HSBC switch question

binaryuniverse

TK87 wrote: »

Does it significantly affect your credit rating to keep switching current accounts?

In my experience, no. I did a load of switches, over the last 2 years, with no problems getting new credit cards/other accounts.

If you're applying for mortgage, however, it's best not to do loads of switches 6-12 months prior to applying.

At last, they've finally bumped up the year to 2016. I couldn't do previous switches, as I closed my account late 2015.
Probably going to just switch my Halifax account. The £2 reward isn't all that worth keeping, and it already has 2 DDs set up on it. Saves setting up another donor.

SlovakianGuy

TK87 wrote: »

Does it significantly affect your credit rating to keep switching current accounts?

Yes, but only for a short time and only if you open loads of new accounts. I opened 6 current accounts within 40 days and my score has dropped significantly. Experian from 819 to 504. Equifax from 389 to 283. However, they pull these numbers out of their ars**. For example, Experian on its own website shows my score 504, but when I check it via CreditClub, it shows 750. Another thing is that I was also moving to a new address, which means registering on electoral roll on a new address (0 months history on the new address) and waiting for all the banks, insurance company, etc. to update their records so there are no discrepancies in my current address on my credit report.

Anyway, even if your score drops, it is only temporary. If you don't plan to take out a mortgage or a major loan in the next 6 months, then nothing to worry about. Just remember, keep at least one of your accounts opened for several years and only switch the others. Preferably, keep some ethical bank, such as Co-op, Nationwide, Triodos, Reliance bank, Monzo or Starling, maybe Metro, and switch all the other "scumbag" banks I would definitely get rid of the "Big Five" which already have about 90% market share of all current accounts and they are also the least ethical banks (Lloyds, HSBC, Barclays, RBS, Santander). Use them for the bonus and then adios! That's just my personal advice of course.

youngretired

Can anyone that has opened a joint account please confirm the switch incentive requirements as the clause 2.b and 2.c seem to contradict each other

b. are not an existing HSBC current account holder on the
date of application (and have not been on or after 1 January
2016)*1
. Where your Eligible Account is a joint account, at
least one of the joint account holders must complete the
Switch from either a sole account in their own name or
another joint account in the same names;

c. instruct us to start a full switch of a current account,
including at least two Direct Debits or Standing Orders, to your
Eligible Account using the Current Account Switch Service*2
(CASS) to start within 30 days of the date of your Eligible
Account being opened. If you are opening a joint Eligible
Account both account holders must do this;

The application only allows you to enter 1 current account switch details i.e. 1st applicant, 2nd applicant or joint. So if you have each got an account that you are switching, how did the 2nd applicant give their details?

SlovakianGuy

Katiehound wrote: »

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

I can easily pay in £1,750 each month from my other account, but I don't really earn that much. Once I asked someone from HSBC about it and they said, as long as I can pay in £1,750 I will qualify for the Advance account. The question is, don't they ask what your income is during the application? If I say it's £1,750 per month (the amount I can really pay in each month), they can ask for my bank statements showing my income (like Barclays did when I was applying for their CC). Then what? I don't earn that much. I just have enough savings to circle any amount between several current accounts I have.

Katiehound

SlovakianGuy wrote: »

I can easily pay in £1,750 each month from my other account, but I don't really earn that much. Once I asked someone from HSBC about it and they said, as long as I can pay in £1,750 I will qualify for the Advance account. The question is, don't they ask what your income is during the application? If I say it's £1,750 per month (the amount I can really pay in each month), they can ask for my bank statements showing my income (like Barclays did when I was applying for their CC). Then what? I don't earn that much. I just have enough savings to circle any amount between several current accounts I have.

Depends who you are talking to. I opened mine at the local branch with a really helpful lady and I probably said something along the lines of my income not being quite sufficient but that I would certainly be able to pay that sum each month from pension & interest from savings.
After that no-one is actually going to check where it comes from (well, as long as it isn't money laundering natch!)

I actually cycle money through several a/cs to meet the different t&cs.
Not worth lying over this but perhaps you have a bit of interest coming in as well??

teddysmum

I can't find a mention of any switching bonus , on their website; just details of how to switch and the offer of 12 months' free subscription to a cycling organization.

[Deleted User]

teddysmum wrote: »

I can't find a mention of any switching bonus , on their website; just details of how to switch and the offer of 12 months' free subscription to a cycling organization.

The switch offer ended last week

zoot_ze

You can still get the £175 switching bonus, but you need to go through a referral link on Money or USwitch and apply by 2nd September.
:beer: