Current account pay in requirement - HBSC

shebeeshe

Hi

I seem to have several current accounts.

I'm wondering if I can open the premier HSBC account to get the 150 pound incentive (already opened the Natwest one today too). Can I put the required 1750 in from my savings each month and then take it out again at the end of the month for this to qualify as the minimum pay in? Can I also just take out 50 twice as standing order to my accounts to meet this qualification too? I did this with 2 Tesco current accounts without any bother.

Thanks

Willing2Learn

Are you referring to the Premier account or the Advance account? The Premier account eligibility conditions are far tougher...

shebeeshe

The premier for the 150

I think its 1750 and either 2 DD or 2 standing orders

Willing2Learn

You are describing the Advance switch offer. The Premier switch offer is

Enjoy a luxury overnight package worth up to £330 when you switch to an HSBC Premier account through the Current Account Switch Service.

Going back to the Advance account (as that switch offer is £150 cash):

"Can I put the required 1750 in from my savings each month and then take it out again at the end of the month for this to qualify as the minimum pay in?"
Yes you can do that

"Can I also just take out 50 twice as standing order to my accounts to meet this qualification too?"
Yes, you can do this too

aj23_2

They asked me the purpose of the account, I said savings, and if I'd be making large regular deposits, I said no.

I had a donor account ready to switch, so I set up a £10 and a £1 standing order to a savings account and a current account.

Terry_Towelling

On the subject of the £1750 pay-in, you probably don't need to leave it in the account for any length of time - pay it in and take it out on the same day if you like. Unless there is something buried in the T&Cs about average daily balances (or the like) a same-day transfer should work.

You could in fact (probably) set up two standing orders totalling £1750 to go out on the day you pay the £1750 in and that gets you around the STO requirement too.

francismay

What happened if I forget to pay in the £1750 in a month?

DCFC79

francismay wrote: »

What happened if I forget to pay in the £1750 in a month?

Is this an account you have opened ?

Why was a standing order not setup fpr the pay in ?

francismay

DCFC79 wrote: »

Is this an account you have opened ?

Why was a standing order not setup fpr the pay in ?

I did not have HSBC account.
I am wondering what happened if didnt pay in the money at that month? penalty?

Willing2Learn

francismay wrote: »

I am wondering what happened if didnt pay in the money at that month? penalty?

The Advance account is available to customers who pay in £1,750 or more each month (or a minimum of £10,500 every six months). If you do not pay in at least £10,500 every six months, then I would assume HSBC would reserve the right to downgrade the account.

francismay

Willing2Learn wrote: »

The Advance account is available to customers who pay in £1,750 or more each month (or a minimum of £10,500 every six months). If you do not pay in at least £10,500 every six months, then I would assume HSBC would reserve the right to downgrade the account.

Oh, just downgrade my account, is fine.
Will I need to pay any penalty fees?