Switching bonus - HSBC Advance Account

HardSpend

Hi I was thinking about trying to take advantage of one of these deals for opening/switching current accounts. I've never tried this before so want to ask you a couple of queries please.

I have an old Nationwide Flex Direct which I've not used since 2014. I was thinking about transferring this to the HSBC Advance Account offer for £150 switching bonus.

I understand I need to setup 2 standing orders. Can I just set these up today to move money from my Santander 123 account? I don't see what the point of this is..? It sounds too easy?

If that's not allowed I can setup two DDs, how long after creating the DDs do you think I need to wait? e.g. I could setup two DDs for £1+ using the Tesco Internet Saver and Tesco Instant Access accounts today and then tomorrow apply for the HSBC account, is it that easy?

Bonus question - for the First Direct switching, I had an ISA with them around 7 years ago. I spoke to them about 4 years ago and they said that means I can't get switching bonus. Anyone managed to make use of new account bonus with similar circumstances?

soulsaver

HardSpend wrote: »

Hi I was thinking about trying to take advantage of one of these deals for opening/switching current accounts. I've never tried this before so want to ask you a couple of queries please.

I have an old Nationwide Flex Direct which I've not used since 2014. I was thinking about transferring this to the HSBC Advance Account offer for £150 switching bonus.

I understand I need to setup 2 standing orders. Can I just set these up today to move money from my Santander 123 account? I don't see what the point of this is..? It sounds too easy?

If that's not allowed I can setup two DDs, how long after creating the DDs do you think I need to wait? e.g. I could setup two DDs for £1+ using the Tesco Internet Saver and Tesco Instant Access accounts today and then tomorrow apply for the HSBC account, is it that easy?

Bonus question - for the First Direct switching, I had an ISA with them around 7 years ago. I spoke to them about 4 years ago and they said that means I can't get switching bonus. Anyone managed to make use of new account bonus with similar circumstances?

This has been asked a few times and nobody seems to know for sure, so the advice is normally to wait for the DDs to hit the donor ac before initiating the switch. But in your case, if you haven't already got a HSBC account, you'll have plenty of time to set up the DDs and for them to hit your donor 'cos it takes about 6 weeks to open the HSBC.. with a following wind!

soulsaver

PS Standing orders are 'as easy as that.." too.
https://www.hsbc.co.uk/1/2/current-accounts

badger09

HardSpend wrote: »

Hi I was thinking about trying to take advantage of one of these deals for opening/switching current accounts. I've never tried this before so want to ask you a couple of queries please.

I have an old Nationwide Flex Direct which I've not used since 2014. I was thinking about transferring this to the HSBC Advance Account offer for £150 switching bonus.

I understand I need to setup 2 standing orders. Can I just set these up today to move money from my Santander 123 account? I don't see what the point of this is..? It sounds too easy?

If that's not allowed I can setup two DDs, how long after creating the DDs do you think I need to wait? e.g. I could setup two DDs for £1+ using the Tesco Internet Saver and Tesco Instant Access accounts today and then tomorrow apply for the HSBC account, is it that easy?

Bonus question - for the First Direct switching, I had an ISA with them around 7 years ago. I spoke to them about 4 years ago and they said that means I can't get switching bonus. Anyone managed to make use of new account bonus with similar circumstances?

First Direct usually specify that if you have been a customer of theirs, no mater what sort of account & no matter how long ago, then you won't qualify for any switching bonus. They have very long memories;)

However, most other banks aren't quite so restrictive, eg saying you won't qualify if you've had a switching incentive before.

You need to check the T&Cs of the specific incentive you're after.

What is my bonus?:p

bigadaj

badger09 wrote: »

What is my bonus?:p

The same as an existing first direct customer I would assume.

Andrew_Ryan_89

I am currently doing this with HSBC having switched an account with 2 standing orders. However, I've realised that only one standing order has moved over. I haven't bothered trying to call them and correct this and instead just waiting for the date (70 days) when the money should be paid.

This year I have switched a number of times to take advantage of the offers. As soon as the switch goes through, I just switch the 2 direct debits I moved over back to the account I usually use and take the bonus.

soulsaver

Andrew_Ryan_89 wrote: »

I am currently doing this with HSBC having switched an account with 2 standing orders. However, I've realised that only one standing order has moved over. I haven't bothered trying to call them and correct this and instead just waiting for the date (70 days) when the money should be paid.

This year I have switched a number of times to take advantage of the offers. As soon as the switch goes through, I just switch the 2 direct debits I moved over back to the account I usually use and take the bonus.

Full switch closes your donor account.

bubieyehyeh

Are HSBC managing to pay the switching bonus within 70days?

It took them 1 week short of 2 months to open my account so I expect I might need to chase them.

soulsaver

bubieyehyeh wrote: »

Are HSBC managing to pay the switching bonus within 70days?

It took them 1 week short of 2 months to open my account so I expect I might need to chase them.

Got my £150 at end of the month following the month of the switch completion without chasing...

bubieyehyeh

soulsaver wrote: »

Got my £150 end of the month following the switch completion...

I got mine without the need to chase at end of last month, about 60 days after the switch completed.