First -> HSBC

krippo

Hi guys!


I have seen an offer of switch to HSBC to get 175 GBP for switching witch 2 DD and +1750 GBP p month.
Coulud you please tell me if I move from first to HSBC I am also entitled to get cashback? Because somebody told me is the same bank. So I am little bit confused.


Many thanks! :beer:

PRAISETHESUN

I assume you're talking about First Direct?? If so, read the T&Cs of the HSBC switch offer very carefully and you'll see that this wont be an issue - all that matters is that you aren't currently a HSBC customer. The T&Cs also do not specify that a FD is NOT eligible for switching, which is just as important. See: https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/TandCs-for-Advance-Bank-Account-Switch-Offer.pdf

First Direct and M&S Bank are both separate banks, but they share their banking licence with HSBC as they are a part of the same banking group (similar to NatWest and Royal Bank of Scotland). Sometimes this causes issues with switch incentives as the banks consider them with as different brands of the same bank, but HSBC does not.

EarthBoy

PRAISETHESUN wrote: »

First Direct and M&S Bank are both separate banks, but they share their banking licence with HSBC as they are a part of the same banking group (similar to NatWest and Royal Bank of Scotland). Sometimes this causes issues with switch incentives as the banks consider them with as different brands of the same bank, but HSBC does not.

Your explanation isn't quite correct. First Direct is just a trading name of HSBC, so it doesn't legally exist in its own right, it's basically HSBC with a different coloured wrapper on it and so it shares the same banking licence as HSBC. M&S Bank, however, is a trading name of Marks & Spencer Financial Services plc, so while it might be owned by HSBC, it's legally a separate company, with a separate banking licence.

Similarly, RBS and NatWest are legally different companies, although both part of the RBS Group, -the group is registered as a separate company to RBS itself. They each have their own banking licences.

List of banks: http://www.fsa.gov.uk/consumerinformation/compensation/brands/banking

eskbanker

EarthBoy wrote: »

List of banks: http://www.fsa.gov.uk/consumerinformation/compensation/brands/banking

Perhaps unsurprising for a link from a long-obsolete organisation but "Note: Table last updated 13 March 2013." :eek:

The equivalent current info about the correlation between brands and licences is published at https://www.bankofengland.co.uk/prudential-regulation/authorisations/financial-services-compensation-scheme,
the list itself (last week's) being
https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2019/bankandsavingslist050319.pdf

EarthBoy

Thank you for the link to the up to date list. I couldn't find it when I searched earlier.

NewToTheUkAgain

I switched from HSBC to First Direct and have been paid the switching bonus

Brewer20

krippo wrote: »

Hi guys!


I have seen an offer of switch to HSBC to get 175 GBP for switching witch 2 DD and +1750 GBP p month.
Coulud you please tell me if I move from first to HSBC I am also entitled to get cashback? Because somebody told me is the same bank. So I am little bit confused.


Many thanks! :beer:

Just don't ask the same question in some HSBC branches, I did and they game me some guff saying no I can't switch from FD to them, of course absolute rubbish.

ste_coxy

I rang them today as I'm in the same situation and wanted to chase this up and they confirmed you would qualify regardless of First Direct being a subsidiary of HSBC. I'm only doing it to get the £175 bonus and then I'll switch back

bland

Yes, I too switched from First to HSBC and received the bonus (but was a few years ago).