HSBC's New £120 Switch Offer

ST-User

Herbalus wrote: »

And you can't blame them for having strict criteria for the advance account - as a commercial company they have every right to not offer anybody that type of account if they don't fit their target profile.

I think that people blame them for advertising "pay in 1750 a month to qualify" and then it turns out that they accept only a salary. Is this not a fraudulent advert?

dggar

ultim wrote: »

Have completed my application online but i was not given an option to switch. Will they offer me this later?

You need to have an account with HSBC to switch into, so until you have been offered and accepted the (Advanced) Account there is nothing to switch into.


Once you have got the account set up you then ask HSBC to manage the switch process.

Biggles

ST-User wrote: »

I think that people blame them for advertising "pay in 1750 a month to qualify" and then it turns out that they accept only a salary. Is this not a fraudulent advert?

They don't accept only a salary; they did want to see that I earned at least £1,750pm, which is probably fair enough given that I was offering to pay that much every month into their account (luckily I wasn't asked if I intended to transfer it out again immediately!). But they accepted the fact that I would transfer it from another bank account of mine.

ST-User

Biggles wrote: »

But they accepted the fact that I would transfer it from another bank account of mine.

I was told at HBSC yesterday that my savings could not count only salary, pension and other regular monthly income is acceptable, also they wanted to see my bank statements that the money that comes form the other bank account is a salary

mpelson

When I applied online Thursday afternoon it came back with 'we'll inform you of our decision within 7 working days'. Most people on here seem to mention 5 days. Wonder why mine said 7? Perhaps they are getting swamped with applications!

Anyone managed to open one of these accounts since the switching offer launched without the additional in-branch or phone grilling?

Gers

mpelson wrote: »

When I applied online Thursday afternoon it came back with 'we'll inform you of our decision within 7 working days'. Most people on here seem to mention 5 days. Wonder why mine said 7? Perhaps they are getting swamped with applications!

Anyone managed to open one of these accounts since the switching offer launched without the additional in-branch or phone grilling?

From HSBC's website just now:

We are currently experiencing high volumes of applications for our HSBC Advance Bank Account. This means that we may take longer than the normal 7 working days to confirm the decision of your online application. We apologise for the inconvenience this causes.

You may find that you could apply for an HSBC Advance Bank Account quicker by calling us on 0800 326 215 or visiting your local branch.

Yorkshire_Pud

ST-User wrote: »

I was told at HBSC yesterday that my savings could not count only salary, pension and other regular monthly income is acceptable, also they wanted to see my bank statements that the money that comes form the other bank account is a salary

Every offer by HSBC may vary, for you the complete funding by salary was a condition, for others who present different financials they may offer a mix of salary and savings to fund the account, for others still they may allow all the funding from savings. They control the criteria so there's not much you can do about it!

Seems to just depend on the overall picture you present to them and what they think they can get out of you in the future.

Frogletina

Yorkshire_Pud wrote: »

Every offer by HSBC may vary, for you the complete funding by salary was a condition, for others who present different financials they may offer a mix of salary and savings to fund the account, for others still they may allow all the funding from savings. They control the criteria so there's not much you can do about it!

Seems to just depend on the overall picture you present to them and what they think they can get out of you in the future.

As I said before, I didn't even get to speak to an adviser. Was told that it would be pointless as it was mandated salary only. They didn't even take my name. Think I might try at a different branch.

frogletina

Biggles

ST-User wrote: »

I was told at HBSC yesterday that my savings could not count only salary, pension and other regular monthly income is acceptable, also they wanted to see my bank statements that the money that comes form the other bank account is a salary

No, savings never count as income for any purpose; like I said they need to see that you have that much income coming in every month. How you pay your £1,750 into the Advance A/c and where from is another matter.

robatwork

Well the T&C on this account mention nothing about salary:

e) you pay at least £1,750 a month into your
HSBC Advance Bank Account in each of the
first two months after your account is opened.
This does not include money transferred from
any other sole or joint personal account(s) with
HSBC Bank in your name or that of a joint
accountholder

which doesn't appear to rule out a standing order from another bank.