We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Hsbc advanced account

Options
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?

Comments

  • Norscbu
    Norscbu Posts: 176 Forumite
    edited 4 January 2017 at 6:48PM
    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
    gingercordial Posts: 1,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    In my experience, they insist on the £1,750 monthly or £10,500 half-yearly to come from employment or pension.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.