HSBC's New £120 Switch Offer

johnk

YorkshireBoy wrote: »

Not sure I follow? It's 12 months of £25 a month isn't it? Whether you put in a lump sum of £300 or deposit £25 each month they still only pay you £10 a month.

Sorry my bad. Should be £25x12.

marathonic

Biggles wrote: »

Quite. But they'll pay that for 12 months whether you pay £300 upfront or £25pm, so I don't get johnk's point either.

Saving £25 a month, instead of £300 upfront, means that you'll be putting £25 a month into the HSBC ISA during the initial few months of next tax year - meaning you cannot open an ISA with another provider.

Saving £300 upfront means you'll not actually be subscribing (adding your own money) to the HSBC ISA next tax year and would be free to open another ISA with another provider. You'd just leave the HSBC one open so that they can add the final few batches of £10.

[Deleted User]

Just my experience...

I applied on the 2nd Jul online for the Advance account.

I finally received the letter on the 18th (Saturday) stating I failed the internal checks but there was an offer to visit the branch and open a basic account.

I popped into my city centre branch the same morning as I had to bank a cheque (into my FD current acc) and I was told that there are not enough staff working on Saturday's to deal with account openings...

Furthermore I should go back in the week with 2 x ID & 3 months of bank statements.

The basic account would only have been a donor account for a new Nationwide acc (for the £75.75 TCB & 5% interest, my second choice after the HSBC Adv) but after the hassle, I went home and opened a TSB basic account online with no issues at all.

dggar

marathonic wrote: »

Saving £25 a month, instead of £300 upfront, means that you'll be putting £25 a month into the HSBC ISA during the initial few months of next tax year - meaning you cannot open an ISA with another provider.

Saving £300 upfront means you'll not actually be subscribing (adding your own money) to the HSBC ISA next tax year and would be free to open another ISA with another provider. You'd just leave the HSBC one open so that they can add the final few batches of £10.

Slightly off topic but, in general, does putting funds (during this financial year) into a cash ISA which was opened in the previous financial year (assuming the T&Cs for that ISA permit it.) prevent you from opening a new cash ISA in this financial year.

gt94sss2

dggar wrote: »

Slightly off topic but, in general, does putting funds (during this financial year) into a cash ISA which was opened in the previous financial year (assuming the T&Cs for that ISA permit it.) prevent you from opening a new cash ISA in this financial year.

Yes, it does - putting money into an previous year's cash ISA is effectively considered as you opening/using your cash ISA this year.

One exception - You could still open a new cash ISA this year but only its its used to transfer an previous years ISA in (not for any new money)

Regards
Sunil

YorkshireBoy

gt94sss2 wrote: »

One exception...

I think there's another...Nationwide, who I believe allow you to deposit cash into more than one of their cash ISA products in the same tax year?

dggar

Applied on line for advance account 10 days ago.
7 days ago received letter with account number and sort code and asking me to send a specimen signature.(Also letter to confirm that I'd received account information)


Today I received a letter from HSBC with the following text:-


"15 July 2015


Dear xxxxxxxxx


Thank you for your recent request. Unfortunately, the product you have requested is currently out of stock. There will, therefore, be a short delay before I can fulfil your request.


I apologise for the delay, but can assure you that the product will be sent to you as soon as possible.


Yours sincerely......... "


Anyone else had a response like this?

Noctu

Apologies if this has already been answered but I think it's a bit of a grey area.

Can I pay £1750/month in from another bank account, leave it there an hour, then whip it back out again, and still get the switching bonus?

My salary goes into my Natwest current account which still has a £1,400 student interest free overdraft (I graduated ages ago) so don't want to switch that specific account, I was going to switch another basic account I hold with Natwest...

badger09

Noctu wrote: »

Apologies if this has already been answered but I think it's a bit of a grey area.

Can I pay £1750/month in from another bank account, leave it there an hour, then whip it back out again, and still get the switching bonus?

My salary goes into my Natwest current account which still has a £1,400 student interest free overdraft (I graduated ages ago) so don't want to switch that specific account, I was going to switch another basic account I hold with Natwest...

It is not a grey area at all.

You can deposit £1750 each month & immediately withdraw it if you wish. This is a current account, so you are expected to spend some or all of the money you deposit;)

To get the switching bonus, you also need to meet all the switching conditions.

Noctu

Thanks badger - I was just going to transfer a fairly newly created Natwest basic current account (£5 in credit, no overdraft, no standing orders or direct debits!) ... am I right in thinking that would be OK to meet the terms of the offer?

Plus pay in the £1750 manually from Natwest on payday - for the grand total of one hour or so... then take it back out... rinse and repeat for 2 months...

(I've already opened the account by the way, just received the card on Saturday)