HSBC Minimum Monthly Pay In

Mr_Mcnougat

I've opened an HSBC Advance Current A/C and it requires a minimum £1750 pm pay in. I've got the switching bonus but what actually happens if I don't maintain the minimum pay in? I can't find any reference to this scenario anywhere beyond it being a condition. Hope someone may be able to throw some light on it for me.

polymaff

Isn't there a £50 bonus still outstanding? Is it really an issue? The £1,750 only has to be in there for the time it takes you to move it back out again.

radoslaff

Mr_Mcnougat wrote: »

I've opened an HSBC Advance Current A/C and it requires a minimum £1750 pm pay in. I've got the switching bonus but what actually happens if I don't maintain the minimum pay in? I can't find any reference to this scenario anywhere beyond it being a condition. Hope someone may be able to throw some light on it for me.

If you don't maintain the minimum pay in, you won't get the £50.00 they will otherwise pay you on the first anniversary of your account opening. That's the simple answer. At some point they may even decide to shut your account too but that's quite unlikely.

ceredigion

It is all in the T&C.
The switching bonus is immaterial to the minimum pay in.

HSBC Advance Bank Account Conditions: You must pay £1,750 or more into your account each month (or at least £10,500 every six months). This doesn’t include money you send to the account from other HSBC personal accounts (including any joint account you have

We may convert your account to another account, if you don’t meet the conditions for the account you have, by giving you two months’ notice. If you can tell us that you don’t want a different account, we’ll close your account(s) immediately and pay any money in the account to you.

rustyboy

Does anyone know if I can pay in 1200 by bank transfer, leave it over night then transfer 550 and then transfer it back in, in order for me to qualify for the bonus?

TIA

SuperAllyB

rustyboy wrote: »

Does anyone know if I can pay in 1200 by bank transfer, leave it over night then transfer 550 and then transfer it back in, in order for me to qualify for the bonus?

TIA

You don't even need to leave it overnight.

rustyboy

So I could transfer 1200 today. Then transfer it back. Then transfer it back to my hsbc account. Then withdraw it again and that would suffice?

Sorry for being dense it’s still early.

YorkshireBoy

rustyboy wrote: »

So I could transfer 1200 today. Then transfer it back. Then transfer it back to my hsbc account. Then withdraw it again and that would suffice?

Sorry for being dense it’s still early.

I wouldn't make the transfers on a non-working day.

But you really are over-thinking this.

With T&Cs its just as important to know what they DON'T say as it is to know what they DO say. For example:

1. Do they say the credit has to be a BACS salary payment direct from an employer? No, because that would preclude pensioners and those claiming benefits.

2. Do they say the credit has to be in a single payment? No, because that would preclude the weekly paid...unless they were earning £1,750 a week, some £87,500 per year.

3. Do they say the payment must reside with them overnight, and thereby restrict its use to you? No, because that would be...well you get the picture now?

Jlawson118

I spoke to customer services when querying about the account a while ago, they stated that they will basically just downgrade your account to their normal bank account

YorkshireBoy

Jlawson118 wrote: »

I spoke to customer services when querying about the account a while ago

Why didn't you simply read the T&Cs? Your question was answered in there.

they stated that they will basically just downgrade your account to their normal bank account

This is what you get when you ask a question that really doesn't need to be asked...guesswork and/or incorrect information! The T&Cs actually say (as reproduced just a few posts up the thread) they "may"...

Milarky

The easiest way I have found is to send via standing order and return via standing order set to the same day of the month. The only thing which can then go wrong is that there are not enough funds in the account where you keep your main balance. Whoever goes 'first' funds will be credited to the other account. The 'try again' system then ensures that if a bank did not have funds to return the first time they will go off at the next attempt. Voila. [I send two separate standing orders in the month to HSBC to keep the amounts passing managable]