Transfering money between accounts to get HSBC Advance account

guitaro

Hello guys,

I can't find an answer to this online so I thought I could ask here!

I currently bank with HSBC and have their standard bank account, they also have a HSBC Advance account which pays £10 a month in bonus interest on Regular Saver accounts, something I'd love to have!

You must have £1750 paid into your account a month, I currently pay in £1550 from my wages. Would it be ok, if I transferred £200 a month to by dad via standing order and then he set up a standing order to transfer £200 back to me a few days later? That would take me to £1750 paid in a month.

I can't see on HSBCs website that is says that's not allowed, it does just say the money can't come from another HSBC account (my dad is Barclays).

Thanks guys, I know it's a basic question but I just want to check I wouldn't be doing anything really wrong!

Archi_Bald

Why don't you just try it and see whether it has the desired effect? As you said, it is not against T&Cs, and it costs nothing apart from a tiny bit of effort.

guitaro

Thanks,

Yeah I'm guessing it's fine but I'm hoping someone might have done something similar before, I just don't want to be in their bad books!

eskbanker

Anecdotally, HSBC seem very picky on eligibility for their Advance account, in terms of how much is paid in each month and in exactly what form, see this switching thread for details: https://forums.moneysavingexpert.com/discussion/5273638

Chances are that if you already bank with them they'll be aware of your financial circumstances anyway, but as per Archi's earlier post there's nothing to lose by trying....

jimjames

guitaro wrote: »

Thanks,

Yeah I'm guessing it's fine but I'm hoping someone might have done something similar before, I just don't want to be in their bad books!

I move thousands between accounts every month. Never been an issue at all. HSBC was by far the most complicated and slowest account I've ever opened. Nearly 2 months on and it isn't setup yet.

badger09

jimjames wrote: »

I move thousands between accounts every month. Never been an issue at all.

Me too.

jimjames wrote: »

HSBC was by far the most complicated and slowest account I've ever opened.

For me, HSBC was the most 'intrusive' opening process, involving a branch visit:cool: but much faster than Yorkshire.

jimjames wrote: »

Nearly 2 months on and it isn't setup yet.

Worth the wait though. Switching bonus, access to 6% regular saver, and £10 per month freebie all ease the pain :rotfl:

colsten

I had held a normal HSBC current account for a few years, and only ever paid in £500 each month by SO from another current account in my name. £250 of that went into the HSBC Regular Saver, and the other £250 straight back out by SO to where it had come from.

HSBC then announced that the Advance account was available free of charge and I rang them to ask fro an upgrade. The only reason I gave for wanting the account was that I was interested in the benefits the account offers. They asked whether and how at least £1,750 a month would be paid in and I said "probably from my pension" (which at the time got paid into First Direct, and I told HSBC that). They asked lots more questions - mortgage, family, insurances etc etc. and the total call took around an hour. I never changed my pension payments - I just pay in about £2K a month from another aco!!!!, and take all but £250 straight out again. I also added the cash ISA when they launched the 'save together' offer. I only paid £300 into that ISA as the rest went into an S&S ISA elsewhere.

Bottom line: biggest hurdle is to get the Advance account. Once you have got it, the deposits can come from anywhere other than another HSBC account.

eskbanker

colsten wrote: »

aco!!!!

Unlikely that it's a truly representative sample on here, but I'd say quite a few would characterise HSBC as being !!!!s to deal with

Sharon87

I've had a HSBC account for about 10 years - student account, then graduate, then regular current account. I paid in more than £1750 a month - about £1400 from wages, other money from cycling it into my Halifax Reward account and back. They upgraded my account a couple of months ago.

So being a long loyal customer helped a lot when they decide to upgrade others accounts. Especially considering I use my overdraft a fair bit! Which means having my HSBC Advanced account I pay less interest on it.

It may take a while to get the HSBC Advance account if you're a new customer I reckon.