Switching to HSBC Advance Bank Account

badger09

AirlieBird wrote: »

HSBC means HSBC Bank PLC. First Direct is a trading name of HSBC Bank PLC (now transferred to the ring fenced entity: HSBC UK Bank PLC) and are covered by the same FCA registration.

Therefore holding a First Direct current account means you are a HSBC current account customer.

That said there is a specific exemption that allows you to switch to a HSBC Advance account and still hold a First Direct current account.

I am aware of the relationship between HSBC, First Direct and M&S. However I do not agree with your interpretation.


Under Eligibility criteria for the initial offer payment

4 'We will make the initial offer payment......... if you comply with all the following...'

4b 'You are not an existing HSBC current account holder......'*2

footnote *2 'You may hold a first direct and/or M&S Bank current account and still qualify'

I think that quite clearly says that holders of First Direct and/or M&S current accounts are not defined as HSBC current account holders for the purposes of this incentive. So, on that basis anyone holding accounts with those banks (or bank trading names if you prefer) can apply .

As a separate consideration, if HSBC had wanted to exclude customers switching accounts from First Direct and M&S for this incentive, they would have inserted a specific exclusion, similar to the current Halifax incentive which specifically excludes customers switching account from BoS.

There have been several threads touching on this in the past and though I haven't managed to locate any posts from successful switchers, nor have I found any saying the incentive had been declined following a switch.

badger09

badger09 wrote: »

I am aware of the relationship between HSBC, First Direct and M&S. However I do not agree with your interpretation.


Under Eligibility criteria for the initial offer payment

4 'We will make the initial offer payment......... if you comply with all the following...'

4b 'You are not an existing HSBC current account holder......'*2

footnote *2 'You may hold a first direct and/or M&S Bank current account and still qualify'

I think that quite clearly says that holders of First Direct and/or M&S current accounts are not defined as HSBC current account holders for the purposes of this incentive. So, on that basis anyone holding accounts with those banks (or bank trading names if you prefer) can apply .

As a separate consideration, if HSBC had wanted to exclude customers switching accounts from First Direct and M&S for this incentive, they would have inserted a specific exclusion, similar to the current Halifax incentive which specifically excludes customers switching account from BoS.

There have been several threads touching on this in the past and though I haven't managed to locate any posts from successful switchers, nor have I found any saying the incentive had been declined following a switch.

With perfect timing, here's one

https://forums.moneysavingexpert.com/discussion/comment/73730418#Comment_73730418

thomasagsmith

you can't cross fire money from one account to another its fraud! you appear to not meet their criteria seems simple enough, they provide other accounts for your circumstances.

eskbanker

thomasagsmith wrote: »

you can't cross fire money from one account to another its fraud! you appear to not meet their criteria seems simple enough, they provide other accounts for your circumstances.

Not sure why you felt the need to resuscitate this thread with that some ten months after the last post, but for the record, of course it's not fraud to cross-fire money between accounts!

However, it would be fraudulent to overstate one's income/salary in order to mislead when making an application....

badger09

thomasagsmith wrote: »

you can't cross fire money from one account to another its fraud! you appear to not meet their criteria seems simple enough, they provide other accounts for your circumstances.

Please post a link to your source for this assertion.

Why do you think it would it be 'fraud' if I move my money from one account in my name to another account in my name?

Tawny_Owl_2

I've just applied online for one of these accounts (wanting to switch from RBS) and they sent me a letter stating I did not meet their required internal scoring for this account. :mad:

I didn't want an overdraft, and could make the monthly £1,750 payments easily (or the £10,500 within 6 months).

So I complained to them via live chat and accused them of being DISCRIMINATORY. I told them they're ostracizing pensioners & savers and only seem to want to attract working people.

I'd have thought working people are more likely to want to apply for an overdraft, so they would be a greater risk to HSBC ???

I assume they are just trying to clamp down on carpetbaggers like me who just want the £200.

Katiehound

That's a shame- I've had my HSBC Advance for a bit over 2 years- switched from a.n.other bank. Have kept it on for the 5% RS

eskbanker

Tawny_Owl wrote: »

I've just applied online for one of these accounts (wanting to switch from RBS) and they sent me a letter stating I did not meet their required internal scoring for this account. :mad:

I didn't want an overdraft, and could make the monthly £1,750 payments easily (or the £10,500 within 6 months).

So I complained to them via live chat and accused them of being DISCRIMINATORY. I told them they're ostracizing pensioners & savers and only seem to want to attract working people.

I'd have thought working people are more likely to want to apply for an overdraft, so they would be a greater risk to HSBC ???

I assume they are just trying to clamp down on carpetbaggers like me who just want the £200.

As well as apparently extrapolating from a sample size of one, you seem to be confusing discrimination with illegal discrimination (such as that based on protected characteristics).

There's nothing illegal about favouring those earning a decent income from employment....

badger09

Tawny_Owl wrote: »

I've just applied online for one of these accounts (wanting to switch from RBS) and they sent me a letter stating I did not meet their required internal scoring for this account. :mad:

I didn't want an overdraft, and could make the monthly £1,750 payments easily (or the £10,500 within 6 months).

So I complained to them via live chat and accused them of being DISCRIMINATORY. I told them they're ostracizing pensioners & savers and only seem to want to attract working people.

I'd have thought working people are more likely to want to apply for an overdraft, so they would be a greater risk to HSBC ???

I assume they are just trying to clamp down on carpetbaggers like me who just want the £200.

I'm a pensioner and saver and was accepted for the HSBC Advance account in January 2015 when, from memory, there was no switch incentive:(

Katiehound wrote: »

That's a shame- I've had my HSBC Advance for a bit over 2 years- switched from a.n.other bank. Have kept it on for the 5% RS

Indeed, that's why I applied (it was 6% then) and why I've kept it:)

Motormad

Tawny_Owl wrote: »

I've just applied online for one of these accounts (wanting to switch from RBS) and they sent me a letter stating I did not meet their required internal scoring for this account. :mad:

I didn't want an overdraft, and could make the monthly £1,750 payments easily (or the £10,500 within 6 months).

So I complained to them via live chat and accused them of being DISCRIMINATORY. I told them they're ostracizing pensioners & savers and only seem to want to attract working people.

I'd have thought working people are more likely to want to apply for an overdraft, so they would be a greater risk to HSBC
I assume they are just trying to clamp down on carpetbaggers like me who just want the £200.

You could apply online for the standard account for the £75 incentive,the offer ends on Sunday.