HSBC Bank Account £200 Bonus

Jaffabfc

Hi,

The HSBC bank account that is giving £200 bonus.

https://www.hsbc.co.uk/current-accounts/products/advance/?cid=HBEU:CD:A1:CA:01:1708:903:MSECAADVECLU


It says you would need to put £1,750 a month in to qualify or £10,500 in the first 6 months to qualify.

Would it be possible to transfer £1,100 a month in and then £650 out to another account (say Yorkshire Bank) and then back into to make this the £1,750 required? or does it have to be one transaction.

Also i would want to move my Natwest to this but i am in the overdraft at the minute would it be possible to transfer to this account and go straight in the overdraft and still qualify?

thanks

eskbanker

While you could achieve the minimum monthly funding via the method you refer to, it'll probably be academic as HSBC are notoriously picky about who they accept applications from, so if you don't actually earn enough to pay in £1,750 a month then they're more likely to decline your application, which of course needs to be honest when declaring how much you earn.

You could only switch from an account in overdraft if HSBC choose to give you an overdraft of the same size, otherwise you'd need to find alternative ways of paying off your debt....

Jaffabfc

I am in a very small overdraft, it will dip in by £100 this month.
i have read they will give £1000 overdraft automatically (will lower once if i got the account)

I earn enough to put £1750 a month in but I prefer to have money in seperate accounts, one to spend and one to pay bills. So i could realistically transfer it all in to there and then transfer some out to the other account every month.

I would rather have my wage paid in to the Halifax as i get the monthly draws because more than £1000 is going in a month.

eskbanker

Jaffabfc wrote: »

I would rather have my wage paid in to the Halifax as i get the monthly draws because more than £1000 is going in a month.

I thought their monthly prize draw was conditional on holding a minimum balance of £5K rather than requiring a set level of monthly funding?

And surely if you have enough savings with Halifax to be in their monthly draws, you ought to be able to organise your finances to avoid using an overdraft?

Anyway, it's obviously up to you how you play it but personally I'd have the wage paid into HSBC and distribute elsewhere from there....

Jaffabfc

I am unsure then i got in branch but god knows what it said.

Savings... haha good one.

When i go in the overdraft its very rarely used, its usually when i use it for a big bill such as car insurance for the year, dip into overdraft with about £15 charge but save me about £100 in long run.

Only use it for a week and then top up payday.

I'll try the account see if i can get it, worth a shot surely.

Anthorn

Alternatively get 75 quid by switching to the HSBC Bank Account in which you only have to pay in a minimum of 500 quid a month.
https://www.hsbc.co.uk/current-accounts/products/bank-account/

PRAISETHESUN

There is nothing stopping you from getting paid into your Halifax account, transfer £1750 by standing order to HSBC, then having a second standing order from HSBC to transfer it right back to Halifax. If you can't afford to have it go through in one lump sum, you might have a bigger issue getting accepted for the account in the first place - HSBC are quite choosy with who they offer accounts to. You might be able to break it up into smaller chunks as long as the monthly total exceeds £1750, but I can't confirm this one way or another.

The overdraft might be an issue, depending on how much you are overdrawn. Most banks won't switch an account in overdraft, particularly if the overdraft is larger than the limit on the new account.

Futuristic

Also when signing up make sure you select the use of account to be main salary/account, I'm sure they factor that in to approval on Advance accounts! I was rejected few years back but got approved now on same salary but whatever

eskbanker

Jaffabfc wrote: »

Savings... haha good one.

I took your remark about Halifax's "monthly draws" at face value but I now suspect that what you were actually referring to is their monthly rewards, an entirely different scheme involving £3 cashback (£2 from next month) if you pay in £750/month.

Jaffabfc wrote: »

I am unsure then i got in branch but god knows what it said.

Following on from the above, you'd be well advised to pay more attention to detail if you're aiming to benefit from switching incentives and so on, rather than joining the ranks of those starting indignant "Bank X didn't pay me the bonus" threads further down the line after not familiarising themselves with offer Ts & Cs....

colsten

Jaffabfc wrote: »

i have read they will give £1000 overdraft automatically (will lower once if i got the account)

I can assure you that there is no automatic £1K overdraft with HSBC

Jaffabfc wrote: »

I would rather have my wage paid in to the Halifax as i get the monthly draws because more than £1000 is going in a month.

As has already been pointed out, you might be under some misapprehension about the Halifax offer. In any case, though, it would be easier to send £1k from HSBC to Halifax (and back, if desired) than hoping that you'd be accepted for an HSBC account if you don't have a salary of at least £1,750, or £10,500 in a 6 months period, paid into HSBC directly.

PRAISETHESUN wrote: »

There is nothing stopping you from getting paid into your Halifax account, transfer £1750 by standing order to HSBC,

What would stop you doing this if you didn't have an HSBC account because they turned your application down. As people keep saying, HSBC are very selective who they accept for the Advance account.

Jaffabfc

Ive been accepted for my HSBC account so chuffed with that easy money.

Ive decided to get my wage paid in there (over £1750) a month and then transfer out if needs be.

Just hope everything goes successfully with the transfer unlike last time.
Last time i went from Yorkshire Bank to Halifax and they transferred everything except my wage but it also didnt go in the Yorkshire Bank because the account was closed. Ended up with lots of penalty fines for failure of paying which i then had to contact them all and explain which they then wiped off my credit rating.

thanks for your help all