HSBC switch clarification

wallofbeans

Hi All,

I just wanted to clarify something and then ask a possibly silly question:

The latest HSBC switch seems to indicate that just doing the switch gets you £150. Just two DD's but no regular pay ins needed. If you want the extra £50 then you need to pay in £1750 each month. Is that right?

EDIT: the HSBC site word it slightly differently, they don't say that the £1750 is just for the extra £50, so it might be needed to get the initial £150 or anything more...

If it's the first option then it's definitely a winner for a relative who is looking to get away from TSB, so will let them know...

Annoyingly, they still seem to have this "if you've had an account with is since 1 Jan 2015" thing, which counts me out of going for it as I left them in Feb 2015! Will that date ever change?

Thanks!

colsten

The switch T&Cs are quite clear IMO.

Be aware that to be eligible for HSBC Advance, you will need to pay in a minimum of £1,750 per month or £10,500 over 6 months. People have reported long waiting times before their application was either accepted or declined. HSBC are very picky. Even upgrading to Advance as an existing customer is a painful process.

wallofbeans

colsten wrote: »

The switch T&Cs are quite clear IMO.

Be aware that to be eligible for HSBC Advance, you will need to pay in a minimum of £1,750 per month or £10,500 over 6 months. People have reported long waiting times before their application was either accepted or declined. HSBC are very picky. Even upgrading to Advance as an existing customer is a painful process.

They don't seem clear to me. Once (if) they give someone an account via a switch, that person has two DDs and waits 30 days to get £150. But at that point what is stopping anyone from just moving on? Or just not paying in £1750 a month? Will they take back the £150? Will they demand you pay in that amount?

I get it with the extra £50. You wont get it until a year has passed and they can see you've been paying in £1750 a month or not. But I don't see how they can do that upfront unless they can take back the £150 if you don't.

The T&C say that they "will make the Initial Offer Payment described at clause 5, if you comply with all the following requirements" but the requirements that follow don't mention having to pay in £1750 a month.

YorkshireBoy

wallofbeans wrote: »

They don't seem clear to me. Once (if) they give someone an account via a switch, that person has two DDs and waits 30 days to get £150. But at that point what is stopping anyone from just moving on? Or just not paying in £1750 a month? Will they take back the £150? Will they demand you pay in that amount?

Nothing, nothing, no, and no...in that order.

Emily_Joy

wallofbeans wrote: »

The latest HSBC switch seems to indicate that just doing the switch gets you £150. Just two DD's but no regular pay ins needed. If you want the extra £50 then you need to pay in £1750 each month. Is that right?

Nope. You need to pay in £1750 to keep HSBC Advance account. They can downgrade your account otherwise to the one which is not eligible. They also often ask to see a salary slip during the application process.

wallofbeans wrote: »

Annoyingly, they still seem to have this "if you've had an account with is since 1 Jan 2015" thing, which counts me out of going for it as I left them in Feb 2015! Will that date ever change?

It appears you can get a £100 using STEP.

wallofbeans

Emily_Joy wrote: »

Nope. You need to pay in £1750 to keep HSBC Advance account. They can downgrade your account otherwise to the one which is not eligible. They also often ask to see a salary slip during the application process.



It appears you can get a £100 using STEP.

OK. So they can downgrade the account if I don't pay in £1750 per month. But they can't take away the £150 they gave me? And I still have a perfectly good HSBC bank account. Sounds okay to me.

So I can get £100 if someone who already has the Advance account recommends me? And they get £50 as well. Sounds good.

wallofbeans

YorkshireBoy wrote: »

See STEP condition 3.5 before getting too excited.

So the person recommending me might not get their £50? But I'll still get the £100, or more apparently -- "If there is another cash offer you qualify for at the time of referral, you may receive the higher offer payment"

YorkshireBoy

wallofbeans wrote: »

So the person recommending me might not get their £50? But I'll still get the £100, or more apparently -- "If there is another cash offer you qualify for at the time of referral, you may receive the higher offer payment"

Sorry ignore my post. You'll qualify for the STEP referral due to the 12 month clause. And so will your referrer.