HSBC's New £120 Switch Offer

ceredigion

robatwork wrote: »

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.

It could be argued that to comply with section e), you would have to transfer your savings in. If the payment was from your employer / pension , you would fall foul of the first word. "You".


Edit, thinking about this logically ,if any credit was made by your employer and nothing more by yourself , you would in fact be in breach of the t and c`s

richdeniro

Just wondering if anyone has agreed an overdraft limit for their advance account when doing this switch?

Yorkshire_Pud

richdeniro wrote: »

Just wondering if anyone has agreed an overdraft limit for their advance account when doing this switch?

They told me I would have to run the account properly for three months before they would consider giving me ANY amount of planned overdraft facility!

I believe this is standard but would be interested if anyone knows that it isn't standard?

Dird

I received my security code for Tesco iSaver Yesterday so hoping I can start switches to HSBC & TSB this week assuming it's instant to create extra Tesco iSavers and HSBC send my account details in the post soon

TheTracker

Dird wrote: »

I received my security code for Tesco iSaver Yesterday so hoping I can start switches to HSBC & TSB this week assuming it's instant to create extra Tesco iSavers and HSBC send my account details in the post soon

The Tesco Internet Saver is not a Current Account so it is not valid to Switch.

Dird

TheTracker wrote: »

The Tesco Internet Saver is not a Current Account so it is not valid to Switch.

I've already created 2 idle Lloyds accounts, just need Tesco for the TSB DDs

TheTracker

TheTracker wrote: »

My application seems to have gone haywire. I applied online at 11am last Monday on the first day of availability. It said to wait 5 days. I received a letter today saying "Thanks for your enquiry, here is the information you requested" and enclosed with the letter a single sheet leaflet explaining the bonus/switching offer. Nothing else.

Visited an HSBC branch today. "We don't do new accounts here. There's the phone". Lovely. Say they sent me the forms July 2nd but the account is approved. Blame the post. No, I'll blame HSBC. Will resend forms.

vacheron

Well this thread makes interesting reading with lots of potential pitfalls!

Regardless, I've just applied online. Finally decided to switch my Halifax account which I've had since 1995 so hopefully won't be labelled as an incentive chaser.
Im paying in my normal salary rather than a SO, so hopefully no problems with the source of funding.

Not sure why they want to know the value of my home apart from an attempt to sell me a mortgage. And if that is the case, why not ask about savings too?

To err on the side of caution I have declared my 175K mortgage despite it being fully offset, and have also stated my net pay after a £1K/Month pension salary sacrifice, so lets hope that doesn't spook them!

They are still stating >7 working days to process due to demand, so let the waiting game begin.

romanian_bird

An update from me: got the HSBC debit card, called to activate phone banking and also did the account switch from First Direct - well, they initiated it - acct switch date was set for 3rd of August. They didn't ask me anything about what's in the FD account (there's about £10 in it ) and it's got direct debits for 3 of my credit cards - but those also have £0 balance). The FD is my secondary account, I normally use it for everyday shopping, but I took all the money out so that they don't get stuck in the switch, I don't trust banks

I intend to use the HSBC Advance in the same way, for everyday shopping.

romanian_bird

vacheron wrote: »

Not sure why they want to know the value of my home apart from an attempt to sell me a mortgage.

They like to deal with mortgage slaves