Applying for HSBC Advance account when on a low income.

soulsaver

badger09 wrote: »

Oh dear.

If you just want to bag a switch bonus, I'd say go ahead. If you want to use it as a proper current account, I'd definitely wait until I had everything in place:cool:

Switching bonus. TBF although I didn't know it when I applied first, but after comments on here I was expecting c.7 weeks with Christmas in there.
It was the last bit that was... opposite of icing on the cake.

thomasagsmith

alternate wrote: »

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

couldn't have said it better myself!

thomasagsmith

TuppenceHapenny wrote: »

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)?

They won't let you cycle money through non HSBC accounts your income will be checked when they do the credit check, so best not to lie on the application otherwise you would end up with a fraud maker against your name, any future applications for accounts or credit would be declined?

for the advance account you need at least £1750.00 net monthly salary or sustainable income. This does not include benifit payments as they can stop at anytime.

thomasagsmith

[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]

Are you aware that HSBC shares information from applications with fraud agencies? Resulting in a CIFAS marker??!!

Your account will more than likely be closed or downgraded to a basic bank account. You appear not to meet their criterea or to be blunt 'working class'.

EachPenny

thomasagsmith wrote: »

They won't let you cycle money through non HSBC accounts your income will be checked when they do the credit check, so best not to lie on the application otherwise you would end up with a fraud maker against your name, any future applications for accounts or credit would be declined?

I think you will find they do allow this. But you are right about it not being a good idea to lie on any financial product application.

thomasagsmith wrote: »

for the advance account you need at least £1750.00 net monthly salary or sustainable income. This does not include benifit payments as they can stop at anytime.

That's not correct. The T&C's do not state any minimum income requirement. The requirement is to pay in the equivalent of £1750 per month - the source of that money (employment, pension, benefits etc) is irrelevant.

The problem people have is it appears HSBC are less welcoming to customers who have low incomes applying for the Advance account. But it is possible to get one with an income very significantly below £1750 per month.

thomasagsmith

I should have been more specific I appologise. If you apply over the phone they expect 1750 monthly net take home pay. If you apply in branch they are more flexible. As mentioned in this forum they are looking for high earners and the HSBC advance brand is targeted towards working professionals to be polite not cleaners or bin men or people on the dole. I have the advance account and certainly wouldn’t go through the hassle of cycling money round to get it if my financial situation changed. It’s really not worth it

EachPenny

thomasagsmith wrote: »

I should have been more specific I appologise. If you apply over the phone they expect 1750 monthly net take home pay. If you apply in branch they are more flexible. As mentioned in this forum they are looking for high earners and the HSBC advance brand is targeted towards working professionals to be polite not cleaners or bin men or people on the dole. I have the advance account and certainly wouldn’t go through the hassle of cycling money round to get it if my financial situation changed. It’s really not worth it

The terms and conditions are the same regardless of which channel you apply through. The only difference is in branch it is easier to 'negotiate' with a member of staff if the initial application is declined.

Are you suggesting HSBC do not wish to have wealthy retired people applying for their Advance account, or people sufficiently wealthy they no longer need to be "working professionals"?

You are of course entitled to your opinion about the value of meeting the Advance T&C's. However, most people on the forum would probably think that setting up a couple of standing orders is a trivial amount of hassle, with the benefit of then being eligible to access the preferential rate regular saver account. I have the Advance account and do just that - and my income from employment this financial year will be a nice round £0.

thomasagsmith

Just be prepared to be downgraded to the standard bank a/c.

thomasagsmith

What is even more unbelievable (in fact believable tbh!) is your cycling money your never going to be able to spend. (giggles to self) nothing surprises me the extremes people will go to to qualify. Sad. More to life.

EachPenny

thomasagsmith wrote: »

Just be prepared to be downgraded to the standard bank a/c.

Why would that happen? The T&C's are clear. Pay in the equivalent of £1750 per month and you meet them.

thomasagsmith wrote: »

What is even more unbelievable (in fact believable tbh!) is your cycling money your never going to be able to spend. (giggles to self) nothing surprises me the extremes people will go to to qualify.

What makes you think money being cycled cannot be spent at some point in the future? At the moment it is bouncing around earning interest but is still available to withdraw and spend if I decide to. What logic are you using to come up with the idea the money cannot ever be spent?

Setting up a standing order took me about 2 minutes, and one FP per month takes less than a minute. That allowed me to collect £200, plus having access to a 5% regular saver. Fair enough if you believe those few minutes effort is 'extreme', but I think you'd be in a very small minority on this forum.

Btw it is "you're" (giggles to self) :rotfl:

thomasagsmith wrote: »

Sad. More to life.

You mean like posting inaccurate nonsense on money saving forums?