HSBC switch complete - direct debits still needed?

CricketLady

Hi, have searched the small print and think I'm right to believe the following but just want to make sure!

Hubby switched to HSBC Advance for switch incentive, received 150pounds, opened regular saver so will keep account for at least another year. Can we now move the two direct debits to another account? It doesn't look like he needs to have 2 direct debits active to keep the account, just needs to have had two to fulfill switching incentive criteria, and my advance account doesn't have any dds or SOs (but then I've had mine for years.)

Don't want to fall foul of regs that would give him a further 50pounds when he has stayed for a year.

Thank you in advance (no pun intended!) :rotfl:

Badger50

He only needs to pay in £1750 for at least 9 out of 12 months. But to be on the safe side he could set up a couple of small standing orders to his other accounts - the requirement for the initial incentive is 2 direct debits or 2.standing orders. So yes, you can move the direct debits to another account without risking the extended incentive.

CricketLady

Thank you Mr. Badger50,

We had the same idea regarding the SOs!

He pays in 2k every month (then we move it around a lot!) so we should be okay.

Thanks again
CricketLady

clivep

I've also checked & double checked the conditions and concluded the DDs are no longer needed so have recently moved them on to pastures new.

Only 1 SO on the a/c but none are needed for the follow on £50 bonus or Regular Saver.

jraf

I'm curious about this too - I'm sure when I started / applied for the switch the T+Cs said I needed two active DDs

The 2 DDs have switched over but one of them is for a card I'm not currently spending on. Would be easier if I didn't have to use it every month to make the DD active. Does anyone know if the current T+Cs on their website were also valid in February (ie for my switch) or if they're changed? Now I can't see anything on their site about the DD having to be "active"

Thanks in advance

YorkshireBoy

jraf wrote: »

I'm curious about this too - I'm sure when I started / applied for the switch the T+Cs said I needed two active DDs

The 2 DDs have switched over but one of them is for a card I'm not currently spending on. Would be easier if I didn't have to use it every month to make the DD active. Does anyone know if the current T+Cs on their website were also valid in February (ie for my switch) or if they're changed? Now I can't see anything on their site about the DD having to be "active"

Thanks in advance

The requirement was, and still is, to switch either 2 DDs or 2 SOs or a combination, ie one of each.

There wasn't, and still isn't, any requirement to maintain anything following the switch. I would, and did, however, leave things in place until after you've received the initial £150...just to show willing!

Re "active" DDs, that doesn't mean taken every month (for any accounts, not just HSBC), it simply means they aren't dormant, ie they will pay out if called upon to do so. If a DD has to pay out every month the account T&Cs will state this very clearly. To see examples of such clear wording check out the T&Cs for BoS Vantage, Lloyds Club, and Halifax Reward.

Mee

I switched a few months ago. My DDs were from my switched c/a which included a credit card DD. I also took advantage of the HSBC monthly saver which will replace the Tesco DD.
Impressed with how quickly HSBC paid switch bonus and their service (online and in-branch) and saver is such I'll hang on for the 12 month bonus.