HSBC and ongoing Direct Debits

vernall

Hi guys

A few months ago I opened a HSBC advance account and did a switch from an old current account to get the £150 incentive (which I have received). I also opened a 5% regular saver with them,I also plan to stay with them for the 12 months to get the extra £50.

In a few month Tesco are stopping their direct debits and i use them for this account.

My question is do I need to have 2 direct debits on this account anymore anyway?

I can only see in the Ts and Cs that I need to pay in £1750 for 9 months out of the 12 months to get the extra £50

Midland45

vernall wrote: »

Hi guys

A few months ago I opened a HSBC advance account and did a switch from an old current account to get the £150 incentive (which I have received). I also opened a 5% regular saver with them,I also plan to stay with them for the 12 months to get the extra £50.

In a few month Tesco are stopping their direct debits and i use them for this account.

My question is do I need to have 2 direct debits on this account anymore anyway?

I can only see in the Ts and Cs that I need to pay in £1750 for 9 months out of the 12 months to get the extra £50

As far as I'm aware DDs aren't required for this account going forward after you have received the incentive, only the monthly £1750 pay in, as you have stated.
Having said that I'm not sure whether I would take the chance of not maintaining 2 DDs until the additional incentive had been received.

ST-User

No you don't need them, I've just asked HSBC with the same question and they confirmed that the account doesn't need DD's. You can delete them after getting the switch incentive.

gwapenut

Midland45 wrote: »

As far as I'm aware DDs aren't required for this account going forward after you have received the incentive, only the monthly £1750 pay in, as you have stated.
Having said that I'm not sure whether I would take the chance of not maintaining 2 DDs until the additional incentive had been received.

I think you don't even need a £1750 monthly pay in - they also say that they accept £10500 every 6 months.

I'm hoping by paying a total of £10500 in twice a year that I will qualify for my bonus ...

Tractorman123

That's good then about the dd's, one less thing to worry about. I'm meaning to carry on with a new regular saver this month (after current one matures) but will keep rotating the £1750 in and out but just keep a minimum balance in the advance account as I've had it over 12months.

Ballard

I don’t have any direct debits for my HSBC account but still received the bonus. Two standing orders was sufficient as per their t&cs. I simply set them up to accounts of mine elsewhere.

vernall

Ballard wrote: »

I don’t have any direct debits for my HSBC account but still received the bonus. Two standing orders was sufficient as per their t&cs. I simply set them up to accounts of mine elsewhere.

do we need standing orders then?

YorkshireBoy

vernall wrote: »

do we need standing orders then?

You needed to switch DDs and/or SOs for the incentive.
You didn't need to maintain either, not even until the £150 incentive was paid.
There is no ongoing DD or SO requirement for either the current account itself or for the regular saver, or for the £50 incentive a year later.

But don't take my (or anyone else's) word for it. Read your T&Cs.