Hsbc advanced account

WelshGlyndwr

I went into hsbc to open an advanced account. Tgey said i needed to have an income of 1750 a month. I could not top it up with savings to make up the shortfall or recycle money. Is this right?

Norscbu

To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month

That's not the same as an income... they aren't mutually exclusive

from their eligability terms:

You must pay at least £1,750 into your account each month (or a minimum of £10,500 every six months) not including money transferred from any other sole or joint personal accounts(s) you hold with HSBC Bank.

So, you could pay in 10.5k to the account, twice a year (6 months apart) to meet their requirements for the account.

gingercordial

The terms may indeed only say that you need to pay in £1,750/month going forward, rather than say that has to be your income, but that becomes an academic point as HSBC are notoriously picky with this account and can choose to turn down anyone they like at the application stage. They don't have to give a reason, it's their right to choose not to take someone's business. So not having an income of at least £1,750/month at the application stage, if income is what they say they want to see, means no account.

It's of course true after you've got one that they won't know or care where the required monthly/six-monthly funding really comes from.

colsten

In my experience, they insist on the £1,750 monthly or £10,500 half-yearly to come from employment or pension.