HSBC's New £120 Switch Offer

neilsedaka

Applied for the Advance account online on 5th July. Today, 50 days later, I have received my Welcome Pack. Is that a record?

af889

I thought it may be worth adding an update regarding my experience with all this… I applied a month ago, painfully slow to post outinformation (including a useless leaflet about the £120 switch offer). Recently I got a letter saying that if we don’t hear from you in 7 days then we’ll consider that you don’t want the account; I had posted the piece of paper withmy signature back to them a week before… I phoned up today (for the sixth time) and finally got the application investigated, it turns out the signature form was received by HSBC but it couldn’t be read for whatever reason. I was also told that they’re experiencing a huge backlog is demand has been so high for the Advance account.

I was told to go into a branch to record my signature; really wasn’t best pleased at all considering the time it had taken thus far!

I went into the branch, gave them my reference number and sat down with someone really helpful. They took my signature, gave me all the welcome pack information, gave me my account and sort code, set up my telephone banking password and even offered to go through the internet banking setup with me. Pretty good considering that 2 hours beforehand I thought I’d need to wait another 2-3 weeks before getting anywhere! It does show a massive problem with their central application processing but thank goodness for helpful people inbranches!

If you are getting as fed up as I was waiting, then just try walking into a branch with your application reference number if you have it (and photo ID just in case) and they should be able to sort it for you straightaway.

Noctu

A story which might be useful for everyone to be aware of...

Timelines:

30 June - Applied for account
16 July - Account opened. Requested switch around this time
Late July - received PIN and card
Early August - Switch delayed to around 7th August due to their backlog in sending out various pieces of documentation.

It came to mind that my salary payments at end Aug and end Sept would be too late for me to qualify for the £120 incentive. This was then confirmed by customer services (secure message) to which I was very unhappy indeed!

Got in touch with them via Twitter, they asked me to email them with the details which I did yesterday afternoon. Got a phone call this morning apologising, saying that yes I did not qualify due to the timescales but as it was all their delays that they would be crediting me with £150 straight away.

So I guess the lesson is - check the timescales for your >£1750 deposits! And if you won't hit the deadline due to their delay - complain!

jiggy2

Noctu wrote: »

A story which might be useful for everyone to be aware of...

Timelines:

30 June - Applied for account
16 July - Account opened. Requested switch around this time
Late July - received PIN and card
Early August - Switch delayed to around 7th August due to their backlog in sending out various pieces of documentation.

It came to mind that my salary payments at end Aug and end Sept would be too late for me to qualify for the £120 incentive. This was then confirmed by customer services (secure message) to which I was very unhappy indeed!

Got in touch with them via Twitter, they asked me to email them with the details which I did yesterday afternoon. Got a phone call this morning apologising, saying that yes I did not qualify due to the timescales but as it was all their delays that they would be crediting me with £150 straight away.

So I guess the lesson is - check the timescales for your >£1750 deposits! And if you won't hit the deadline due to their delay - complain!

The terms say:


you pay at least £1,750 a month into your HSBC Advance Bank Account in each of the first two months after your account is opened.


So your account was opened - July 2015


I read that as salary payments in August and September 2015 should qualify for the £120.


Am I missing something?

ondine

Noctu wrote: »

It came to mind that my salary payments at end Aug and end Sept would be too late for me to qualify for the £120 incentive. This was then confirmed by customer services (secure message) to which I was very unhappy indeed!

Got in touch with them via Twitter, they asked me to email them with the details which I did yesterday afternoon. Got a phone call this morning apologising, saying that yes I did not qualify due to the timescales but as it was all their delays that they would be crediting me with £150 straight away.

I believe the reason you didn't qualify is not related to the timing of the £1750 payments. It might be because you didn't use the switch service within the first 2 months of account opening. Because the switch delay was HSBC's fault they agreed to give you £150 for complaining.

The HSBC page says:

To benefit from the £120 switching offer we will need to receive your application for an HSBC Advance Bank Account by 31 August 2015. If you have switched using CASS within two months of opening your account and have paid in £1,750 per month for 2 months; we'll make an Offer Payment of £120 within 100 days of opening your account.

Noctu

Well the account was opened mid July and the switch completed early August so it would still easily be within the two months?

Noctu

This is a cut and paste from the response I got...

"We can confirm the first two months is from the time the account is opened, therefore as the account was opened on 16 July, you would need to pay GBP 1750 into the account 16 July - 15 August and 16 August - 15 Sept to qualify."

Noctu

I do get the impression that their advisors don't have a bloomin clue though so wouldn't be surprised if that information isn't accurate.

ondine

Noctu wrote: »

I do get the impression that their advisors don't have a bloomin clue though so wouldn't be surprised if that information isn't accurate.

The terms and conditions don't include such conditions on the timing of the payments in the first 2 months from account opening... so yes you might be right.

I opened the Advance acct on the 14th of July, and the switch happened early August, when I also opened the Loyalty ISA. I met all requirements for both the Advance and the ISA account - switched on time, 2x payments in July & August, and a £300 lump payment into the cash ISA this month. Looking forward to getting the £120 plus the first £10, most likely in September :-)

hollie.weimeraner

ondine wrote: »

The terms and conditions don't include such conditions on the timing of the payments in the first 2 months from account opening... so yes you might be right.

I opened the Advance acct on the 14th of July, and the switch happened early August, when I also opened the Loyalty ISA. I met all requirements for both the Advance and the ISA account - switched on time, 2x payments in July & August, and a £300 lump payment into the cash ISA this month. Looking forward to getting the £120 plus the first £10, most likely in September :-)

My account was activated on 18th July which is when my ISA's were opened. I put £300 in 2 ISA's and transferred £1800 in and out of the current account the same day and also transferred £1800 in and out on the 18th Aug. Account switch was completed on 16th August so just waiting for the £120 to land. The first £10 payment into the ISA's landed on 24th August.