HSBC's New £120 Switch Offer

richdeniro

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 received this letter too, have you heard anything else or tried to call them?

romanian_bird

richdeniro wrote: »

I received this letter too, have you heard anything else or tried to call them?

I called them yesterday and they told me to go into branch with 2 IDs (photo ID plus bill) for 'account completion'. I went into the branch today and they approved my Advance account, gave me the sort code and acct number and they'll send me my card and PIN via post.

I didn't do the switch in branch because I didn't have time. I'm switching from First Direct to HSBC and the lady in the branch told me that in that case, they don't need last 3 bank statements, but if I had switched from another bank (non-HSBC) then they would have asked for last 3 bank statements, which to me seems too much, this isn't a mortgage, it's a bank account... why all the fuss?

Also, she asked me whether I would send my salary in and I said no, I would just use the Advance account for shopping, as a 2nd account, and my bills and salary would be in my Barclays account, which is my main account. She said 'no problem', but I needed to transfer in more than £1750 each month and where would the money come from - to which I said - from Barclays, it will be part of my income (which is true, as I earn more than that).

dggar

romanian_bird wrote: »

I called them yesterday and they told me to go into branch with 2 IDs (photo ID plus bill) for 'account completion'. I went into the branch today and they approved my Advance account, gave me the sort code and acct number and they'll send me my card and PIN via post.

I didn't do the switch in branch because I didn't have time. I'm switching from First Direct to HSBC and the lady in the branch told me that in that case, they don't need last 3 bank statements, but if I had switched from another bank (non-HSBC) then they would have asked for last 3 bank statements, which to me seems too much, this isn't a mortgage, it's a bank account... why all the fuss?

Also, she asked me whether I would send my salary in and I said no, I would just use the Advance account for shopping, as a 2nd account, and my bills and salary would be in my Barclays account, which is my main account. She said 'no problem', but I needed to transfer in more than £1750 each month and where would the money come from - to which I said - from Barclays, it will be part of my income (which is true, as I earn more than that).

Was there any explanation of you would need to transfer in more than £1750 each month

Yorkshire_Pud

dggar wrote: »

Was there any explanation of you would need to transfer in more than £1750 each month

What explanation is needed?;)

mrmajika

dggar wrote: »

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

That's exactly what HSBC are saying. And to be fair, it's exactly what YorkshireBoy was saying also.

dggar wrote: »

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

No. Quite the opposite, as covered above!

romanian_bird

dggar wrote: »

Was there any explanation of you would need to transfer in more than £1750 each month

Not sure what you mean... to keep this account you need to transfer in each month £1750, even after you get the £120.

TheTracker

romanian_bird wrote: »

I didn't do the switch in branch because I didn't have time. I'm switching from First Direct to HSBC and the lady in the branch told me that in that case, they don't need last 3 bank statements, but if I had switched from another bank (non-HSBC) then they would have asked for last 3 bank statements, which to me seems too much, this isn't a mortgage, it's a bank account... why all the fuss?

Thats really interesting. Does anyone know if a bank has the right to ask for this under the CASS? Or whether a receiving bank can deny a switch? I thought the rules as a SS member were straightforward and the consumer only needed to provide card and account details and prove ownership and no switch denial was possible.

romanian_bird

I've no idea but it seems very intrusive to me to ask for 3 bank statements. She mustered something along the lines of 'it's for your own benefit' and 'we're protecting your money' and other nonsense stuff like that - it's the first time I'm hearing this - show 3 statements - for opening a bank account. This isn't a mortgage or a loan, it's just a bank account. I can't remember if I applied for overdraft, I probably did, but they credit check people so that should be enough security!

In any case, if she had asked me for 3 Barclays statements I would have walked out, but apparently because I'm an FD customer they don't need my statements. She then proceeded to offer me a credit card with 18.9% interest rate (thanks, but no thanks). Not impressed with customer service so far

I'm now curious how 'smooth' the switching process will be over the phone, but I have to get the debit card before I can properly use telephone banking.

romanian_bird

Yorkshire_Pud wrote: »

One reason they ask for 3 bank statements for the switch account MIGHT be because they don't want people who opened an account in the last few days, simply to switch it!? I used a mature five month old YB current account and did show the three statements.
.

Well their T&Cs don't say anything about 'you need to switch from an account that's older than 3 months'.

It's true they can refuse to do the switch or to refuse to offer you their account, but then they want customers too, that's why they are waving £120/£240 in front of people 'who can credit £1750' to their precious account :-)

eaustin

I have an old co-op account that has not had any activity on it for months/years. Will there be any issues in 'switching' this (assuming I'm accepted for the account in the first place)?