HSBC Bank Account £500 Minimum Pay In

skyward_2

Hi everyone. Not sure if this has been answered before regarding the £500 monthly pay in rule.

Can the £500 be funded from accounts held under the same name? For example, can I make an internal transfer from a savings account to the Bank Account, rather than from outside sources?

Cheers.

Archi_Bald

Which HSBC account are you referring to?

skyward_2

HSBC Bank Account.

hsbc.co.uk/1/2/current-accounts/bank-account/open-bank-account

There is a bullet point mid-page mentioning the £500 requirement. Not sure if internal transfers count as well?

Thanks.

spenderdave

Internal transfers count. If you fail the £500 requirement they just drop it down to a different account (forget its name) and you get almost all the same priveledges.

colsten

skyward wrote: »

HSBC Bank Account.

hsbc.co.uk/1/2/current-accounts/bank-account/open-bank-account

Why do you want that account? It has literally no benefits, apart perhaps from the 4% Regular Saver.

But you can get a lot better deal at TSB, where you also have to pay in £500 a month (internal transfers count), but it pays 5% AER on the first £2,000, and you get access to their 5% Regular Saver

You can also get access to 6% Regular Savers at M&S and FD, with no minimum monthly deposit in the pre-requisite current accounts.

skyward_2

Thanks for the replies.

I was under the impression that using an HSBC UK issued card for overseas cash withdrawals at an HSBC Group ATM would incur fewer charges. Maybe someone here can enlighten me on this?

Thanks again.

dmliverpool

Doesn't all this account switching look bad on your credit file?