HSBC basic bank account upgrade

Posh88

Hi

I'm in the process of repairing my credit history, I have recently opened a HSBC basic account (decline for the normal account) and wondering if anyone has has any expierence upgrading this type of account after building some positive history with them?? Thanks

sillysladey

Hi, I'm in the process of doing the same, so far I have 4 months of good account management under my belt ( not going overdrawn & saving into an help to buy ISA, and no bounced DD's). My credit report is pretty bleak, however, on the 5th Feb my credit card limit through capital one is being increased which should improve my credit score, one of the negatives on my report is that I have a low limit (just £1k currently, being increased to £1.5k). I'm hopeful that after this HSBC will write to me offering me an upgrade to their advance account. But I've also read that they need to see 6 months of good management before the will offer anything so all in all I'm hopefully not too far off. The final blemish on my credit file drops off in May as well so hopefully by this time they will have no reason to decline me. but I'll keep you updated of my progress and dealings with them, please do the same as would be great to learnn from your story. KR Caaig

GibbsRule_No3

Cannot speak for HSBC but I have been with the basic Co Op Cashminder for over 7 years. I have a savings account with them that has £25,000 in and the Cashminder never has less than £1,000 in. DMP finished two years ago but they would not upgrade my account with them to a full account. So good luck and let people know if HSBC are better inclined.

Crystal_Pixie

Same problem with Nationwide. After 12 months I did a switch to TSBs basic plus account.


I would try switching after 6 to 8 months.

sillysladey

Hello, I hope you got sorted with this but just to update you, after 6 months if good financial managed of my account and not going overdrawn I was pre approved for a bank account upgrade, as of this week I'm an advance account holder, Wooop Wooop!!!

athertonsl

Just wondering did they contact you to offer the upgrade or did you have to ask them? My friend opened a HSBC basic account in December and wants to open savings account but it won't let her with this account and so wants to upgrade to a normal bank account.

Thanks in advance.

arodrigues

athertonsl wrote: »

Just wondering did they contact you to offer the upgrade or did you have to ask them? My friend opened a HSBC basic account in December and wants to open savings account but it won't let her with this account and so wants to upgrade to a normal bank account.

Thanks in advance.

Hi I also have a basic HSBC account and waiting for an upgrade, however went to an agancy and the manager can overwrite the basic account restrictions and open you an saving account. Just try to maybe get a good day.

System

Crystal_Pixie wrote: »

Same problem with Nationwide. After 12 months I did a switch to TSBs basic plus account.
I would try switching after 6 to 8 months.

The setup will vary from bank to bank.

Nationwide upgraded my FlexBasic to FlexDirect after a few months.
Therefore your upgrade refusal was probably personal.

Coop simply doesn't have the facility for a direct upgrade. They were fine but seemed pretty antiquated. I only ditched them when they closed my local/regional branch.

For HSBC, I would simply ask them regarding the upgrade policy.

Oliver99UK

Posh88 wrote: »

Hi

I'm in the process of repairing my credit history, I have recently opened a HSBC basic account (decline for the normal account) and wondering if anyone has has any expierence upgrading this type of account after building some positive history with them?? Thanks

What makes you want to upgrade, and how long has it been since opening?

I used to work in a HSBC branch for several years. My advice would be to go into one and ask them to look at it. They're not allowed to tell/show you, but you'll have an internal "behavioural score" which will give them a good idea as to how likely it is to be approved.

Claddagh_Noir

From what I recall, if you use internet banking, they will have something on their website suggesting an upgrade when they believe you qualify or are eligible for it. I am not 100 % sure but I think you may be subject to a credit check when applying for it.