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HSBC switch question

I’m thinking of switching to HSBC for the bonus. After I receive the £150 can I switch again? The criteria talks about needing to keep paying in £1750 for six months. Is that only if I want the additional £50 bonus or I switch and close before six months will they take the £150 back from me?

https://www.hsbc.co.uk/current-accounts/products/advance/
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Comments

  • I believe that as far as £150 reward goes, you will receive within 30 days of the Switch completion date, assuming the switch account qualifies in accordance with Switch t&cs.

    https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/TandCs-for-Advance-Bank-Account-Switch-Offer.pdf
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Katiehound
    Katiehound Posts: 8,072 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Before you switch away this is one of the accounts that has access to 5% RS
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £136.4spent!!!
  • 18cc
    18cc Posts: 2,120 Forumite
    Yes you can switch again once you receive the bonus in fact you can switch again the day after you receive the bonus it doesn't matter once you've got the bonus that's it do what you want
  • TK87
    TK87 Posts: 9 Forumite
    Second Anniversary
    Does it significantly affect your credit rating to keep switching current accounts?
  • I have a similar question - does the £1,750 per month have to stay in your account or can you deposit the funds and withdraw it the next day to still be eligible? And presumably once I receive the £150 payment I no longer need to deposit the £1,750 every month?


    Thanks!
  • If you don't make the monthly £1,750 or six-monthly £10,500 pay-ins, in accordance with the t&cs, then HSBC might switch you to another type of current account from their portfolio. :) Were you planning on opening a linked Regular Saver account?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Thanks


    Wasn't planning on opening a linked saving account.


    Was hoping to obtain the £150 and then close it down shortly after, just didn't know if I needed to pay in £1,750 for 6 months before I could close it down
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 4 January 2019 am31 11:57AM
    According to their t&cs, HSBC will pay £150 switch incentive within 30 days of the account opening using the CASS. The eligible account must also have either 2 DDs or 2 SOs. Once you get the £150, there is nothing to stop you closing the account.

    I cannot see anything that says you need to make six months worth of monthly £1,750 deposits to be eligible for the switch incentive.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Katiehound
    Katiehound Posts: 8,072 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    rammelino wrote: »
    I have a similar question - does the £1,750 per month have to stay in your account or can you deposit the funds and withdraw it the next day to still be eligible?
    Q: Do you normally deposit your salary into the bank and then leave it there?!!
    No, and neither does the £1,750.
    It only has to touch base so you could pay it in manually by FP from another account in your name, and then transfer it straight out.
    Mine goes in via SO in 3 payments, 2 go back out and the third goes to RS

    I assume the 6 month payment is to trigger the bonus£50
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £136.4spent!!!
  • 18cc
    18cc Posts: 2,120 Forumite
    Once you get the £150 you can then switch away you don't have to pay in 1750 a month

    however you do have to pay in 1750 a month if you a. want the Regular Saver or b. you want (after 12 months) the extra £50 bonus for staying with them or c. You want the account to remain an advantage account and not run the risk of it being downgraded
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