HSBC's New £120 Switch Offer

jimjames

Got my debit card and PIN now. Received letter about doing the switch so phoned it during the times stated. Agent says switch team only work Mon-Fri 8-5.

So I need to get switch underway this week or I'll miss the deadline of end August. Wonder if that's their plan all along, get lots of customers but not have to pay out as they take too long to open accounts.

Gilbo_Baggins

jimjames wrote: »

Got my debit card and PIN now. Received letter about doing the switch so phoned it during the times stated. Agent says switch team only work Mon-Fri 8-5.

So I need to get switch underway this week or I'll miss the deadline of end August. Wonder if that's their plan all along, get lots of customers but not have to pay out as they take too long to open accounts.

You only have to apply for the bank account and be accepted by the end of August. The switch can take upto 2 months. You'll be fine.

gentlewoman

gentlewoman wrote: »

I transferred my cash ISA from First Direct to HSBC to get the £10 loyalty bonus. Do they close my FD cash ISA automatically after they do the transfer? Thanks.

Does anyone know the answer to this question above? Looks like the funds from my First Direct cash ISA were transferred to the HSBC loyalty cash ISA but the FD account is still open. I'm unsure whether I need to close the FD ISA account myself or it will be closed automatically after the transfer. Thank you!

Dird

gentlewoman wrote: »

Does anyone know the answer to this question above? Looks like the funds from my First Direct cash ISA were transferred to the HSBC loyalty cash ISA but the FD account is still open. I'm unsure whether I need to close the FD ISA account myself or it will be closed automatically after the transfer. Thank you!

I think they flip a coin. My Lloyds ISA has been closed but the HSBC is still empty. Told to wait until Friday as that's my scheduled transfer completion date.

Yorkshire_Pud

gentlewoman wrote: »

Does anyone know the answer to this question above? Looks like the funds from my First Direct cash ISA were transferred to the HSBC loyalty cash ISA but the FD account is still open. I'm unsure whether I need to close the FD ISA account myself or it will be closed automatically after the transfer. Thank you!

If you instructed HSBC to transfer ALL the balance including accrued interest up to day of transfer, leaving a nil balance then FD should close it and send you a closing statement or acknowledgement.

If you specified an amount that didnt include interest the ISA would remain open.

gentlewoman

Thanks, I instructed them to transfer the entire balance incl interest - which they did. I guess I need to ask FD after a while, if they don't close it.

DD123

I transferred my first direct ISA in full to HSBC. It took about 6 working days to transfer and open and then another day or two for the first direct ISA to disappear. It looked like the delay was to do with levelling out the balance for some interest that had accrued that needed to be given to me.

londoner1998

well... I called the Switching service as asked last week on the phone 'to finalise the switching'. As I haven't received the documents on the post, they couldn't complete it. They scheduled a phone call for Thursday and said they would re-send the documents to my home address. Apparently I need to read all of that and confirm that I want the switch to go ahead (again). Last week the woman read everything on the phone and I said 'yes' I want to go ahead with the switch.
Uhmmm..., she said I could go to the branch to finalise the switch, but I am wary of being asked to have my salary switched (as the branch woman suggested when I opened the account- my salary goes on to Natwest and will be transferred to HSBC every month to meet the funding requirement, and I am closing The Co-op, with some money on it a couple of S/O's).
I think I will wait to do it on the phone...so long as it completed in time to get my incentive !!

Any advice is welcome as to what is the best thing to do, I want this done and dusted.

Thanks,

Londoner

dj1471

londoner1998 wrote: »

well... I called the Switching service as asked last week on the phone 'to finalise the switching'. As I haven't received the documents on the post, they couldn't complete it. They scheduled a phone call for Thursday and said they would re-send the documents to my home address. Apparently I need to read all of that and confirm that I want the switch to go ahead (again). Last week the woman read everything on the phone and I said 'yes' I want to go ahead with the switch.

Yeah I didn't receive the documents in time to confirm the switch either.

Them: Have you received and read the switching documents?
Me: Yes.
Them: And you're happy to proceed with the switch?
Me: Yes.

Sorted
Received them the following day, straight in the recycling - there's nothing new or relevant in there.

Dird

dj1471 wrote: »

Yeah I didn't receive the documents in time to confirm the switch either

!!!!!! is wrong with them? Halifax etc send me stuff 2 days after my application. HSBC takes 10 days

Was told my account was open last Monday...still waiting on their secure key crap