HSBC Advance Reg Saver

WillPS

I've opened an HSBC Advance bank account but I intend to use another bank for day to day banking. I also have the associated Regular Saver.

Everything I have read suggests that this can only be paid by standing order from the HSBC Advance account. Does anybody know if it's possible to do a standing order from another bank in to these accounts?

colsten

You'll have to deposit at least [STRIKE]£1,700[/STRIKE] £1,750 a month into your Advance account to maintain Advance status. The easiest is therefore to send [STRIKE]£1,700[/STRIKE] £1,750 in, send [STRIKE]£1,450[/STRIKE] £1,500 out, and the remaining £250 into your Regular Save.

Yawn

You could set up multiple standing orders: one from your main current account to you HSBC one, and a second from that to your regular saver. The end result is virtually the same.

TheShape

colsten wrote: »

You'll have to deposit at least £1,700 a month into your Advance account to maintain Advance status. The easiest is therefore to send £1,700 in, send £1,450 out, and the remaining £250 into your Regular Save.

It's £1750!

WillPS

I'd prefer to pay it directly - the account they've given me doesn't have an overdraft on it (they say I didn't apply for one when I opened the account but I don't recall being given the option) so I'd have to leave the standing order 3 days to ensure it doesn't go overdrawn.

...or do I?

I'm annoyed about the overdraft thing. All their literature says a minimum opening amount of £1000, yet now they're saying I have to have the account open 3 months before they'll even consider giving me one.

YorkshireBoy

Several options:

Make a manual transfer in each month, and then a manual transfer out.

Set up a SO to pay in, then manually transfer £1,500 out.

Set up a future dated FP each month, just after the current month's payment has been sent, and then manually remove the surplus.

Footnote 12 on their Advance features page explains why you weren't offered the opportunity to apply for an overdraft facility.

teamgb

I pay by S/O from my Santander A/C to my HSBC regular saver.

I also pay £1800 to my HSBC Advance A/C by S/O and then do a manual payment to return it.

YorkshireBoy

teamgb wrote: »

I pay by S/O from my Santander A/C to my HSBC regular saver.

Is this your first HSBC regular saver? Or have you been successfully operating it this way in previous years? Reason I ask is I'd be worried that because I'd breached the T&Cs (which clearly state payment must be made from a "Qualifying Account"

) they wouldn't pay me 5% AER on maturity.

Westie983

As others have said, I transfer £1750, but sometimes £2000,00 into my HSBC account and then transfer all but £250 out to the next bank account, and then the £250 gets transferred to the RS the next day by SO as per T&C's been doing it this way for years, although not sure I will continue with the RS when this one matures as the rate has and probably will drop again before it matures.

WillPS

Thanks for all the advice - footnote 12 reads:
"Subject to meeting HSBC's proof of UK address requirements."

... I've lived at the same address for 5.5 years, electoral roll etc. the entire time; what exactly are these criteria!?

darkidoe

The way i conveniently avoided this problem is HSBC being my very first current account and my pay goes into HSBC before being distributed through my current account cycling process, I just leave 250 behind for the regular saver. Sorted!