HSBC refusal on Regular Saver

Archi_Bald

Vortigern wrote: »

Rather unusual to check with the underwriters for a savings account?? They're telling you porkies.

You got to have an HSBC current account as a pre-req for their Regular Saver

grumbler

Archi_Bald wrote: »

You got to have an HSBC current account as a pre-req for their Regular Saver

castle96 wrote: »

Had a ... current account at HSBC ...

........................

Vortigern

Archi_Bald wrote: »

You got to have an HSBC current account as a pre-req for their Regular Saver

OP already has an HSBC current account, but perhaps needs to upgrade it to Advance to qualify for the regular saver?

...and it's the upgrade to Advance that's being refused?

Mr_Goodkat

grumbler wrote: »

........................

You need either an Advance or Premier account to get access to the 6% rate. The standard Bank and Current Accounts only give access to a 4% rate.

Mr_Goodkat

Mr_Goodkat wrote: »

I do wonder if HSBC are being super stringent with existing customers until the save together ISA offer has expired in December as currently they are not only exposed to 6% savers there is the free £120 to be had which would move existing customers who currently cost them next to nothing as hardly use the account and only want a piece of those two benefits.


At least with the switching offer combined with save together they were brining in new accounts and potentially profitable accounts (even if most again just wanted to free cash).


I am currently going through the most bizarre ordeal over a potential upgrade but more of that later when the outcome is decided!

So my attempted upgrade to HSBC Advance ordeal has ended in failure (for now), awaiting something in writing to see if I have any form of appeal.



I have a long standing account with HSBC that was set up as a Student account, changed to a graduate account and then a bank account with the original £1500 overdraft in place but never used. Account sees a small amount of activity each month circa £100 in and out.


Sent a secure message a few weeks ago to enquire about the upgrade process to Advance - told I needed to phone for a credit scored application to upgrade.


Spoke to an advisor on the phone who said as I was not funding my account with at least £1750 a month I could not upgrade, I event stated I would move my salary and main banking to that HSBC Advance Account to easily meet the criteria going forward. Flat refused.


Felt I was fobbed off and posted on the long running Advance thread - responses suggested I was indeed fobbed off so tried again.


In the meantime I moved £2k back and forth in October and put £2k in at the start of November with the funds still in place when I tied again.


Advisor kept trying to put me off saying as I had not funded for at least six months and did not have my salary paid in it could be refused or referred. I pressed on saying I wanted the account upgrade and if successful I would move my banking to HSBC.


An hour later and a credit check later I had been referred and told a branch would be in touch with me to discuss what further information / documentation they needed to see to make a decision.


Branch phoned me a few times in the following days, saying they were working on getting it approved with 'higher up departments'. I might need to go into a branch so that the branch can speak to the correct department who could make the decision but I wouldn't need to take anything??


Got a couple of courtesy calls to say still looking at it and decision pending.


Called back on Wednesday to be told they could not upgrade my account due to internal credit scoring mostly likely to be not paying my salary into the account. Was told it wouldn't damage my credit history - was going to point out that they had credit searched me so not strictly true but then didn't expect them to understand!


Just seems a very very convoluted process and a bit disappointed that I didn't get chance to at least show bank statements, pay slips etc to help influence the decision - the referral seems fairly pointless - computer said referred - someone then looked at it without asking for anything further and said no.


I will see what the letter says then send off an appeal or complaint depending on the content.


If I can't get the account in the end then I may as well switch it in the next switch offer I can take advantage of!


HSBC making baNking difficult!!

colsten

Mr_Goodkat wrote: »

HSBC making baking difficult!!

It's not a business they are experienced in, that's why. They should ask Mary Berry for help.

sheramber

did you read this
To be eligible for the HSBC Advance Bank Account you must be over 18 and pay in at least £1,750 into your account each month( or a minimum £10,500 every six months) not including money transferred from other sole or joint personal account (s) you hold with HSBC Bank. Applications are subject to status and internal checks

http://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance

I would think you need to be already paying in before opening the account, not satrting after it is opened.

Katiehound

sheramber wrote: »

did you read this
To be eligible for the HSBC Advance Bank Account you must be over 18 and pay in at least £1,750 into your account each month( or a minimum £10,500 every six months) not including money transferred from other sole or joint personal account (s) you hold with HSBC Bank. Applications are subject to status and internal checks

http://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance

I would think you need to be already paying in before opening the account, not satrting after it is opened.

Well, all I can say is that I opened my HSBC Advance a/c end of July when I read about all the perks to lure me in!! Switched. Paid in £2K then and there, and as I have said before, told the lady at my local branch that I was trying to get more money for my savings- it would not be my main current a/c! I have not had any dealings with HSBC in the past. I must have a good credit rating but even so it still does not explain why some folk have struggled to be accepted. A friend was told (at a different branch) that she neded to pay in her salary to qualify. There seems to be no hard and fast rule........ My local branch were only too happy for me to send in more customers!

castle96

"
Advisor kept trying to put me off saying as I had not funded for at least six months and did not have my salary paid in it could be refused or referred"

I was told 3 mths ( X £1750), now it is "6 and we will relook". They did um/ah that the £1750 was a transfer, not 'salary'.

The original a/c was a basic current a/c. Yes, I needed an upgade to Advance AND an opening of a RSA - these were refused.

Did not see the bit re 'internal checks' (read - someones arbitrary decision)

Mr_Goodkat

colsten wrote: »

It's not a business they are experienced in, that's why. They should ask Mary Berry for help.

To be fair they are probably better at baking than they are at banking.


Like you they also do pedantic well though!