HSBC's New £120 Switch Offer

Biggles

Archi_Bald wrote: »

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

No, but I was asked to ring them when I requested an upgrade from Bank a/c to Advance a/c and I was interrogated for half an hour. My income and its sources and my expenditure were all noted in some detail, as was my planned use of their banking facilities. I'm not sure whether I would have succeeded if I had said my net monthly income was £1,749.99.

Dird

Biggles wrote: »

I'm not sure whether I would have succeeded if I had said my net monthly income was £1,749.99.

Does that mean you were refused the upgrade?

Lungboy

Archi_Bald wrote: »

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:


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

While this is true, I reckon it's probably why I was rejected for the Advance account.

Archi_Bald

Lungboy wrote: »

While this is true, I reckon it's probably why I was rejected for the Advance account.

May be, may be not.

I don't have a salary at all, and I managed to get an HSBC Advance. I grant that HSBC are a lot more inquisitive than any other bank, and I did have to endure a 30-odd-minute grilling when upgrading to Advance but convincing them that at least £1,750 would be paid in every month was the easy part. In fact, it was all easy, it was just very long-winded to go through what felt like some script the operative had to go through.

FWIW, I am transferring in £1,750 from one of my other accounts once a month, and £1,500 straight out again. £250 is going into the HSBC Regular Saver.

YorkshireBoy

Lungboy wrote: »

While this is true, I reckon it's probably why I was rejected for the Advance account.

Of course salary will go into their scoring model, but its not the be all and end all. For example, I know 3 people who were accepted for Club Lloyds accounts with net incomes of less than £1K per month.

DragonQ

£120 for switching, access to their 6% regular saver, plus £90-120 for putting £25 a month in an ISA (depending on if it's worth using 2015-16's ISA allowance on it or not).

Sounds great to me.

norm_

I can recall when applying for the HSBC Advance account the advisor taking the call mentioned a couple times my salary was below the minimum required to fund the account, but I told them I was funding it from savings which was okay. Ultimately the computer makes the decision and I was accepted.

fuzzgun19

Do you have to apply for this account over the phone then?

Gers

I've just seen which ID documents they want. I have no original bank statements apart from M&S bank ( not acceptable) I have no original credit card statements apart from John Lewis Partnership card ( not acceptable) and I have paperless account for telephone, utilities and I pay CT in full in April ( my bill from February may count!).

What can I do to provide appropriate documents? I do have a driving licence and passport. My HMRC coding letter is from March.

Gers

Gers wrote: »

I've just seen which ID documents they want. I have no original bank statements apart from M&S bank ( not acceptable) I have no original credit card statements apart from John Lewis Partnership card ( not acceptable) and I have paperless account for telephone, utilities and I pay CT in full in April ( my bill from February may count!).

What can I do to provide appropriate documents? I do have a driving licence and passport. My HMRC coding letter is from March.

PS. No coding letter. I scanned it into laptop on Friday and shredded it!