HSBC account; standing order definition

Monkey_B

I switched to HSBC last month to get the £150 bonus, and I hope to get the additional £50 after 12 months. I am paying in the required monthly deposit.
Just wondering if anybody could clarify what HSBC mean when they stipulate 2 direct debits or standing orders.
Specifically, could I qualify for the bonus by simply having a couple of standing orders that just shuffle money into another account in my name?

colsten

Monkey_B wrote: »

Specifically, could I qualify for the bonus by simply having a couple of standing orders that just shuffle money into another account in my name?

What do the switch T&Cs require? SO or DD? Either? Both? On the switched account or on the HSBC account?

A Standing Order is one that you set up, to push money out of your current account, to a sort code/account number that you specify. A Direct Debit is when a third party, authorised by you, pulls money out of your account. This is an industry-wide definition, not specific to HSBC.

18cc

To answer your specific question it doesn't matter where the standing order goes I can go to an account in your name or anywhere else a standing order is a standing order and yes you will qualify if you send it to an account in your name I would just be careful if the account is with HSBC probably better to send it to an account with a different bank

Monkey_B

Thanks. The T&Cs say DD or SO. I have a SO moving money into another current account (enabling me to qualify for the bonuses on that one!) and another SO moving money into a joint account, so I guess I will qualify for the extra £50. It just seemed to be too easy - thought I might be missing something!

colsten

Monkey_B wrote: »

Thanks. The T&Cs say DD or SO. I have a SO moving money into another current account (enabling me to qualify for the bonuses on that one!) and another SO moving money into a joint account, so I guess I will qualify for the extra £50. It just seemed to be too easy - thought I might be missing something!

You'll only qualify if those SOs were on the account you switched.

Monkey_B

Interesting, I've never picked up on that before. Would the same apply to DDs?