HSBC's New £120 Switch Offer

Biggles

The ISA is their existing Save Together deal: pay in £25 (or more) a month, and they add £10 to it. That's 40% (plus the 1.5% interest on the Loyalty Cash ISA), not a bad return.

Chadsman

Can customers qualify for the Save Together bonus in more than one year assuming they make the requisite payments.


Edit: I have just found where it says "You can only benefit from Save Together once."

NotRichAtAll

First, to qualify for the £120 you get for opening the account you need to be able to pay in £1,750 a month for the first two months at least.

This is bad news for people who do not have mega amounts of savings

colsten

NotRichAtAll wrote: »

This is bad news for people who do not have mega amounts of savings

I doubt there will be any term that says the £1,750 will need to be deposited in one sum. You can make £1,750 by cycling several smaller amounts in and out of the account.

inspireme247

colsten wrote: »

I doubt there will be any term that says the £1,750 will need to be deposited in one sum. You can make £1,750 by cycling several smaller amounts in and out of the account.

Hopefully! :j

Dird

Zanderman wrote: »

Not sure that opening three new Lloyds accounts (presumably to switch) will help you. Looks like it's one £120 incentive per person at HSBC.

The 3 are because I'm only just joining this switching band wagon and Lloyds say if you open n amount of accounts at the same time they'll only do 1 credit check. The 3 will cover Halifax, TSB & another (to avoid LBG) in the end but before then will cover all the different switches available.

planteria

i was hoping this was an incentive for switching to HSBC from other current account providers.. im already with them with a Premier account, and don't want to allocate my ISA to HSBC.

Biggles

Dird wrote: »

The 3 are because I'm only just joining this switching band wagon and Lloyds say if you open n amount of accounts at the same time they'll only do 1 credit check. The 3 will cover Halifax, TSB & another (to avoid LBG) in the end but before then will cover all the different switches available.

I would have thought they meant only Lloyds accounts, and that Halifax would do theirs separately, but maybe not. But TSB aren't part of Lloyds anyway now, so would be separate.

Biggles

planteria wrote: »

i was hoping this was an incentive for switching to HSBC from other current account providers.. im already with them with a Premier account, and don't want to allocate my ISA to HSBC.

My ISAs are S&S at the moment, and squirting £300 into a Cash ISA won't affect them at all. Pity about the £120 switching incentive, though; I've only just opened an Advance a/c, but have already had a Bank a/c for three months, so won't qualify.

Dird

Biggles wrote: »

I would have thought they meant only Lloyds accounts, and that Halifax would do theirs separately, but maybe not. But TSB aren't part of Lloyds anyway now, so would be separate.

Yes only the Lloyds accounts. But I need to set up some accounts initially to switch from.
On Friday I opened a TSB CA (waiting on card), now I need a Lloyds CA to switch to it. Will use the other 2 CAs to switch to HSBC & M&S once I set up CAs at those banks too