HSBC account switch

alth79

Hi all

I have searched the forum and can't see an answer to this.

I am thinking of switching to HSBC with the £200 incentive that ends on the 25th March. I already have a firstdirect account and a Lloyds account. I was looking to switch from Lloyds but was wondering if me already having a firstdirect account would rule me out of the offer (I believe HSBC and firstdirect are the same company?)

Also, does the pay in requirement of £1700+ per month need to be from wages? I am £100 short from wages but could make this up from elsewhere if possible.

Thanks in advance for any advice that anyone can provide.

Steven

eskbanker

Check the Ts & Cs of the HSBC offer to see if they exclude First Direct customers, but to be honest if your salary is short they'll probably decline your application anyway as they're known to be quite picky, as seen on many threads on here....

alth79

Ts & Cs say it's fine to have a first direct account.

In the eligibility criteria for the payment it states that I must pay atleast £1750 a month into the account NOT INCLUDING MONEY TRANSFERED FROM ANY OTHER SOLE OR JOINT PERSONAL ACCOUNT(S) HELD WITH HSBC.

I went on live chat and HDBC said that it must only come directly from wages.

My salary would actually be above the threshold but I'm paying student loan and one last month of tax repayment to HMRC. On the application my annual salary would meet the criteria.

Looks like I'll just have to give this one a miss.

Cheers

AndyPK

There is another box I think called additional income. Just stick £200 in there or whatever.

While on the subject, the application says it will notify my employer of the new bank details. But my wages aren't paid into the account I'm switching from.

Does anyone have an experience of them contacting employers with new bank details?

ValiantSon

alth79 wrote: »

Hi all

I have searched the forum and can't see an answer to this.

I am thinking of switching to HSBC with the £200 incentive that ends on the 25th March. I already have a firstdirect account and a Lloyds account. I was looking to switch from Lloyds but was wondering if me already having a firstdirect account would rule me out of the offer (I believe HSBC and firstdirect are the same company?)

Also, does the pay in requirement of £1700+ per month need to be from wages? I am £100 short from wages but could make this up from elsewhere if possible.

Thanks in advance for any advice that anyone can provide.

Steven

The HSBC offer specifically states that existing First Direct customers are eligible.

You have to pay in £1750 per month, not £1700. The payment can be from any source, other than another HSBC account.

ValiantSon

alth79 wrote: »

Ts & Cs say it's fine to have a first direct account.

In the eligibility criteria for the payment it states that I must pay atleast £1750 a month into the account NOT INCLUDING MONEY TRANSFERED FROM ANY OTHER SOLE OR JOINT PERSONAL ACCOUNT(S) HELD WITH HSBC.

I went on live chat and HDBC said that it must only come directly from wages.

Beware well-meaning, but ill-informed advice from customer service staff. The money absolutely does not need to be from your salary/wages! On the application they ask where the funds will come from and will approve applications that specifically state that the money will not come from a direct payment of salary/wages in to the account. The T&Cs for the account also do not specify such a requirement.

alth79 wrote: »

My salary would actually be above the threshold but I'm paying student loan and one last month of tax repayment to HMRC. On the application my annual salary would meet the criteria.

Looks like I'll just have to give this one a miss.

Cheers

No you don't. You can fund the account by any means that you want. This doesn't mean that they will definitely give you the account, but your circumstances do not mean that they definitely won't either.

ValiantSon

AndyPK wrote: »

There is another box I think called additional income. Just stick £200 in there or whatever.

What would be the source of this income? You can't just invent income: doing so would be fraud. There has to be a genuine source of income. Transferring funds from a different account is not a source of income.

AndyPK wrote: »

While on the subject, the application says it will notify my employer of the new bank details. But my wages aren't paid into the account I'm switching from.

Then you don't need to worry. They will only do so if you do have payments from your employer going in.

AndyPK wrote: »

Does anyone have an experience of them contacting employers with new bank details?

Yes, if your employer does pay in to the account you are switching. It is a service, not a problem.

stehouk

I'd give this one a wide berth if i were you, i think HSBC are after the blue rinse brigade with loadsa money who they think they can fleece, there are probably more declines than acceptances hence the long running offer.

ValiantSon

stehouk wrote: »

I'd give this one a wide berth if i were you, i think HSBC are after the blue rinse brigade with loadsa money who they think they can fleece, there are probably more declines than acceptances hence the long running offer.

Bizarre comment, and I suspect motivated by sour grapes.

Being only around 40, and having been accepted by HSBC, I'm living proof that you are talking out of your behind.

Exactly how am I being fleeced? They gave me £150 plus another £50, pay me 5% in my regular saver, and it costs me nothing.

stehouk

what a surprise first one to take the bait !

ValiantSon

stehouk wrote: »

what a surprise first one to take the bait !

????

Have you been drinking?