Am i making a huge mistake by switching to HSBC?

chris112

I applied for the £200 switch deal at HSBC,

ive never hd any problems with Natwest al my life but the £20 incentive was too tempting.

natwest just informed me of the request to switch from HSBC and after reading this im having second thoughts

https://uk.trustpilot.com/review/www.hsbc.co.uk

- since registering with hsbc a few weeks ago i have never received one email/letter/call confirming my application
i just called them and they said i need to provide ID in branch, yet i was never contacted


this website gives HSBC 1 star from 1000+ reviews!

is it really that awful?

- does anyone know how soon after you get the £150 CB (£50 more after youve been there for a year) that you are allowed to leave without losing the £150?

thanks

Misslayed

My application has been very smooth, started online, finished in branch when I proved my id. I’ve used the online chat and telephone helpline today (because I’m 50 11 and techno blind), both very efficient, no long delays, fluent English and very knowledgeable. And patient with elderly ladies who have never downloaded an app to their phone! Good so far. Account opened last Friday, debit card arrived today. The first bonus will be paid on 13th April, if you close your account before the 12 months are up you lose the second part of the bonus (but might be worth it if switching again for £150?)

Katiehound

I switched a donor account to HSBC a couple of years ago.
I started the application over the phone and it was a very slow process until I went into the branch- then no problems.
If I remember correctly in 2 x 1 hour sessions I proved my identity, opened the account, started the switch, opened an ISA (gift payments into that) and a CC (also a welcome payment)

Not everyone posts reviews on Trustpilot- I'm often asked, but rarely bother. So, it may not be a true reflection.

If you are just switching for the bonus then I would have said- don't switch your main account, switch a donor a/c. I have done a few switches but I keep my 'main' account at the existing provider.

I still have the account- kept it for the 5% RS

System

Definitely use a donor account - just open another with NatWest.

I wouldn't jump from the (NatWest) fire in the (HSBC) frying pan!

Of course, if you love the overseas HSBC call centres etc then you can always move your 'real' account later.

bioboybill

I was with Lloyds for over 35 years, but switched to HSBC in November for the money, as Lloyds were offering me nothing and then !!!!ed me about over a loan. The switch went like a dream and I got the initial £150 a bit quicker than expected. Have used online banking and the mobile app to qualify for another £50 after 12 months. Opened Regular Saver and putting £250 a month in. So far so good. I will probably stick with HSBC so long as they have the 5% Regular Saver. Will use my old Nationwide Flex account for switching.

karld316

I would not have personally switched to the Hong Kong Shanghai Banking Club but I also would have not stayed at NatWest either. Nationwide is better if you have a friend who can refer you. Barclays is good for their apps but are very picky.

Kim_13

bioboybill wrote: »

I was with Lloyds for over 35 years, but switched to HSBC in November for the money, as Lloyds were offering me nothing and then !!!!ed me about over a loan. The switch went like a dream and I got the initial £150 a bit quicker than expected. Have used online banking and the mobile app to qualify for another £50 after 12 months. Opened Regular Saver and putting £250 a month in. So far so good. I will probably stick with HSBC so long as they have the 5% Regular Saver. Will use my old Nationwide Flex account for switching.

If you cycle £750 per month through the FlexAccount, you can also have an identical Regular Saver on the go with Nationwide.

Kim_13

chris112 wrote: »

I applied for the £200 switch deal at HSBC,

ive never hd any problems with Natwest al my life but the £20 incentive was too tempting.

natwest just informed me of the request to switch from HSBC and after reading this im having second thoughts

https://uk.trustpilot.com/review/www.hsbc.co.uk

- since registering with hsbc a few weeks ago i have never received one email/letter/call confirming my application
i just called them and they said i need to provide ID in branch, yet i was never contacted


this website gives HSBC 1 star from 1000+ reviews!

is it really that awful?

- does anyone know how soon after you get the £150 CB (£50 more after youve been there for a year) that you are allowed to leave without losing the £150?

thanks

I cannot find anything to say that they would 'claw back' the £150 if the account is subsequently closed within the first year, only that it must be open for you to receive the £150 and that that will happen within 50 days.

With regards to the Regular Saver mentioned, note that it is only at the 5% rate if you have the Advance account with them. If you have the standard current account, it pays a lower rate of 3%.

You could open a fresh account elsewhere and switch that back into Natwest for the £125 incentive there. That payment doesn't require Direct Debits on the account you are switching in and I can't see anything that excludes you as a previous customer of Natwest (their incentive allows existing customers to switch in also.) You'd have to apply for a new account online by 16th February then complete the switch (and the associated requirements) by 16th March.

It may be that you're past the point where you can cancel the switch completely and can then only cancel elements of it - you would need to check. There's likely to be a slight negative impact on your credit file if you are switching your only long standing account (since it reduces the average age of your accounts.) Lenders will score individually though and the credit reference agencies cannot tell you how bothered (or not) lenders would be.

pmatt_2

I switched my Santander 123 to HSBC after Santander dropped the rates. I did it for the £150+£50 incentive.

I seem to remember some kind of snafu in the opening process — in the end I went into a branch and everything got sorted out after that, and I got my £150.

The app is a pain in the behind — the security seems overcomplicated and you have to enter codes you've memorised and it can be quite a faff to use. It's also ugly, for what it's worth.

But I've stayed with HSBC because of the 5% regular saver and the fact that the branch staff have always been great and nothing has annoyed me enough to switch.

I have a mule account that I switched to B to get the £250, and that's currently being switched to NatWest for the £125.

Both of those applications have had various snafus, too. The B app is pretty good. If I weren't happy with HSBC I might have kept the B account.

I also have a TSB account that I opened without any incentives other than decent interest. That has probably been the smoothest process and I like the app.

Mchambers

No probs with HSBC. Switch was very smooth. £150 paid. Expecting £50 in a few months.

Never asked to provide any proof of id and never have been apart from Natwest.

badger09

Mchambers wrote: »

No probs with HSBC. Switch was very smooth. £150 paid. Expecting £50 in a few months.

Never asked to provide any proof of id and never have been apart from Natwest.

What, nothing to complain about?:cool: