Can I do this?

HPLCEngineer

Hi,

I am thinking of switching my current account to HSBC to get the £200 switch bonus.

But I don't want to give up my current account. Couldn't I just setup a new current account with a local bank and initiate the switch from that?

I mean, as long as I pay in the required amount and meet all the conditions, does it matter?

Thanks

ValiantSon

Yes you can do that. Lots of us do.

The best option would be to open a second account with your existing bank (most will allow you to do so) and then switch that. Just don't do this too often or your bank may get annoyed and decide to close your accounts with them. Doing it once is not a problem, however.

[Deleted User]

1) Yes.
2) Good luck. HSBC are notorious for turning applications down and they don't give you a reason.

Mchambers

OP...Very easy to. I have done it loads of times. N/wide is good for creating current accounts.

For HSBC, just be creative with you application and you will be fine.

ValiantSon

Deleted_User wrote: »

1) Yes.
2) Good luck. HSBC are notorious for turning applications down and they don't give you a reason.

No bank gives a reason for refusing an application.

HSBC may be notorious but lots of people still manage to open an account with them (myself included). I suspect that their notoriety comes from the fact that a number of the people posting on these boards are not the kind of customers that they are looking for with the Advance account. The account is aimed at higher income earners.

ValiantSon

Mchambers wrote: »

OP...Very easy to. I have done it loads of times. N/wide is good for creating current accounts.

For HSBC, just be creative with you application and you will be fine.

OP, do not follow this dreadful advice. Doing so would be fraudulent. Fraud by misrepresentation carries a tariff of up to 10 years imprisonment and you could end up with a Cifas marker, which would prevent you from accessing nearly every financial product for the rest of your life. Make an honest application; if you are not successful then just accept it and consider an alternative.

Mchambers routinely advises people to break the law by committing fraud on account applications and to demand compensation when there is no valid reason. Most experienced users of this forum tend to ignore his comments.

maxximus75

Remember, the account you are switching "from" must have at least 2 direct debits or standing orders so you will have to set them up first beforehand.

You must instruct them to start the switch within 30 days of opening the HSBC account to be eligible for the £150.

You will also need to register for mobile or online banking within 60 days in order to receive the additional £50 after 12 months.

Oh, and remember to source the account with at least £1750 per month from non-HSBC/First Direct accounts.

But I am sure you know all of that

ValiantSon

maxximus75 wrote: »

Remember, the account you are switching "from" must have at least 2 direct debits or standing orders so you will have to set them up first beforehand.

You must instruct them to start the switch within 30 days of opening the HSBC account to be eligible for the £150.

You can instruct the switch at the same time as account opening.

maxximus75 wrote: »

You will also need to register for mobile or online banking within 60 days in order to receive the additional £50 after 12 months.

This is actually the trickiest part as you need to phone them to get a telephone security number before you can register for online banking.

maxximus75 wrote: »

Oh, and remember to source the account with at least £1750 per month from non-HSBC/First Direct accounts.

The restriction only applies to money transferred from other HSBC accounts. You can meet the minimum funding requirement by transferring money from a First Direct account. The Advance account terms and conditions are clear that the restriction is on transfers from HSBC accounts; it says nothing about First Direct (and they are very clear that holding First Direct doesn't make you ineligible for the switching bonus):

Charges and Additional Product Terms

HSBC £200 Switching Offer: Terms and Conditions

First Direct is a subsidiary of HSBC, but it is run as a separate bank. They do share the FSCS guarantee, but that is not relevant.

HPLCEngineer

maxximus75 wrote: »

Remember, the account you are switching "from" must have at least 2 direct debits or standing orders so you will have to set them up first beforehand.

You must instruct them to start the switch within 30 days of opening the HSBC account to be eligible for the £150.

You will also need to register for mobile or online banking within 60 days in order to receive the additional £50 after 12 months.

Oh, and remember to source the account with at least £1750 per month from non-HSBC/First Direct accounts.

But I am sure you know all of that

Can't I just setup two new direct debits after I've created the new HSBC account?

ValiantSon

HPLCEngineer wrote: »

Can't I just setup two new direct debits after I've created the new HSBC account?

The direct debits or standing orders must be on the acount account before you switch. The easiest way around this is to set up two standing orders to pay money into your existing account from the new one that you open. You can then switch this account.

HPLCEngineer

ValiantSon wrote: »

The direct debits or standing orders must be on the acount account before you switch. The easiest way around this is to set up two standing orders to pay money into your existing account from the new one that you open. You can then switch this account.

How many business days does it take to set up a standing order?

The HSBC switch bonus ends on 25th March.

Thanks