HSBC Advance Account Switching Cashback £175

lindylootoo

As per Martin Lewis email on 22nd May - I am apparently eligible for the HSBC Advance Account and get the cashback and access to a 5% regular saver.

"How do I qualify? You must start a switch within 30 days of opening, incl 2+ direct debits or standing orders, and pay in a min £1,750/mth - essentially a £26,000/yr salary paid in. Also, you can't have had an HSBC account since 2016."

This implies you must be able to pay in a minimum of £1750 per month.........which I do.......but NOT from a salary of £26K. My application has just been rejected on the basis of my income NOT meeting their requirements of £26,000 PER YEAR. Please Martin Lewis change your email..........the requirement is the INCOME.....NOT the ability to pay in £1750 per month!

[Deleted User]

It's not income.

It just states the account must be funded with £1750 per month but not transferred from another HSBC account.

Candyapple

lindylootoo wrote: »

My application has just been rejected on the basis of my income NOT meeting their requirements of £26,000 PER YEAR. Please Martin Lewis change your email..........the requirement is the INCOME.....NOT the ability to pay in £1750 per month!

Who told you your application was rejected due to this very specific reason?

Or did you fail the credit check and just assumed that was the reason why?

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

eskbanker

lindylootoo wrote: »

As per Martin Lewis email on 22nd May - I am apparently eligible for the HSBC Advance Account and get the cashback and access to a 5% regular saver.

"How do I qualify? You must start a switch within 30 days of opening, incl 2+ direct debits or standing orders, and pay in a min £1,750/mth - essentially a £26,000/yr salary paid in. Also, you can't have had an HSBC account since 2016."

This implies you must be able to pay in a minimum of £1750 per month.........which I do.......but NOT from a salary of £26K. My application has just been rejected on the basis of my income NOT meeting their requirements of £26,000 PER YEAR. Please Martin Lewis change your email..........the requirement is the INCOME.....NOT the ability to pay in £1750 per month!

I'd argue that MSE are actually being more accurate and helpful here!

As above, HSBC's published funding criteria are simply that £1750/month needs to be paid in, but it's been reported frequently on here that those unable to declare a salary at that level are often declined for the account in the first place.

Therefore my understanding is that the MSE reference to a £26K salary, while not explicitly stated in those terms by HSBC, is effectively the benchmark for obtaining one of these accounts (subject to credit status, etc, etc).

[Deleted User]

eskbanker wrote: »

I'd argue that MSE are actually being more accurate and helpful here!

As above, HSBC's published funding criteria are simply that £1750/month needs to be paid in, but it's been reported frequently on here that those unable to declare a salary at that level are often declined for the account in the first place.

Therefore my understanding is that the MSE reference to a £26K salary, while not explicitly stated in those terms by HSBC, is effectively the benchmark for obtaining one of these accounts (subject to credit status, etc, etc).

This is true.

Someone I know tried to apply for this account to use it as household bills account.
The parts where it asks how funding is made to the account they entered funding from another account and that salary wouldn't be paid in.

The application was declined.

He tried again straight after and changed it to say funded by salary and would be funded by salary thereafter and it was accepted.

colsten

eskbanker wrote: »

I'd argue that MSE are actually being more accurate and helpful here!

As above, HSBC's published funding criteria are simply that £1750/month needs to be paid in, but it's been reported frequently on here that those unable to declare a salary at that level are often declined for the account in the first place.

Therefore my understanding is that the MSE reference to a £26K salary, while not explicitly stated in those terms by HSBC, is effectively the benchmark for obtaining one of these accounts (subject to credit status, etc, etc).

I agree, HSBC don't like to give the Advance account to people who cannot convince them that they have an income from either a job or a pension of at least £1,750 a month net (or a minimum of £10,500 every 6 months).

beefturnmail

colsten wrote: »

I agree, HSBC don't like to give the Advance account to people who cannot convince them that they have an income from either a job or a pension of at least £1,750 a month net (or a minimum of £10,500 every 6 months).

I second this - when my wife and I tried to apply for this last year, (actually for the Reg saver access, as we were ineligible for the incentive due to having had an HSBC account before) they messed us about - lots of delays, made us come in to branch with ID, lots more delays, before eventually saying they had no record of our application. I moaned and got £100 compo, but I reckon the reason for it was that they suspected we were just going to milk the account for its benefits.

eskbanker

Perhaps worth emphasising that, while there is plenty of anecdotal evidence that HSBC decline applicants based on salary being below the £1750/month, it isn't an official declared policy to the best of my knowledge, and I'm pretty sure that counter-examples have been posted too.

So, despite OP apparently expecting that her own personal experience should dictate how MSE explains the proposition, it's understandable that they use sufficiently vague language rather than taking a definitive position that they can't (f)actually support....

Motormad

We had the same rejection,applied for a joint account as we needed to combine the income to be near the funding limit. Got the rejection letter and immediately applied for individual accounts,accepted straight away and got the £75 each in due course for switching.

lindylootoo

eskbanker wrote: »

Perhaps worth emphasising that, while there is plenty of anecdotal evidence that HSBC decline applicants based on salary being below the £1750/month, it isn't an official declared policy to the best of my knowledge, and I'm pretty sure that counter-examples have been posted too.

So, despite OP apparently expecting that her own personal experience should dictate how MSE explains the proposition, it's understandable that they use sufficiently vague language rather than taking a definitive position that they can't (f)actually support....

I called the bank after the online application was rejected and after checking my application confirmed the rejection was solely based on insufficient annual income. Note: This was not vague language, it was a statement of fact!
The Martin Lewis posts re switching banks and regular monthly deposits required have also pointed out that if £XXXX must be paid in each month, there's nothing to prevent you transferring it back out and thus across a number of accounts to satisfy their requirements.
I am also certain that I have seen Martin Lewis posts saying that a declined bank account is a bad mark on your credit rating - NOT something I need............hence my post!

lindylootoo

Candyapple wrote: »

Who told you your application was rejected due to this very specific reason?

Or did you fail the credit check and just assumed that was the reason why?

The bank told me my application was rejected due to insufficient annual income and that my income was required to be £26K pa.