HSBC's New £120 Switch Offer

gentlewoman

@jennifernil: I applied online and instead of waiting for documents I went into a branch and had the entire process expedited. He can apply for an ISA in branch and also initiate the switch in branch. Not sure about the answers to the rest of your questions.

FIRSTTIMER

well I've transferred my 300 back to my current account...lets hope £10 a month will still arrive!

TheTracker

I applied June 29th on the morning the offer opened so I was first in line. I replied to all correspondence within a day of receipt. I've had to make 4-5 trips to branch. Finally only as of today, *40 days after application*, I have a card, pin, and online banking account. I've never had such a poor banking experience in my life, and I must have had 60+ accounts in the last 20 years. Now to get switching.

neilsedaka

It transpires that HSBC do record telephone conversations, but if you are not a customer in that your account is not open yet, they have no method of finding the recording. And they don't keep a record of phone numbers of incoming calls from non-customers either.

dj1471

Ed-1 wrote: »

It stands for 'Green' (i.e. you've opted for the green paperless version of the account).

Thanks for mentioning that, it hadn't even crossed my mind that HSBC might send me paper statements (banks still do that???), normally they give you the option to opt-out when opening the account... but not HSBC, paper billing for all 4 accounts I opened with them. Now all switched to paperless!

Can't believe how slow and antiquated their whole account opening process is.... It's a good job they're paying me £265 in incentives to compensate me for the hassle of dealing with them!

chambta

I got a letter on Thursday with the account number and sort code on it after applying online. Presumably my brief time with a M&S account did the trick as far as ID was concerned.

Katiehound

As I've said earlier- going into the branch really speeds things up! Have been away for a few days and on the doormat were the following:
debit card and PIN- opened a/c Friday last week.
credit card & PIN, opened that just on Monday so could hardly be quicker.
Paperwork confirmation for cash ISA (opened last Friday)
letter from Nationwide regretting the switch (activated Monday)

Sorry don't know who asked the question above... but surely you need to leave the £300 in ISA to get the £120? It doesn't matter to me as I have no other cash ISAs- I wouldn't be switching or adding to it. (mine are stocks & shares which have done brilliantly over the years with financial advice.)
The ruling has always been that you can only have one provider (one cash, one stocks & shares) for each financial year- don't think that has changed.

Roseanne1

FIRSTTIMER wrote: »

well I've transferred my 300 back to my current account...lets hope £10 a month will still arrive!

I think IJP20 was saying yes to another poster rather than yourself. You might be safer leaving the £300 in. Though we'll never know if you can take money out and still get the monthly payment until someone who has tried it has had the account for more than a month. Even if an ISA is fixed, you can still get access to it whenever you like, unlike normal fixed savings accounts but I don't think they are obliged to pay you interest if there is nothing in the account. They give a choice of at least £300 lump sum or £25 per month, which suggests to me that, if you don't have that going into the account, you don't meet the terms for the £10 per month.

Katiehound

jennifernil wrote: »

My OH applied about 3 weeks back, last week he got his debit card, but no PIN or anything else.

He has activated the card, set up telephone stuff, and now THINKS he has registered for internet banking.

He has an account to switch and will ring them on Monday to start that as it seems to need a long phone call.

Can he apply to open the Loyalty ISA meantime, or does he need to wait till the switch is done?

Also, when does he need to start paying in the £1750 per month?

Don't want to get the £1750 stuck in the account if he has not done the internet bit properly. I presume he needs this secure key thing to move money around?

Quicker in branch! Switch can be done in branch- make sure that you have the debit card with you (if you have one on the old a/c)
My understanding is you need the £1750 in each month from when it has opened . You can easily move the money out if you have registered for telephone banking- have moved money today by phone with pleasant , helpful chap. Who told me I had all the perks organised!
You can apply for the ISA loyalty now & regular saver- but need at least £300 in the a/c for the ISA (or £25 per month) - you don't need to wait for the switch

jennifernil

Thanks, his PIN and welcome pack finally arrived on Saturday morning, so he will instigate the switch on Monday and look into opening the ISA and possibly the regular saver on line.

Unfortunately it is a bit of a trek to the nearest branch.

I will set up a payment to the account from one of our other accounts for the £1750 and he can move it back by telephone if the internet banking is not set up yet.