HSBC Switch

frankie

Have been accepted for the switch. Do I need to have the 2 DD set up in my 'old' account before the switch date or can I place the DDs once switch has been completed?

Ditto monthly payment, do I set up required amount after switch or do I have to fund via my 'old' account?

Can't find the info in t&cs

Thanks

YorkshireBoy

The T&Cs are very clear. Read them again.

But a fundamental question...why are you messing with DDs when a pair of SOs will do?

ceredigion

T&C. 2, (C). first word second line.

frankie

Thanks guys, didn't really understand what that was on about so I have set up 2 SOs.

What about the monthly payment? I guess I can't do anything about that until I get the sort code etc of the HSBC account, right.

PS thanks for helping out a confused punter!

YorkshireBoy

The monthly funding has nothing to do with the switching incentive, it's a condition of holding the account on an ongoing basis.

PRAISETHESUN

As above - the T&Cs are quite clear if you read them thoroughly.

You only need 2x SOs/DDs for the switch incentive - these must be set up on the account being switched (ie. non-HSBC account) before the switch commences, and transferred across to HSBC.

The monthly pay in is only a requirement to keep the account open - it is completely separate from the switch. You are correct though in that you will need your HSBC account details before you can set up this up - the funds need to come from an account external to HSBC, so will need to be either from your employer or a separate third account not involved in the account switch.

boo.boo

Is there any requirement for how long this account needs to be open for? I didn't see it anywhere in the T&Cs and would be keen to switch to another banking bonus offer shortly after the £175 gets applied.

Thanks!

[Deleted User]

Close/switch after you receiving the bonus is fine

Daggo87

Does anybody know if transferring the money from First Direct would be ok?

[Deleted User]

Which part are you referring to?

The monthly pay-in minimum?

Daggo87

Yes that’s right. I intend to cover both FD and HSBC minimum payments by transferring between he two but concerned that FD are part of HSBC so would it count?