HSBC switch offer - £120 - apply by 28/02/16

superM

Ken68 wrote: »

Received incentive today, account opened Jan 4. Thank you HSBC.

I received 2 letters - one was initial letter dated 2nd Feb asking to sign the documents and then another letter dated 9th Feb welcome letter.

What date the account would have been opened 2nd or 9th Feb?

Thanks

[Deleted User]

superM wrote: »

I received 2 letters - one was initial letter dated 2nd Feb asking to sign the documents and then another letter dated 9th Feb welcome letter.

What date the account would have been opened 2nd or 9th Feb?

Thanks

I asked this very question in branch. I was told that the opening date of the account is the date on the welcome letter. A criticism of the process is that you are never told explicitly (unless you ask) the date the account opened. Yet this date is crucial for the incentive payment (to get the incentive the switch must be COMPLETED, not initiated, within 30 days of the date the account OPENED.)

[Deleted User]

Ken68 wrote: »

Sorry for the delay, Hattie, the 'H' folder in my filing cabinet is now quite bulky. lol.
Account was opened on 4th Jan, switched on the 5th Feb, incentive paid yesterday. So not so bad except for the over the top letters and forms and visiting the branch (2hr return trip on the bus) Best to get as much done in the branch as possible.

I switched on 8 Feb, account applied for on 6 January but official opening date was 21 Jan. Hopefully my switch payment might come through next week/

Tragen

The first letter I received ( a few days after applying) had my account number on, which was dated 20th Jan. When my switch didnt happen and I went through it on the phone, they told me the account opening date was 8th February. Strange, but now that my switch has completed, I will have to take their word for it and wait patiently for the incentive to come through.

[Deleted User]

An update.

I applied online new current account on 6 January and was accepted straightaway. Account eventually opened on 21 January. I applied in branch to switch on 29 January and the switch was completed on 8 February. Switch incentive paid into account today (2 March).

My plan was originally to use this account as a donor account, once the incentive was paid. However I have now opened a linked 4% Monthly Saver account, which lasts a year. Accordingly I'm going to maintain a low balance in the current account (no credit interest) so that I can keep the Monthly Saver going for a year..

Tragen

Deleted_User wrote: »

However I have now opened a linked 4% Monthly Saver account, which lasts a year. Accordingly I'm going to maintain a low balance in the current account (no credit interest) so that I can keep the Monthly Saver going for a year..

I'm thinking of doing the same, and also opening a basic bank account with them to use for a switch donor.

badger09

Deleted_User wrote: »

An update.

I applied online new current account on 6 January and was accepted straightaway. Account eventually opened on 21 January. I applied in branch to switch on 29 January and the switch was completed on 8 February. Switch incentive paid into account today (2 March).

My plan was originally to use this account as a donor account, once the incentive was paid. However I have now opened a linked 4% Monthly Saver account, which lasts a year. Accordingly I'm going to maintain a low balance in the current account (no credit interest) so that I can keep the Monthly Saver going for a year..

Don't forget that Monthly Saver (s) can be renewed as soon as it (they) matures in 12 month's time. No guarantee the rate will be same, obviously.

[Deleted User]

badger09 wrote: »

Don't forget that Monthly Saver (s) can be renewed as soon as it (they) matures in 12 month's time. No guarantee the rate will be same, obviously.

Thanks badger. I take it you can't roll over the proceeds of the maturing Monthly Saver? It's a case of starting to save again at the new fixed rate applicable at that point?

Paul_1977

I have not had anything back from HSBC since the booklet, they must be really busy, never had to wait this long for an opening/card.:eek:

I persoanlly am using the account just for ease of access, as there is an HSBC right near me (for now). I also don't like all my eggs in one basket, so will dump some money in the account.

badger09

Deleted_User wrote: »

Thanks badger. I take it you can't roll over the proceeds of the maturing Monthly Saver? It's a case of starting to save again at the new fixed rate applicable at that point?

That's right, you can't roll over the maturing proceeds. As far as I'm aware, all the regular savers currently offered, operate on the same principle.

If you stagger opening them eg FD in March, M&S in April, TSB in May etc etc, you end up with nice lump sums maturing on a regular basis:)