HSBC Switch

ger2000

Hi,thinking of switching to take advantage of the £200 offer but have heard this bank doesn't make the switch a smoth event.like everyone else I have coming and goings in my account and don't want any inconvenience if it goes wrong.

Does anyone have any experience with switching with HSBC and offer any advice?

soulsaver

Switch using a donor ac & when you're happy switch the main.. or not.

badger09

ger2000 wrote: »

Hi,thinking of switching to take advantage of the £200 offer but have heard this bank doesn't make the switch a smoth event.like everyone else I have coming and goings in my account and don't want any inconvenience if it goes wrong.

Does anyone have any experience with switching with HSBC and offer any advice?

I switched a while ago for the switching incentive but also for access to the 6% (then) Regular Saver. From memory, it was one of the most tortuous and intrusive switches I've undertaken, and I've done quite a few. However as it wasn't my main account I was switching, this didn't put me off. The sheer volume of paperwork was also quite overwhelming.

I guess it depend on your reason for switching, but HSBC wasn't the easiest for me. There are several threads about it if you want more:cool:

ger2000

badger09 wrote: »

I switched a while ago for the switching incentive but also for access to the 6% (then) Regular Saver. From memory, it was one of the most tortuous and intrusive switches I've undertaken, and I've done quite a few. However as it wasn't my main account I was switching, this didn't put me off. The sheer volume of paperwork was also quite overwhelming.

I guess it depend on your reason for switching, but HSBC wasn't the easiest for me. There are several threads about it if you want more:cool:

The reason I'm switching is to take advantage of the cash offer but I want a smooth transfer as like everyone else I dont have the time to sort out any problems such as payments going missing etc, apart from the paperwork side of things was there any issues with the account transfer?

castle96

They made a great hoo ha of the fact that my £1750 was from another bank a/c and was not 'salary'. Got refused

Soozy_B

I would certainly be careful with the HSBC switch and make sure you read ALL the small print.

The cashback is only eligible on accounts where at least £1750 is going in each month as a salary. You cannot use money from another account PLUS there is the £10 a month fee for that account.

Also, pay attention to interest rates...HSBC don't have the best deals. Best to shop around

colsten

Soozy_B wrote: »

The cashback is only eligible on accounts where at least £1750 is going in each month as a salary. You cannot use money from another account PLUS there is the £10 a month fee for that account.

which HSBC account pays cashback and costs £10/mth? Note we are on a UK Forum.

Soozy_B wrote: »

Also, pay attention to interest rates...HSBC don't have the best deals. Best to shop around

Their rates are generally of no interest (pun intended) but they do have one of the industry leading rates for Regular Saver accounts if you have an Advance or Premier account with them.

ger2000

Thanks for the advice,could you recommend a bank to switch to earning cash back and decent interest rates?

colsten

castle96 wrote: »

They made a great hoo ha of the fact that my £1750 was from another bank a/c and was not 'salary'. Got refused

I remember some very intrusive quizzing on that subject when I upgraded from a bank account which had only ever received £250 a month for the RS, from another of my current accounts.

The min £1,750 must come from the 3rd party that pays your income. Not sure they ever verify that it actually does, but they won't give you the account if you can't convince them the monthly deposits come from an employer or pension provider. I moved my pension from FD to HSBC, which satisfied them, but they did check with FD at the time that I actually had been receiving a 3rd party payment into FD. Had to laugh that they were quite happy to take the cashflow away from FD. Not that either of them have a lot of my cash ever - anything not needed for the Regular Savers comes straight out on the day it comes in.

colsten

ger2000 wrote: »

Thanks for the advice,could you recommend a bank to switch to earning cash back and decent interest rates?

See top of the page, http://www.moneysavingexpert.com/bank-accounts/

Soozy_B

colsten wrote: »

which HSBC account pays cashback and costs £10/mth? Note we are on a UK Forum.

I am aware that this is a UK forum. There is no need for that attitude.