Current account pay in requirement - HBSC

colsten

francismay wrote: »

Will I need to pay any penalty fees?

Unless the T&Cs specify a penalty, no.

francismay

colsten wrote: »

Unless the T&Cs specify a penalty, no.

I can't find any words saying about penatly in T&Cs

Nebulous2

Just make sure you don't forget. I pay in £1800 on the 1st of each month, then payout £1500 immediately.

PRAISETHESUN

Once the switch incentive has been paid, there is no obligation to maintain the Advance account - you could close it, switch it or downgrade it to a regular HSBC account. As has been mentioned, you need to maintain either £1750/month or £10500 every 6 months. I do this by a series of matching standing orders - I pay in £2000 every month and on the same day pay out £1750, leaving £250 which immediately gets sent by SO to fund my 5% regular saver (which is worth maintaining the Advance account for in my opinion). There are no fees for missing a funding payment and it doesn't have to be in a single payment either, although they may decide to downgrade your account - you only get a 3% regular saver with the regular HSBC account btw so keep that in mind). For example, you could set up two SOs on the first and second of the month for half the value or even a daily SO for £65 if you were inclined. However HSBC is known to be picky and may not offer you an account if your income is not equivalent to £1750/month.

trient

Side question guys - do you know if DDs from a switched account can be canceled after the switch (once they arrived in HSBC) or do they have to stay in place until the incentive is paid?

I would think the requirement is for the OLD account to have 2 DDs/SOs, and once the switch takes place there is no further requirement for DDs. Can someone clarify?

PRAISETHESUN

trient wrote: »

Side question guys - do you know if DDs from a switched account can be canceled after the switch (once they arrived in HSBC) or do they have to stay in place until the incentive is paid?

I would think the requirement is for the OLD account to have 2 DDs/SOs, and once the switch takes place there is no further requirement for DDs. Can someone clarify?

I would personally keep the DDs active (or at least until they pay out at least once) until the switch incentive is paid just to be on the safe side, however I'm not aware of their being any T&Cs stating that they need to remain active after the switch, just that they need to be switched

SlovakianGuy

PRAISETHESUN wrote: »

5% regular saver (which is worth maintaining the Advance account for in my opinion).

Plus, you can get an additional £25 in form of a cashback if you apply for Advance credit card (only available to Advance current account holders). Not to mention that you can choose the credit card to be paid by direct debit, so you'd have another DD.

Applicable to customers who apply for an HSBC Advance Credit Card between 4 January and 2 March 2019 and use it for either purchases or a balance transfer (fee applies) with a minimum value of £300 within 60 days of account opening.

becbecm

So if I have my salary go in, transfer it straight to a Barclays account then transfer it back straight away this equates to more than the required £1750 this is okay? Wouldn’t be like worried about money laundering?

YorkshireBoy

becbecm wrote: »

So if I have my salary go in, transfer it straight to a Barclays account then transfer it back straight away this equates to more than the required £1750 this is okay? Wouldn’t be like worried about money laundering?

You've asked the same question on 3 different threads now, including one you started. You've received many assurances that it'll be OK. How many more second opinions do you need? One more?...then yes it'll be OK.