HSBC Advance Account Switching Cashback £175

lindylootoo

!!! wrote: »

It's not income.

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

It IS income...........£26K pa

[Deleted User]

It’s not in the jargon they publish.

It sounds like they’re trying to fob you off.

But at the same time, to be fair, if you’re not earning £26k then you’re not meeting the funding requirement to keep the account as an Advanced account

Zero_Sum

Once you factor in pension conts, id argue that the £1750 was closer to £28k than £26k.

YorkshireBoy

lindylootoo wrote: »

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

I don't believe he has ever, or would ever, say that. The outcome of an application is not recorded. What is recorded is that an application has been made.

eskbanker

lindylootoo wrote: »

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!

You misunderstand my reference to vague language - I wasn't talking about whatever HSBC told you, it was a reference to MSE's wording, where they suggest a £26K salary without actually explicitly stating it as a prerequisite.

Surely you're not seriously asserting that MSE should definitively state a minimum salary requirement, solely on the basis of HSBC telling you that your application was declined because of low salary?

lindylootoo

eskbanker wrote: »

Surely you're not seriously asserting that MSE should definitively state a minimum salary requirement, solely on the basis of HSBC telling you that your application was declined because of low salary?

No. But I am suggesting that if HSBC has reset it's requirements - and that certainly appears to be the case - the MSE details should state that. Perhaps MSE should ask HSBC for a statement and quote that!

lindylootoo

YorkshireBoy wrote: »

I don't believe he has ever, or would ever, say that. The outcome of an application is not recorded. What is recorded is that an application has been made.

Questions asked when opening accounts have in the past included "Have you ever had an application to open a bank account declined".

A positive answer isn't going to be much help is it?

lindylootoo

!!! wrote: »

It’s not in the jargon they publish.

It sounds like they’re trying to fob you off.

But at the same time, to be fair, if you’re not earning £26k then you’re not meeting the funding requirement to keep the account as an Advanced account

Thanks. Your post encouraged me to delve a little further into the t&c's.
HSBC's "Charges and additional terms PDF" -
HSBC Advance Bank Account
Conditions: You must pay £1,750 or more into your account each month (or at least £10,500 every
six months). This doesn’t include money you send to the account from other HSBC personal accounts
(including any joint account you have).

You're absolutely right - there's nothing here to suggest you must have an income of £26K - so I think I'll be taking this further.

Your last point: "But at the same time, to be fair, if you’re not earning £26k then you’re not meeting the funding requirement to keep the account as an Advanced account"
..............there's nothing fair in business.........and I AM meeting the funding requirement as stated in the t's & c's.

Zanderman

lindylootoo wrote: »

You're absolutely right - there's nothing here to suggest you must have an income of £26K - so I think I'll be taking this further.

Taking it further how? HSBC have declined your application. They have no obligation to accept it, even if you do meet the (published) criteria.

Whatever reason they gave is actually irrelevant - they don't want to offer you the account. They have no obligation to tell you why. You don't have any grounds to challenge them.

Emily_Joy

lindylootoo wrote: »

I think I'll be taking this further.

This would be a waste of time. The bank doesn't want you as a customer, this is the end of it.