HSBC Switch Bonus Minimum Pay In

J8rdan

Hi,

I meet the pay in criteria for the HSBC Advance Bank Account (£1,750 per month). My wife would not. I'm wondering if I could transfer my salary to her account, once paid in, and then transfer it back? Enabling her to get the Advance benefits and switch bonus of £150.

If it needs to be transferred outside of HSBC, could I transfer it to my Monzo and then to her account?

Has anyone got any experience of this?

Thanks

eskbanker

While it's technically possible to shunt funds around to meet the letter of the Ts & Cs, HSBC are renowned for being picky about who they'll accept applications from in the first place, so that can render the question moot - what earned income can your wife honestly declare on her application?

hgt

What you suggest about transferring to monzo then HSBC would work. HSBC don't mind where the £1750 comes from as long as it's not from another HSBC account.

In theory as long as the £1750 hits the account, then goes straight back out would be sufficient. I leave the money in my HSBC account overnight just to be sure it registers on their system. I essentially have a standing order to pay the money in, then back out the following day.

18cc

Would agree with the above I pay my 1750 in , leave it overnight and then take most of it out the next day to a non-HSBC account

Dorian1958

So transferring £1750 in from your account is fine (I do this from a Santander account, albeit in joint names). The issue is in the first place getting past the HSBC application requirements in respect of level of earned income.

Blackbriar_040

This is the complete opposite information of what I was told!

I was looking at switching to this account just before Christmas.
The bonus was only £100 at the time, but I just fell short of £1750 monthy pay in.

Their was conflicting information regarding if the £1750 had to come direct from your employers, or if it could be funded by other sources!

Nobody seem to know, so I visited one of their main branches and was told the £1750 has to be your main salary/source of income!

They said any application not meeting this requirement would likely be rejected!
I did'nt think it was worth the time to apply, to only be knocked back.

No_6

Just tell them it is £1750 !

TreasureHunter

Blackbriar_040 wrote: »

Their was conflicting information regarding if the £1750 had to come direct from your employers, or if it could be funded by other sources!

Nobody seem to know, so I visited one of their main branches and was told the £1750 has to be your main salary/source of income!

They said any application not meeting this requirement would likely be rejected!
I did'nt think it was worth the time to apply, to only be knocked back.

I always suspected that salary level was why I had an application rejected with them. The staff member at the bank couldn't give me a reason for the decision and I couldn't think of anything else that was obviously against me.

SlovakianGuy

From their website:

You must pay at least £1,750 a month into the account (or a minimum of £10,500 every 6 months), not including money transferred from other sole or joint personal accounts held with HSBC UK.

This sounds like you could even pay a lump sum every 6 months, but probably it doesn't work that way. At least that's what they've told me.


I sent them a message via Facebook about two months ago and this was their reply:

Hi *** - if you are able to credit at least £1750 from an external account on a monthly basis (not including money transferred from other sole or joint personal accounts held with HSBC) you will qualify for the Advance account.

As long as you can continue to do this for 1 year you will receive your switching bonus as well as benefiting from the Advance account features.

Brewer20

Blackbriar_040 wrote: »

This is the complete opposite information of what I was told!

I was looking at switching to this account just before Christmas.
The bonus was only £100 at the time, but I just fell short of £1750 monthy pay in.

Their was conflicting information regarding if the £1750 had to come direct from your employers, or if it could be funded by other sources!

Nobody seem to know, so I visited one of their main branches and was told the £1750 has to be your main salary/source of income!

They said any application not meeting this requirement would likely be rejected!
I did'nt think it was worth the time to apply, to only be knocked back.

Don't believe what the HSBC branch staff tell you.


Last year branch staff told me I couldn't get a switch bonus as I was a First Direct customer, wrong!

SlovakianGuy

Brewer20 wrote: »

Don't believe what the HSBC branch staff tell you.

Last year branch staff told me I couldn't get a switch bonus as I was a First Direct customer, wrong!

It is wrong indeed. However! As far as I know, you can't switch from First Direct to HSBC and get the bonus.
You can be a FD customer, but in order to get the bonus from HSBC, you need to switch from a different bank that has nothing to do with HSBC, which means neither First Direct nor Marks & Spencer bank.