HSBC's New £120 Switch Offer

Nationwide8

gingercordial wrote: »

I have double figures of other current accounts so that did not seem to be an issue in the end.

Interesting,so that's another one ticked off the list for possible rejection.Keep coming back to amount of salary and possibly decisions within the branch you are applying at.

People seem to be saying Yes to a Credit card as well who are approved ??

sparkiemalarkie

Do you think it is the 'computer' that says 'NO' or the bank staff?


I opened an ordinary HSBC account to play the 'waiting game'.
I have set up standing orders and direct debits in and out.
About £1,800 has been going into the account, monthly, for the last 3 months leaving a balance of £1,250 after all the sto and dd have gone out.


My husband knows the staff of the local HSBC, by name, as he goes in every week to pay cash into our First Direct account.
If the computer says No then I am snookered, if it's the staff that decide then I was planning to take along my secret weapon when I ask for an upgrade to the Advance account.


My account has been open for nearly 3 months. How much longer should I wait?


sparkie

Nationwide8

sparkiemalarkie wrote: »

Do you think it is the 'computer' that says 'NO' or the bank staff

No idea,but from reading this thread it seems to be a combination of both,reading all of your post some people seem to have been rejected that have had accounts with HSBC for years and some have been approved with no past history with HSBC so have no idea how you'd get on.It's the internal credit scoring which HSBC are saying is preventing ppl getting accounts even though ppl meet all the T&Cs HSBC have made public.

jhyt89

Nationwide8 wrote: »

No idea,but from reading this thread it seems to be a combination of both,reading all of your post some people seem to have been rejected that have had accounts with HSBC for years and some have been approved with no past history with HSBC so have no idea how you'd get on.It's the internal credit scoring which HSBC are saying is preventing ppl getting accounts even though ppl meet all the T&Cs HSBC have made public.

I am equally as baffled as I meet all the requirements. Failed their internal scoring system. I think I may just close my account with them.

Sad_Panda

I've got a couple of question about account switches...

1. Does it have to be from another current account or is it any kind of account?
2. What's the best place to apply online to get a pile of accounts for these kind of switch offers? Is it a good idea to apply for multiple from the same bank or diversify?

TheTracker

How exciting. I applied Monday morning, told to wait 5 days, I can hardly contain myself. I think some folk are confusing an open with a switch. Opens shouldn't have any decisions based on the account you are switching, merely the ability to fund the account.

matty_544

TheTracker wrote: »

How exciting. I applied Monday morning, told to wait 5 days, I can hardly contain myself. I think some folk are confusing an open with a switch. Opens shouldn't have any decisions based on the account you are switching, merely the ability to fund the account.

I agree, It says Apply for an HSBC Advance Bank Account between 29 June and 31 August 2015 and switch using the Current Account Switch Service (CASS) within two months of opening your account and we'll give you £120.

So technically u could just apply to open the account and some time within two months apply for the switch. Getting the advance account open is the biggest and main hurdle. Once open ur effectively guaranteed the £120 form the ISA side and there shouldnt be any problems with the switch for the initial £120.

Just applying without switching in the same process would seem the simplistic way to take advantage of this offer.

peanuts92

I went into the branch just a few days ago and also got refused.

On the T&Cs it mentions nothing about a salary, just as long as you can pay in £1750 monthly. Once the lady noted my income was below their £1750, she asked me where the rest of the money is going to come from and i said from my savings. I was then left waiting for ages, after about 30 mins she comes back and tells me she can't accept me. She said their internal T&Cs state that income can't be from savings, so i told her to show me.
They have an internal list of information for the requirements of switching and opening accounts, under income they have a list of acceptable forms of income. They had stuff like salary, benefits etc but savings or funds from other accounts wasn't on the list and she said she can't accept that. It was pointless arguing with her and in the end i left.

Its funny how HSBC seem to have a different set of T&Cs compared to other banks regarding funding. I've not had any problems with Yorkshire bank, Halifax, Coop etc.

Yorkshire_Pud

Yes it's only their HSBC Premier account that requires "Annual Income to be paid in", whereas the Advance is £1,750 monthly deposit so could come from savings.

It seems clear that they just want to get as many people in the door as possible with loose criteria and then apply their own 'internal' criteria to get just the customer they want.

I got the account in the end with an income below £1,750 but it was referred to a manager in branch first.

I think HSBC are all about cross selling and the current account is just a lure to get other parts of the business involved, relationship manager:eek:, advice on investments, upgrade to Premier after one year etc etc.

Other banks just open a current account and give you the switch bonus;)

Ashen

Anyone else get a second letter today saying 'thanks for your HSBC Bank Account application', 'pleased to accept your application' and asking for a signature? This followed one a couple of days ago, turning me down for my Advance appplication, which enclosed a separate couple of forms to sign?