HSBC's New £120 Switch Offer

ondine

vacheron wrote: »

I noticed the switch would result in the first month of account opening not receiving the £1750 credit in August, so I transferred £1750 in, moved £300 into their Together ISA and then sent the £1450 back the next day.!

I don't think you need to keep the £300 in the ISA account to get the incentive?!

dggar

ondine wrote: »

I don't think you need to keep the £300 in the ISA account to get the incentive?!

Are you sure? I think you do.

colsten

dggar wrote: »

Are you sure? I think you do.

What makes you think so?

Westie983

You don't have a to keep the money in as its a variable Isa and not fixed so you have access to the money, as long as you fund with lump sum of £300 or £25 a month you will still get the £10 a month.

dggar

colsten wrote: »

What makes you think so?

The bribe is £10 a month if you pay in £25 each month or put in a lump sum of £300. I believe if you take the £300 out after month one you will only get £10.


For the £120 to be paid the £300 needs to be there for 12 months. (12x£10)

colsten

dggar wrote: »

The bribe is £10 a month if you pay in £25 each month or put in a lump sum of £300. I believe if you take the £300 out after month one you will only get £10.


For the £120 to be paid the £300 needs to be there for 12 months. (12x£10)

OK, let me ask slightly differently. Which clause in which T&Cs confirm that things work as you describe/believe? Please provide the exact words and links. I am not saying you are wrong, I just doubt you are right.

Ed-1

dggar wrote: »

For the £120 to be paid the £300 needs to be there for 12 months. (12x£10)

No it doesn't . You just have to make a qualifying deposit.

A qualifying deposit is either £300 to trigger the £10 a month for the whole 12 months providing you don't convert or close the Advance account etc. (as long as at there's been a deposit of at least £300, it doesn't matter what comes out after that);

OR a deposit of £25 in any month to trigger the £10 for that month (again, it doesn't matter what comes out, it's the qualifying deposit that counts).

It's akin to the interest paying current accounts that require £x to be deposited in a month to pay interest - it doesn't matter what comes out, as long as the deposit has gone in.

dggar

colsten wrote: »

OK, let me ask slightly differently. Which clause in which T&Cs confirm that things work as you describe/believe? Please provide the exact words and links. I am not saying you are wrong, I just doubt you are right.

Re reading the T&Cs and it seems I was wrong.
There doesn't seem to be anything stating the ISA needs to have funds in it after the initial £300.
So £300 could go in and out on day 1.


There is a possibility that the ISA could be declared void by HSBC of there are no funds in it.

colsten

dggar wrote: »

There is a possibility that the ISA could be declared void by HSBC of there are no funds in it.

Honest. Please could you stop making things up.

AFAIK, no ISA has ever been "declared void" by any ISA provider; no ISA provider has got it in their T&Cs that they would do so, and there is nothing in the ISA legislation that authorises, or requires, an ISA provider to declare an instant access ISA void because the account holder has withdrawn their funds. But please prove me wrong.

dggar

colsten wrote: »

Honest. Please could you stop making things up.

AFAIK, no ISA has ever been "declared void" by any ISA provider; no ISA provider has got it in their T&Cs that they would do so, and there is nothing in the ISA legislation that authorises, or requires, an ISA provider to declare an instant access ISA void because the account holder has withdrawn their funds. But please prove me wrong.

Calm down..
page 4 of the Save Together T&Cs has this:-


15. If your HSBC Loyalty Cash ISA is closed or void, this offer will end. If you make a single
payment or a lump sum payment in the month your HSBC Loyalty Cash ISA is closed or
void, we will pay any outstanding additional interest payment for that month only to your


HSBC Advance Bank Account. All additional interest payments will cease thereafter.


I don't know what would cause HSBC to declare an account void but people do need to be aware that they mention it.