HSBC Switch - Minimum pay in

WGGRACE

Hi there

Min pay in for this deal is £1750 p/m. I fall just below that. Can I just transfer money in and out from another account?

"You must pay at least £1,750 a month into the account (or a minimum of £10,500 every 6 months), not including money transferred from other sole or joint personal accounts held with HSBC UK"

Doesn't say anything about money transferred from other accounts not held within HSBC UK so presume this would be ok? Can anyone confirm?

Thanks!

xylophone

Doesn't say anything about money transferred from other accounts not held within HSBC UK so presume this would be ok?

Yes, provided that HSBC accept you for the account in the first place.

Willing2Learn

WGGRACE wrote: »

Min pay in for this deal is £1750 p/m. I fall just below that. Can I just transfer money in and out from another account?

Yes, you can simply transfer in and out as you describe (This is part of the general account terms and not a pre-condition of the switch incentive).

"You must pay at least £1,750 a month into the account (or a minimum of £10,500 every 6 months), not including money transferred from other sole or joint personal accounts held with HSBC UK"

WGGRACE wrote: »

Doesn't say anything about money transferred from other accounts not held within HSBC UK so presume this would be ok? Can anyone confirm?

Yes, you can transfer in from external banks.

To get the switch incentive you need to switch a current account including either 2 Direct Debits or 2 Standing Orders using the Current Account Switch Service (CASS)

polymaff

Don't forget to pull it back out 1 millisecond later - back to where it can earn some interest / avoid overdraft charges.

PRAISETHESUN

As long as the pay in is from a source other than HSBC, it will count. Some people have said you could also do multiple pay ins of smaller amounts (eg. 5x £350) as long as the total monthly pay in exceeds the amount required, but I haven't tried this to verify.

Your issue will most likely be getting accepted in the first place - HSBC are known to be quite picky, and will likely refuse you if your monthly income is below £1750 (£21k annual after tax).

SeeMe

PRAISETHESUN wrote: »

Your issue will most likely be getting accepted in the first place - HSBC are known to be quite picky, and will likely refuse you if your monthly income is below £1750 (£21k annual after tax).

Yes thats why i have not applied for one, my income is just not enough i imagine

WGGRACE

Might get away with it. I probably would pull in 1750 a month if it wasnt for student loan reductions

soulsaver

SeeMe wrote: »

Yes thats why i have not applied for one, my income is just not enough i imagine

Only one way to find out.. and remember if it asks about income.. that's not salary alone.

So you can legitimately include your interest on savings etc.

Frogdad

Do you have to have it for any length of time? It says 30 days before you receive the Incentive? Could i close the account after this?

Willing2Learn

Yes, I believe you can close the account immediately after you have received the initial incentive, without any penalty.

Frogdad

I have just been accepted but also read that you have to use the Switch service to qualify. Does this mean it will automatacilly close the account I am switching from?