Hsbc

P_Stone

We are trying to change our bank account to HSBC, but we have been told that the £1,750 that has to be put in each month has to be from income. As we are retired we wanted to transfer £2,000 per month into this account from our savings.
Can anyone tell us if this is correct?
Thanks
Phill

soulsaver

Hi Phil
And welcome.

It doesn't have to be from income otherwise it'd say that in the T&Cs.

However HSBC have the right to reject applicants for any justifiable reason they like. ... and allegedly they can be picky on income.

However you are retired... and you probably have several sources of income making it hard for HSBC to check.

Hopefully it all will add up to more than £1750 PM

PS HSBC are infamously difficult to open an account with. Stock up on tenacity and frustration pills AND gird your loins

Mchambers

OP....Be creative. They rejected me many months ago and then after being creative they accepted me.

EachPenny

P_Stone wrote: »

We are trying to change our bank account to HSBC, but we have been told that the £1,750 that has to be put in each month has to be from income. As we are retired we wanted to transfer £2,000 per month into this account from our savings.

Were you told this in Branch or over the phone? soulsaver is correct about this not being in the T&C's, there is only a requirement to pay money in, not that it comes from income.

Personally I went into a branch after being declined online and discussed the T&C's with them (I had one of their printed paper copies). You might need to be quite assertive to get them to accept the point, and it is worth comparing the wording of the terms for the Premier account which does require a minimum income.

They may still say no to you, but at least you'll know it is because they don't want you as a customer rather than because one of their staff misunderstands the T&C's.

Good luck

EachPenny

Mchambers wrote: »

OP....Be creative. They rejected me many months ago and then after being creative they accepted me.

OP.... ignore that advice - Don't be creative. Being 'creative' might result in you being accused of fraud which can have serious implications for your financial arrangements. It isn't worth it for the sake of a £200 switching bonus.

Katiehound

When I opened my HSBC a/c a couple of years ago I was honest and said that the money was coming from my income and probably some savings. I did most of the application in branch and they were very helpful.

To create the £1750 pm for the Advance a/c:
£1k which circulates between several accounts (not HSBC) fulfilling T&Cs (think Lloyds, M&S) and only stays for a day or two
£500 which (re)cycles from TSB then moves on
and a further £250 which stays to fuel the regular saver.

This is not my regular everyday account which I have held for 8 years now. I switch 'donor' accounts or those which are no longer earning their keep!!

Lokolo

You don't have to put £1,750 for their basic account, just their advance account.

https://www.hsbc.co.uk/1/2/current-accounts/bank-account

Their normal bank account has lower eligibility.

veryintrigued

Mchambers wrote: »

OP....Be creative. They rejected me many months ago and then after being creative they accepted me.

The irony...

ValiantSon

Mchambers wrote: »

OP....Be creative. They rejected me many months ago and then after being creative they accepted me.

How, exactly, were you "creative"?

I hope that you didn't lie about your income because that would be fraudulent, and last time I checked, fraud was a criminal offence (Fraud Act, 2006). Fraud by false representation carries a maximum sentencing guideline of 10 years' imprisonment.

EachPenny

ValiantSon wrote: »

Fraud by false representation carries a maximum sentencing guideline of 10 years' imprisonment.

Now that really would give Mchambers something to complain about... not sure there would be any compensation involved though

ValiantSon

EachPenny wrote: »

Now that really would give Mchambers something to complain about... not sure there would be any compensation involved though

:rotfl:

I'm sure he'd try.