HSBC's New £120 Switch Offer

Dird

YorkshireBoy wrote: »

The number you could open and switch to wasn't limited. I made £1,650 with 11 accounts...others made even more!

Wow over what kind of timescale? I'm guessing it got corrected pretty quickly?

Biggles

planteria wrote: »

aren't you keen to use every penny of that Tax-Free allowance for your S&S pot though, Biggles?

I've put quite a few pennies in over the last few tax years, so it's probably time I diversified a bit. But there's still another £14,990 available to me this tax year.....

Archi_Bald

biggles wrote: »

i've put quite a few pennies in over the last few tax years, so it's probably time i diversified a bit. But there's still another £14,990 available to me this tax year.....

£15,240 - £300 = £14,940. It's probably what you meant.

Biggles

Archi_Bald wrote: »

£15,240 - £300 = £14,940

As I've only just opened the Advance a/c and the 'Loyalty Cash ISA', I'll only have contributed 10 months = £250.

Yes, I could put more in, but the added bonus would still only be £10 a month.

Dird

With such a pay-in requirement what happens to people earning below the amount?
Would they have to lie about their salary to get accepted?

henm2

From their web site
"If you don't meet the eligibility requirements, we'll change your account to our Bank Account. We'll always tell you at least two months before we convert your account."

Archi_Bald

Dird wrote: »

With such a pay-in requirement what happens to people earning below the amount?
Would they have to lie about their salary to get accepted?

There is no requirement for a salary. There is only a requirement to paying at least £1,750 into your account each month (though I think they also let you off with a minimum of £10,500 every six months).

Telling lies to a bank is not a good strategy, even on a bad day.

The Advance T&Cs state:

You must pay at least £1,750 into your Account each month other than by internal transfer from another personal HSBC Account. If you don’t meet the eligibility requirements we’ll convert your Account to our Bank Account (details of our Bank Account can be found on our website hsbc.co.uk) and you’ll lose your HSBC Advance benefits. We’ll always tell you at least two months before we
do this.

https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/HSBC_Advance_Bank_Account_Terms_and_Conditions.pdf

The word 'salary' is not mentioned anywhere in the T&Cs.

Dird

When I applied for a TSB CA on Friday it asked for salary, if someone isn't earning £1750/month would such an application not reject them?
I was going to mention the deal to my uncle but he's self-employed...it'd be easy for him to fulfil the monthly transfer from savings assuming the salary answer didn't lead to a rejection

Edit: I think the TSB app asked salary anyways...I've been filling in all kinds of crap lately

Archi_Bald

I have current accounts at just about every UK bank and none of them pre-req any salary.

Banks may be asking about your income and/or the source of your money but they will not deny you an account because you don't receive a salary, or don't receive a certain minimum salary. Although if you try really hard, you can talk yourself out of getting accepted for an account.

mel48rose

I've been asked about my salary a couple of times but have never been turned down despite working part time.