HSBC's New £120 Switch Offer

romanian_bird

Ha. Just had the weirdest conversation with HSBC, I called to check the status and the rep said this:

'I'm not entirely sure what is happening. I think you were accepted for the Advance account, but I can't confirm that as the system will not give me more information. However, there is nothing to suggest something went wrong and I'm not entirely sure what the problem is. I suggest the best course of action is to take a photo ID and a utility bill with you in an HSBC branch - this way you will be able to get to the bottom of this".

I'll wait until early next week and if nothing happens I'll try to visit a branch...

@TheTracker: keep me posted... if you have time please give them a call, I'm now curious what they will tell you

YorkshireBoy

YorkshireBoy wrote: »

Being passed to underwriters for possible reversal of decision.

Should hear back within 48 hours

Decision received within 24 hours, but not good! Original decision upheld, so asked them to cancel application and not to send anything for the Bank Account.

Looking at possible reasons why, and I've just remembered I had a HSBC current account for a few years until June 2014 when I switched it to M&S for the £100 gift card. This was originally opened for a £50 incentive (pre-CASS days) and little used over the period...indeed, it wasn't used at all throughout 2013 so maybe they don't want to get stung twice!

trickydicky14

HSBC switch plus ISA


Could some kind person answer a question regarding ISA allowances,


I have taken out a fixed rate cash ISA for this year but did not use up all my allowance keeping about 2k back which I am drip feeding into my s&s ISA (£200 each month)


Am I correct in saying you can't pay into more than one cash ISA each year even if you have not used up all your allowance? Because what I would like to do is stop the drip feeding for a year and pay it into the ISA deal HSBC have got up and running and grab the bonus on offer thats assuming I get the currant account but I fear I can't do this!!


I don't think its worth transferring the ISA that is with Kent Reliance to HSBC due to the penalty incurred to do it.


Thanks for any commence.

colsten

trickydicky14 wrote: »

Am I correct in saying you can't pay into more than one cash ISA each year even if you have not used up all your allowance?

You are correct.

Unless you find a way to transfer from an existing ISA, you'll have to wait until April 6 2016 and hope the HSBC offer will still be going then.

Topper1900

You'll need to check the terms and conditions of your existing ISA to see if it allows transfers out, you may lose the interest but even if it's 2% then that will be far less than you'll gain transfering it to HSBC.

Topper1900

promisedland wrote: »

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.

I've also been accepted as I met the criteria and just need to send off the forms.so far I've not had the flyers but only received the acceptance letter today. It does seem a long drawn out affair switching banks even when I also intend using a dormant account!

eaustin

promisedland wrote: »

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.

I look forward to your update before I consider making an application.

dggar

If my application is accepted I intend using my M&S account as the account to be switched to the HSBC account.


Both are part of the HSBC group.


I can't see anything in the T&Cs saying this cannot be done.


Have any eagle eyed forum members seen anything that prohibits using an M&S account for switching?

YorkshireBoy

dggar wrote: »

If my application is accepted I intend using my M&S account as the account to be switched to the HSBC account.


Both are part of the HSBC group.


I can't see anything in the T&Cs saying this cannot be done.


Have any eagle eyed forum members seen anything that prohibits using an M&S account for switching?

Suggest you read the T&Cs again (specifically condition 3(c) bracketed text). M&S (and FD) are expressly included.

dggar

YorkshireBoy wrote: »

Suggest you read the T&Cs again (specifically condition 3(c) bracketed text). M&S (and FD) are expressly included.

wrote:

3 (c) you are not an existing HSBC current
account holder when you apply for your HSBC
Advance Bank Account (This offer is open to
First Direct and/or M&S Bank current account
holders). If you are opening a joint HSBC
Advance Bank Account, this requirement must
be met by one account holder;


.

Is this what you are referring to?


I read that as saying if you already hold FD or M&S accounts you can still apply for the HSBC advance account.


My question is this:-
If you have been able to open an Advance HSBC account and you are going to "sacrifice" another account for the switch is there anything in the T&Cs which state the "sacrificial account" cannot be the M&S account