HSBC's New £120 Switch Offer

jennifernil

OH rang them to request switch on Tuesday last week. They gave him a switch date of 24/08, said they would send the pack, and would ring him on Friday, which I thought was a bit optimistic!

Sure enough, nothing arrived, so they said they would ring him today (Monday). I told him to just say he had read it and wanted to go ahead (we have done switches before) but he chickened out, so now they are resending the pack and ringing him again on Thursday.

I hope he gets it sorted soon as we are off on holiday in 2 weeks time.

Account is up and running, £1750 deposited, Loyalty ISA opened with £25, might do 6% regular saver after the holiday.


One question, since he apparently cannot tell me, does he need to set up a SO or payment for the £25 per month to the ISA from his Advance account, or can it be paid in from outside HSBC?

dggar

jennifernil wrote: »

OH rang them to request switch on Tuesday last week. They gave him a switch date of 24/08, said they would send the pack, and would ring him on Friday, which I thought was a bit optimistic!

Sure enough, nothing arrived, so they said they would ring him today (Monday). I told him to just say he had read it and wanted to go ahead (we have done switches before) but he chickened out, so now they are resending the pack and ringing him again on Thursday.

I hope he gets it sorted soon as we are off on holiday in 2 weeks time.

Account is up and running, £1750 deposited, Loyalty ISA opened with £25, might do 6% regular saver after the holiday.


One question, since he apparently cannot tell me, does he need to set up a SO or payment for the £25 per month to the ISA from his Advance account, or can it be paid in from outside HSBC?

My understanding is that £25 per month or a £300 deposit need to go into the ISA in order to get the £10 per month payment.
The source of these funds is not important.
(I transferred £300 from a previous year's ISA)


A condition of having this ISA product is that you have an Advance account (and put £1750 in each month). So to get the full £120 payments you need to maintain the Advance account for at least 12 months.


There is also the switch incentive of £120 if you switch another current account to the Advance account.

Johnny_Doe

I never received my switch docs either so rang them, now i have 2 LOL

DD123

Yes, as others have said, the documents that come in the post are basically just a more in depth version of what was read to you over the phone. I didn't receive mine (still haven't 3 weeks later), but I just said I had. The only thing to be aware of is that by saying yes it is then a legally bound agreement,you've effectively given them your 'verbal signature' that you agree to the terms of the switch, but I can't for the life of me think what problems could arise from it.

d70cw6

Phoned up yesterday to enquire the status of my application.....only to be told that the application has been closed due to inactivity. Seems they havent received the return documents they sent to me (signature sample etc) and failed to let me know.

Id now need to reapply again.....such a waste of time.

neilsedaka

Applied for the Advance account online on 5th July. Although I received a phone call this morning to say that the account is open, I still have not received anything in writing to support that.

Dird

d70cw6 wrote: »

Seems they havent received the return documents they sent to me (signature sample etc) and failed to let me know.

Did you mail them directly or hand in to a local branch? Both my local branches each failed to send a document :f

mrmajika

d70cw6 wrote: »

Phoned up yesterday to enquire the status of my application.....only to be told that the application has been closed due to inactivity. Seems they havent received the return documents they sent to me (signature sample etc) and failed to let me know.

Id now need to reapply again.....such a waste of time.

I'm in the exact same situation. It's all been extremely poor and I have given up on them.

d70cw6

Dird wrote: »

Did you mail them directly or hand in to a local branch? Both my local branches each failed to send a document :f

direct with the return envelope.

londoner1998

At long last: I gave them a call yesterday (the paperwork for the switch came in in the morning, even though I wasn't at home) and the switch was completed without fuss. The only thing is that I had to listen to the whole speech before confirming (yet again) that yes, I want to go ahead with the switch (and receive my £120, please).

I will now wait a bit before applying for the regular saver and recycle the money I saved in the First Direct account, also at 6%... :T