donor account for the next incentive?

Nationwide8

OK,still no dice,apparently I failed their "internal"credit scoring and still only offered the Basic which I've declined.I know people say it but have zero idea why I would have failed as I easily matched the published T&Cs,maybe they don't like ppl who have more than 1or 2 current accounts ?? Give up with it now but Good Luck to anyone who tries !!

Yorkshire_Pud

Went back and much less taxing, opened the Advance account for me:o

Got given the gizmo keypad for online transactions, like the M&S one.

Completed Switch paperwork.

£120 is paid within 100 days of account opening and after two monthly funding subs have been credited.

Arranged £300 ISA funds transfer into HSBC Loyalty Saver ISA

Invited to apply for credit card which gives £25 welcome bribe;)

So after all my moaning yesterday its a sunnier day even though its raining.:cool:

My advice to anyone not getting accepted by HSBC, just go somewhere else that does want you, plenty out there. But there is something humiliating about being turned down when you know you should qualify. I think HSBC are extremely thorough to the point of head banging because they are being heavily regulated due to past misdemeanours.

Will see how it goes, they are all bankers at the end of the day:)

Nationwide8

Well done YP !!! :j Still flumuxed why I was denied but happy for you after all that yesterday.

Dird

I went to Lloyds Today but they have to do a credit check for every card you apply for! Even if done at the same time (not logging out system or anything)...

Decided to just get the 1 card for now; will attempt to switch that to the HSBC account...will leave TSB for a while as they've now extended to September

YorkshireBoy

jrm wrote: »

Applied online on Monday and was give the 5 day spiel. Received a pack via the post this morning offering me their basic current account and stating " unfortunately you didn't meet our required scoring for this account ". So I have 30 days to take them up on this offer. Not sure (a) it's worth opening the basic account and then trying to upgrade, or, (b) just accept their decision. I should add, in my opinion, I met and exceeded their criteria. There was no offer to attend an interview in branch and/or discuss over the phone. I can only assume their initial checks showed I have acquired Yorkshire and Clydesdale accounts thereby suggesting my motives are purely mercenary, which of course they are. I shall consider my options ie ask for an appeal, just open the basic account and then try and upgrade, do nothing and let the matter lapse.

They have no way of knowing this from your credit file since provider names are not disclosed to them.

nearlyretired2004

.... and also as I said earlier - my switch was from Clydesdale and I was accepted, so its unlikely to be the reason.