Top Bank Accounts Discussion Area

clivep

Did you switch an account with at least 2 x direct debits to the FlexDirect within the required timeframe?

Sineadk

Yes I switched all my account from Barclays direct debits and standing orders.

zzzt

This HSBC Advance account looks really good for me to switch to and use as my "main" current account based on the large amount of features it offers: https://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance, plus:

• Get £150 for switching.
• Get another £50 if I stay with them for 12 months.
• Get another £81 if I contribute £250 each month for 12 months to the regular saver account (i.e. 5% AER).

That's a total of £281 of free money by November 2018. Before I pull the trigger on this, are there any reasons not to or a better offer elsewhere?

EachPenny

zzzt wrote: »

This HSBC Advance account looks really good for me to switch to and use as my "main" current account based on the large amount of features it offers: <snip>

• Get £150 for switching.
• Get another £50 if I stay with them for 12 months.
• Get another £81 if I contribute £250 each month for 12 months to the regular saver account (i.e. 5% AER).

That's a total of £281 of free money by November 2018. Before I pull the trigger on this, are there any reasons not to or a better offer elsewhere?

Obviously the £81 is not 'free' money, but the deal is a good one.

The main issue is HSBC are one of the trickier banks to give your custom to, especially for the Advance account. Anticipate being rejected or offered an inferior product (with no switching bonus) the first time you apply and then you won't be disappointed if you are .

You need to pay in £1750 per month (or the equivalent over 6 months) to qualify, but in some cases the £1750 has been treated as if your monthly income has to be this or more..... but that isn't what the T&C's say.

Good luck

bigadaj

zzzt wrote: »

This HSBC Advance account looks really good for me to switch to and use as my "main" current account based on the large amount of features it offers: https://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance, plus:

• Get £150 for switching.
• Get another £50 if I stay with them for 12 months.
• Get another £81 if I contribute £250 each month for 12 months to the regular saver account (i.e. 5% AER).

That's a total of £281 of free money by November 2018. Before I pull the trigger on this, are there any reasons not to or a better offer elsewhere?

Financially it's a good deal but I wouldn't have it as my main account.

They are very slow to respond and awkward to deal with in my experience, the Internet banking is basic and not as good as alternatives in my opinion.

I have this as a second (well actually a bit further down the list) account, but wouldn't operate as my main account, whatever that is now.

polymaff

bigadaj wrote: »

I have this as a second (well actually a bit further down the list) account, but wouldn't operate as my main account, whatever that is now.

Agreed, I have it because I need it - nothing else.

bigadaj

polymaff wrote: »

Agreed, I have it because I need it - nothing else.

Not sure need is the correct term, many of my other accounts come higher up the list.

zzzt

If I am to use the switching service then I'll have to close my main account and have all direct debits etc. transferred over.

Not sure what you mean about slow to respond. I don't think I have ever contacted my bank in over a decade. But if the internet banking is !!!! then that is indeed a problem. Mind you, I hate the internet banking with my current bank. They recently upgraded it and I absolutely hate it.

bigadaj

zzzt wrote: »

If I am to use the switching service then I'll have to close my main account and have all direct debits etc. transferred over.

Not sure what you mean about slow to respond. I don't think I have ever contacted my bank in over a decade. But if the internet banking is !!!! then that is indeed a problem. Mind you, I hate the internet banking with my current bank. They recently upgraded it and I absolutely hate it.

Better to quote responses for reference.


Slow to respond means that it took me about six weeks to open the account, it wasn't clear when it was opened and I then only just got in time to get the switching bonus, you can't switch online, has to be branch or phone.


Internet banking is very clunky for me, who do you currently bank with?


I wouldn't have it as a main account but I'm sure some people like it.


Edit - You can, of course, set up a sacrificial account to switch if you want the bonus, and retain for the regular saver and £50 after a year.

polymaff

bigadaj wrote: »

Not sure need is the correct term, many of my other accounts come higher up the list.

Ah, "need" here as in required destination for certain internal transfers.