HSBC Advance Switch Offer

LuSiVe

Sorry, it reads pretty clear to me.

ctdctd

I'm early retired but draw about £23K a year from investments.

I applied for Advance but "computer says no" and was only offered their "Bank account" which does not have the switching offer and a lower regular saver rate.

Oh well, win some, lose some!

Ianclarke145

Does to me. I let them transfer my account and I rang to give them 2 DDs for it but apparently I should have transferred the DDs before i let them transfer the account. Just wish they!’d made that clearer

EachPenny

ctdctd wrote: »

I'm early retired but draw about £23K a year from investments.

I applied for Advance but "computer says no" and was only offered their "Bank account" which does not have the switching offer and a lower regular saver rate.

Oh well, win some, lose some!

If you have the time, go into a branch taking paperwork which supports your investment income and ask them to explain why you were declined when the T&C's don't require a minimum income.

If you've passed all the credit checks etc in order to be offered the Bank Account then the only reason for them to decline you for the Advance is a commercial decision based on your income - which is not what you should expect given the T&C's.

That is the route I followed and successfully got my Advance account opened.

clivep

Ianclarke145 wrote: »

Does to me. I let them transfer my account and I rang to give them 2 DDs for it but apparently I should have transferred the DDs before i let them transfer the account. Just wish they!’d made that clearer

Transferring the DDs before the switch wouldn't have qualified you for the bonus either. The DDs have to be transferred as part of the switch using CASS. The DDs must already be on the account being switched (so on your Yorkshire bank a/c not your Barclays one).

The condition states:
"c. you instruct us to start a full switch of a current account, including at least two Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) to start [FONT=&quot]within 30 days of the date of your Eligible Account being opened".

Seems pretty clear to me with the relevant word being "including" rather than "as well as".

The only switch incentive that I know of that required direct debits but let you set them up after the switch was the Yorkshire/Clydesdale bank one.


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Ianclarke145

It must be my northern accent and way of using the Queens English. If the wording stated to instruct the switch of an account that has two DDs within it I would understand but to state ‘you instruct us to transfer the account’ (which I did ) and then go on to say including .... that means to me there’s two parts to the instruction one to transfer the account and 2 to attach 2 DDs to the new account within 30 days.

Anyway no worries you live and learn.

Nellyw

Well I switched to HSBC Advance and switched 3 DD's. However, the switch completed on the 25th and they didn't pay a Post Office Credit Card DD due on the 26th. So I now have a £12 charge from PO and a possible black mark on my credit file. HSBC say it could take up to 8 weeks to investigate it!


Needles to say I paid the monthly payment by debit card as soon as I found out.