HSBC switch incentive requires donor account to have 2 direct debits OR standing orders!?!

Emily_Joy

PRAISETHESUN wrote: »

Yes. You can set up standing orders and still qualify (ridiculously easy I know)..

However, it's better to set up standing orders a week before you submit switching application. Otherwise, the old bank won't inform HSBC of their existence and no incentive will be paid.

PRAISETHESUN

nic_c wrote: »

The T&C are unclear. Do you apply to open the account and once open use the switching service. I'm sure the last switch I did to a bank a/c you switched as part of opening it

When I opened a HSBC during the last switching incentive, I elected to switch and provided all my account details as a part of the account opening process, but it doesn't look like you have to do it that way. As long as the switch completes within 30 days of opening the account, you will be eligible for the bonus, see the T&Cs:

Eligibility criteria for Initial Offer Payment
4. We will make the Initial Offer Payment described at clause 5,
if you comply with all the following requirements, namely:
a. you apply for an Eligible Account from 10 September 2018
until further notice, and such account is subsequently opened;
b. you are not an existing HSBC current account holder
on the date of application (and have not been on or after
1 January 2015)*1
. If you are opening a joint Eligible Account,
this requirement must be met by at least one account holder;
c. you instruct us to start a full switch of a current account,
including at least two Direct Debits or Standing Orders, to your
Eligible Account using the Current Account Switch Service*2
(CASS) to start within 30 days of the date of your Eligible
Account being opened. If you are opening a joint Eligible
Account both account holders must do this; and
d. you continue to hold an Eligible Account on the date we
make the Initial Offer Payment.

PRAISETHESUN

Emily_Joy wrote: »

However, it's better to set up standing orders a week before you submit switching application. Otherwise, the old bank won't inform HSBC of their existence and no incentive will be paid.

Also this. Definitely make sure the DDs or SOs are set up and active before you start the switch. I would probably recommend that they have paid out at least once just to be sure

soulsaver

nic_c wrote: »

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/hsbc-advance-account-200-switiching-offer.pdf



Had read elsewhere that you can get the offer by switching, but rereading, it does seem to be that you don't switch at the application stage but at least 2 days afterwards

It's clear then. Problem is they can slightly change the criteria from previous offers... but comments on the previous offers are all over the net so you need to view the current offer T&Cs to be clear.
In this instance you open the account first.

PS Good luck with that - it is abysmally slow.

harz99

nic_c wrote: »

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/hsbc-advance-account-200-switiching-offer.pdf



Had read elsewhere that you can get the offer by switching, but rereading, it does seem to be that you don't switch at the application stage but at least 2 days afterwards

My wife has just applied and account opened, there is a button to press to initiate the switch, and further on a dropdown to choose switch date which was 27/9 onwards.

harz99

So, if I only want the £150 bonus, the way I read the offer T&Cs is after the account opening and switch have been done, pay in at least £1750 per month up to the time the £150 bonus has been paid, then I can either ditch the account or keep cycling the £1750 in and out for as long as I want to keep the account open?


I cannot see a requirement for the DD/SOs to be live beyond payment of the £150 bonus, so only one or two months payment of those needed.


Have I got this correct?

YorkshireBoy

harz99 wrote: »

So, if I only want the £150 bonus, the way I read the offer T&Cs is after the account opening and switch have been done, pay in at least £1750 per month up to the time the £150 bonus has been paid, then I can either ditch the account or keep cycling the £1750 in and out for as long as I want to keep the account open?


I cannot see a requirement for the DD/SOs to be live beyond payment of the £150 bonus, so only one or two months payment of those needed.


Have I got this correct?

Yes........

PRAISETHESUN

harz99 wrote: »

So, if I only want the £150 bonus, the way I read the offer T&Cs is after the account opening and switch have been done, pay in at least £1750 per month up to the time the £150 bonus has been paid, then I can either ditch the account or keep cycling the £1750 in and out for as long as I want to keep the account open?


I cannot see a requirement for the DD/SOs to be live beyond payment of the £150 bonus, so only one or two months payment of those needed.


Have I got this correct?

That is correct. If you want the extra £50 then you need to stick around - though to be honest it's worth it, particularly if you open a 5% regular saver

harz99

Well impressed with how quickly the bonus was paid, switch completed 27/9 and bonus paid 4/10 one week later.

buyhighselllow

Getting a bit frustrated with the this now. My Banking no. finally arrived 2 weeks after switching. so tried to log on/ register online last night and this morning and getting "system Problem" message.