HSBC switch

rainbow143

Hi all,
I want to switch from Santander to HSBC to make use of their current offer of £150.
The problem I have is that I currently have a regular saver with Santander - and if my current account is closed, the saver will also close as the T&C's say you have to have a current account. Therefore I will lose out on 9 months interest - it matures in December.
I could wait until December to switch, but the HSBC offer may have finished by then.
I had thought that I could open another Santander current account, swap a few Direct Debits to that account, then switch from that account. Not sure if this will work though!!
Has anybody any advice or comments please?
Many thanks in advance.

harz99

rainbow143 wrote: »

Hi all,
I want to switch from Santander to HSBC to make use of their current offer of £150.
The problem I have is that I currently have a regular saver with Santander - and if my current account is closed, the saver will also close as the T&C's say you have to have a current account. Therefore I will lose out on 9 months interest - it matures in December.
I could wait until December to switch, but the HSBC offer may have finished by then.
I had thought that I could open another Santander current account, swap a few Direct Debits to that account, then switch from that account. Not sure if this will work though!!
Has anybody any advice or comments please?
Many thanks in advance.

Can you not just open whichever new Santander account you need to qualify for the regular saver now (123 lite maybe), keep a few quid in it to keep the account going, and do the switch to HSBC with the old existing account.

Willing2Learn

rainbow143 wrote: »

I had thought that I could open another Santander current account, swap a few Direct Debits to that account, then switch from that account.

Do this. You don't need to start swapping DDs around. All you need to do is set up two Standing Orders to meet the HSBC T&Cs (and be able to pay in £1,750 per month into your new HSBC account)

soulsaver

Willing2Learn wrote: »

Do this. You don't need to start swapping DDs around. All you need to do is set up two Standing Orders to meet the HSBC T&Cs (and be able to pay in £1,750 per month into your new HSBC account)

...which is a lot quicker to set up than DDs.
and yep if you're talking the reg saver, a 123 lite still gets you the 5% when you come to renew.

NoodleDoodleMan

I'm considering the HSBC Advance account - except I need clarification on the direct debit or standing order condition for the £150 switch reward.

I have a semi redundant current account with another bank which I can "lose" without any regrets - but there are no DDs or SOs from it.

Can I apply for the HSBC switch and then add either the DDs or SOs to it in order to meet the criteria for the £150 ?

Willing2Learn

@NoodleDoodleMan

No, you need to set up either two DDs or two SOs before you start the switch or you won't get the incentive reward

harz99

From the RegulareSaver Key Facts:


To open the account you must be:
a UK resident, maximum one account per customer, account can only be held in single name;
aged 16 or over;
signed up or are going to sign up for Online or Mobile Banking; and
a Santander current account customer, not available to 1I2I3 Mini account in Trust customers.
To be eligible for the higher interest rate you must be a 1I2I3 World or a Santander Select customer at point of opening
(see ‘Santander 1I2I3 World or Select eligibility’ section in ‘Additional Information’).
Opening
For details on how to apply, please visit santander.co.uk
Deposits
There is no minimum monthly deposit. You can save up to a maximum of £200 each month for 12 months by standing
order from your Santander current account.
You can make any number of payments via standing order and you don’t have to make a deposit every month. The amount
can vary each month, provided the monthly limit isn’t exceeded.
Your month is calculated by the date that you open your Regular eSaver, e.g. you open the Regular eSaver on the 16th of a
month, your month will run from 16th of one month to the 15th of the next month.
Standing orders are only processed Monday to Friday. If your standing order falls on a weekend or bank holiday your payment will
be made on the next working day, if this is the last day of the month your payment won’t reach us until the following month.
If you don’t fund the account from your Santander current account, if you deposit more than £200 in any month or if you
hold more than one Regular eSaver account, Santander reserves the right to revert your account into an Everyday Saver.


Reading the above, it seems that as long as you are a 123 account holder when you open the RegulareSaver you will retain the higher rate, so a new Everyday Current Account and paying in a smaller amount each month by SO to the RegulareSaver would satisfy the terms without worrying if you need to move DDs or payin large sums to the current account?

Willing2Learn

^^^^^^^^^ I think you should have used a bigger font. I mean, that is barely readable

rainbow143

This is the reply I've had from Santander Twitter help - I approached them because I wanted something in writing.

"Holding a Santander current account is part of the T&C’s of the regular eSaver, if you were to close your current account you would no longer qualify for the higher interest rate."
"As interest is added annually you’ll lose whatever has been accrued."

This is why I'm nervous - because this advice seems to differ from the T&C's saying that you only have to have an account just when you open the saver account.
Is it any wonder I'm confused - and nervous about switching from my main account.

Willing2Learn

rainbow143 wrote: »

This is why I'm nervous - because this advice seems to differ from the T&C's saying that you only have to have an account just when you open the saver account.
Is it any wonder I'm confused - and nervous about switching from my main account.

The terms of eregular saver state that

If you don’t fund the account from your Santander current account or if you deposit more than £200 in any month, Santander reserve the right to revert your account into an Everyday Saver.

This would mean that if you don't have the Santander current feeder account funding your eregular saver account on a monthly basis, then Santander will close down the eregular saver.

Why not just open an "Everyday" account, set up two quick standing orders and then do the switch from there. You're over-complicating things I think

harz99

Willing2Learn wrote: »

^^^^^^^^^ I think you should have used a bigger font. I mean, that is barely readable

Dunno what happened, and can't edit it either, but I can read it without my glasses on...