Applying for HSBC Advance account when on a low income.

TuppenceHapenny

I would like to apply for the HSBC Advance account but am unemployed and on a low income. I can meet the £1,750 per month pay-in requirement by regularly transferring money from another account (with a different bank). If I apply will I have to declare my unemployed status and/ or level of income and if so are they likely to reject my application?

Would it do any good to apply via a branch instead of over the Internet so that I can discuss with staff at the time of applying and show them evidence of my ability to meet the £1,750 per month pay-in requirement? If I apply and am rejected, could the rejection affect my ability to open current accounts with other banks (e.g. because the rejection shows on my credit record)?

jonesMUFCforever

You can apply(should not make any difference which method you use)and see what they say.
One rejection will not make much difference to your credit report.

badger09

I'm sure you will have to declare your employment status and income during the application - just as with every other current account.

Be aware though that HSBC (& FD) are notoriously choosy.

Nothing lost if you apply and are rejected - and don't take it personally;)

alternate

They are looking for a specific demographic for that account, you are not it, they provide other accounts for your circumstances.

Minimalist1978

@TuppenceHapenny - Did you try in the end and if so, how did it go?
I'm in the same situation as you and thinking of doing the same thing...

Doctor_Duke

Good luck applying my OH did and got rejected with a salary of £30k plus. They offered the standard current account. HSBC operated M&S Bank accepted the OH without problem. I have an HSBC Advance but applied for mine in branch that others on here have said is sometimes an easier way of obtaining this account. HSBC are fussy. I have had my fair share of incentives with them but wouldn't use them as my main account.

veryintrigued

[quote=[Deleted User];71956619]Feel free to apply, I was only earning around £16k when I applied but I lied and stated my salary was in the region of £28,000.

I got approved![/QUOTE]

Congratulations - that's fraud!

JIL

How long before they give an approval or rejection? I applied on line nearly two weeks ago and the message was thanks for your application, we need to make some further checks. But not heard anything. I was all ready to transfer my FD account, and was keen to set up a savings account.

bigadaj

JIL wrote: »

How long before they give an approval or rejection? I applied on line nearly two weeks ago and the message was thanks for your application, we need to make some further checks. But not heard anything. I was all ready to transfer my FD account, and was keen to set up a savings account.

Took about six weeks for me, verrrrrry slow.

soulsaver

JIL wrote: »

How long before they give an approval or rejection? I applied on line nearly two weeks ago and the message was thanks for your application, we need to make some further checks. But not heard anything. I was all ready to transfer my FD account, and was keen to set up a savings account.

I got an acceptance letter in about 7-10 days, then a signature form to post back.. then after another week, after a call to them,
'...we haven't received the form - phone back next week..'

Then on Monday (16th)gone '...we've got it (on 12th Jan)... but we haven't looked at it yet as work through them roughly date order... I'll put a chase on it to get the telephone banking code asap...' (which you need to register for online banking & subsequent switch.)
(How long does that take?)
We'll call you..
(When -ish?)
'This week...probably..' (..which ends today, Friday)...
So probably 5 weeks elapsed so far but TBF Christmas is in there.

datlex

As an add on don't forget you don't have to pay in the whole month required amount in one go, Your monthly incomings in total have to add up to the total amount. It could actually be the same £437.50 (£1750/4 to allow for February). It also does not have to stay in your account.