HSBC Advance bank account:What happens if I failed to meet monthly pay in requirement

Tom12

Hi,
Last week I started the HSBC advance bank account in UK.
As per the terms,
HSBC Advance has no monthly account fee and is available to customers who pay in £1,750 or more each month (or a minimum of £10,500 every six months), not including money transferred from other sole or joint personal accounts held with HSBC Bank.
But it doesn't say if I could not meet this requirement. I want to know is there any additional charge or what happens if I failed to meet the criteria..
Could someone help me understand it..

Willing2Learn

Hi Tom12 and welcome to the forum

I think you get a £50 bonus reward after six months of satisfying the pay-in requirement, (that was in the original offer, though I have not re-checked if this is still valid). Anyway, HSBC probably reserve the right to downgrade an Advance account that does not fulfil the stipulated funding requirements.

soulsaver

Willing2Learn wrote: »

Hi Tom12 and welcome to the forum

I think you get a £50 bonus reward after six months of satisfying the pay-in requirement, (that was in the original offer, though I have not re-checked if this is still valid). Anyway, HSBC probably reserve the right to downgrade an Advance account that does not fulfil the stipulated funding requirements.

Is correct about the possible downgrade, but are you, OP, aware you can pay in and out £900 twice (or £450 four times, £300 six times etc.) to meet the pay in requirement?

ceredigion

T&C's
https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/legal-regulation/charges-and-additional-product-terms-31-oct-2018.pdf

Page 8, last paragraph

ceredigion

Willing2Learn wrote: »

Hi Tom12 and welcome to the forum

I think you get a £50 bonus reward after six months of satisfying the pay-in requirement, (that was in the original offer, though I have not re-checked if this is still valid). Anyway, HSBC probably reserve the right to downgrade an Advance account that does not fulfil the stipulated funding requirements.

Did the PO switch an account then ?

Willing2Learn

ceredigion wrote: »

Did the OP switch an account then ?

I was assuming...maybe in error though...

YorkshireBoy

Willing2Learn wrote: »

I think you get a £50 bonus reward after six months of satisfying the pay-in requirement, (that was in the original offer, though I have not re-checked if this is still valid).

Was it ever valid? I don't remember a 6 month wait for the additional £50. I do remember a 12 month wait on the £150 + £50 incentive deal which expired 25/3/18. How far back are you going?

18cc

You need to pay in £1750 each month for at least 10 months in a 12 month period. If you fo then you get the £50 at the end of 12 months. If you don't then you don't...…..

If you continue not to then they will eventually downgrade the account.

Tom12

Thanks for your reply..The thing is currently I have the salary to meet the requirements..But after 6 or 7 months I will go to India for 6 months during that period I won't be able to meet the pay in requirement..
Then from the replies I could understand HSBC may downgrade my account and assuming no fee or penalty..
I'd this correct

Duckyduck

The £1750 doesn’t need to be salary or fresh money. You can have/open an non HSBC current account and send then £1750 over by standing order, then a standing orde back to the external account, and then back to HSBC the next month and so on.

YorkshireBoy

Tom12 wrote: »

Thanks for your reply..The thing is currently I have the salary to meet the requirements..But after 6 or 7 months I will go to India for 6 months during that period I won't be able to meet the pay in requirement..
Then from the replies I could understand HSBC may downgrade my account and assuming no fee or penalty..
I'd this correct

Your T&C's say they'll give you two months notice. They also say they 'may' downgrade, not that they 'will' downgrade.

So you'll only be fretting for 4 months or so, and maybe you won't need to fret at all.