HSBC's New £120 Switch Offer

hollie.weimeraner

RichardTheComic wrote: »

I applied for my HSBC advance account today. Was looking for a better savings rate for my ISA so I'll let you know how I get on. And if I ever see a sniff off the £240 free money

I also applied last night for a joint account. I have 2 sources of income myself that gives me in excess of the £1750 required. There was definitely no question about savings but there was a question about home ownership, the value of the property and the outstanding mortgage amount.

As others, I will now have to wait and see. I have a Nationwide Flex account with a zero balance just waiting to be switched:D

Yorkshire_Pud

To maintain the benefits/still qualify for the Advance account the T&C stipulate account holder must pay in £1,750 a month OR £10,500 every 6 months.

For the switch bonus itself it is a requirement to pay in £1,750 for the first two months.

After that you could pay in (and quickly withdraw) £10,500 every 6 months if it suits so where does that leave the mandated salary/pension monthly pay in 'requirement'?:cool:

Seems to me its two months dancing to their tune to get the switch bonus then YOU choose how to fund it.:)

bobbthefrog

Hi,

I know this is a bit cheeky, but that's what this site is all about right, making money via loopholes etc?

I'm with First Direct - I LOVE this bank and they had an offer of £100 to switch to them years ago when I left Bank of Scotland.

I'm interested in the HSBC offer and wondering if I could switch to them for the required 100 days and after recieved £120 switch back to my HSBC account.

Also if I do would I qualify again for the £100 from them?

DragonQ

bobbthefrog wrote: »

Hi,

I know this is a bit cheeky, but that's what this site is all about right, making money via loopholes etc?

I'm with First Direct - I LOVE this bank and they had an offer of £100 to switch to them years ago when I left Bank of Scotland.

I'm interested in the HSBC offer and wondering if I could switch to them for the required 100 days and after recieved £120 switch back to my HSBC account.

Also if I do would I qualify again for the £100 from them?

Switching offers usually have conditions that they can only be claimed once per customer. The only exception I'm aware of is Nationwide's TCB/Quidco offers.

anoncol

bobbthefrog wrote: »

Hi,

I know this is a bit cheeky, but that's what this site is all about right, making money via loopholes etc?

I'm with First Direct - I LOVE this bank and they had an offer of £100 to switch to them years ago when I left Bank of Scotland.

I'm interested in the HSBC offer and wondering if I could switch to them for the required 100 days and after recieved £120 switch back to my HSBC account.

Also if I do would I qualify again for the £100 from them?

You can switch back but you won't get the £100 again.

romanian_bird

I applied online last week and got notified on screen they would reach a decision in 7 business days. I received a letter today at home saying 'thanks for your recent inquiry' and 'we are pleased to enclose the info you required' - together with a flyer that outlines the T&Cs for the "£120 HSBC Advance Bank Acct Switching Offer"... and that's it.

Nothing else to say I'm approved for the Advance account, no details about the sort code and acct number.

PS. When I applied I said I would use the account for everyday shopping purposes and I wouldn't deposit my salary in the account, just my secondary income (which is child benefit and child maintenance).

romanian_bird

bobbthefrog wrote: »

I'm interested in the HSBC offer and wondering if I could switch to them for the required 100 days and after recieved £120 switch back to my HSBC account.

Also if I do would I qualify again for the £100 from them?

You wouldn't qualify again for the £100 from FD, because it's only available to new customers.

I'm also switching from FD to HSBC but don't know yet if I was approved for the Advance Acct.

FD is not my main bank, I was only using the account as a secondary account, to get access to their mortgages in the future, and to get access to their Regular Saver rate of 6%, but I don't need that anymore.

TheTracker

romanian_bird wrote: »

I applied online last week and got notified on screen they would reach a decision in 7 business days. I received a letter today at home saying 'thanks for your recent inquiry' and 'we are pleased to enclose the info you required' - together with a flyer that outlines the T&Cs for the "£120 HSBC Advance Bank Acct Switching Offer"... and that's it.

Nothing else to say I'm approved for the Advance account, no details about the sort code and acct number.

PS. When I applied I said I would use the account for everyday shopping purposes and I wouldn't deposit my salary in the account, just my secondary income (which is child benefit and child maintenance).

I have had the very same experience. Odd indeed. On application I said I'd have my salary paid in. I have a high salary so was wondering if it failed some filter but you appear to be in a different situation so there goes that theory.

promisedland_2

bin following developments etc, just like to update all with my own experience.
Wife and I applied on line for individual advance accounts, advise a response to be received in five days.
2 responses arrived yesterday confirming successful opening of both accounts and enclosing terms and conditions and specimen signature form to be returned. Account numbers and sort codes also provided but obviously can't do anything with them at th moment.
No request made for any form of documentation, confirmation of salary etc. Onluy savings and other income entered on forms originally.
Today, both received letters date 3 days after confirmation of acceptance, thanking us for our request for info re the advance accounts and enclosing leaflets!
Will wait now for further confirmation before trying to use the telephone switching service, and this will will only be from dormant current counts without any direct debits attached.
Will report any further developments but continue watching other posting.

romanian_bird

TheTracker wrote: »

I have had the very same experience. Odd indeed. On application I said I'd have my salary paid in. I have a high salary so was wondering if it failed some filter but you appear to be in a different situation so there goes that theory.

My guess is that our Advance accounts were approved and this is just a technical glitch re the timing/order of the letters that we are supposed to receive (e.g. in the past I received the PIN prior to receiving a credit card when I applied for credit).. but of course I'm just speculating. I'll call the number on the letter to ask whether I was approved or not.