HSBC Advance - a few questions

Jamesc_715

Hi

A few weeks ago I went to the bank to sort a fraud problem and when it was sorted, the bank asked me if I was interested in HSBC Advance as there were benefits and said I was “eligible for HSBC Advance”. I agreed and they said it will be sent to me soon.

However, I just realised I need to pay in more than £1750 a month but I am not eligible for it. My salary is actually £1600 per month and I use a lot of the money to pay for rent, food and savings.

Why was I eligible for HSBC Advance especially as I’m not earning £1750 per month? It said there is no monthly fee but I’m confused the bank agreed to give me HSBC Advance.

I’m not able to pay in £1750 per month so will that mean I need to cancel HSBC Advance then? I don’t want it to affect my credit rating or get into trouble.

Any advice you could give me?

Thank you

18cc

If you only pay in 1600 month it won't affect your credit rating or get you into trouble or anything like that

all that is likely to happen is that sometime in the future they will downgrade you back to your original account but this may not happen it just depends how strict they feel

Terry_Towelling

If your £1600 salary is paid in to the account, just transfer £150 out to a non-HSBC account and then transfer it back in again on the same day. That's the £1750 pay-in taken care of. Do the same every month.

YorkshireBoy

Jamesc_715 wrote: »

My salary is actually £1600 per month and I use a lot of the money to pay for rent, food and savings.

So on payday, withdraw £150 and then pay it back in again.

Are your existing savings making 5% AER like they would with this account's regular saver?

DreamerV

I suspect you are eligble because you've already been transferring money from elsewhere or paying cash in making up the remainder of the £1750, or alternatively you may have paid in £10,500 over a 6 month period. This could have happened if you received a lump sum or if you are paid every 4 weeks sometimes, for example.

tel_

Maybe I'm missing something here (I usually am), but why does anyone need to pay in the £1750 every month as you get the whole bonus within 30 days of switching? Yes, you may get downgraded to the standard bank account if you don't (which gives a £75 switch). But is that the worst that could happen, or could they take £100 back when downgrading you?

18cc

no you wont have to repay the seitch bonus

[Deleted User]

tel_ wrote: »

Maybe I'm missing something here (I usually am), but why does anyone need to pay in the £1750 every month as you get the whole bonus within 30 days of switching? Yes, you may get downgraded to the standard bank account if you don't (which gives a £75 switch). But is that the worst that could happen, or could they take £100 back when downgrading you?

No but having the Advance account gives you access to other products/benefits/rates that the standard bank account doesn't get access to

PRAISETHESUN

If you want to maintain eligibility for the Advance account (which I would suggest that you do to keep access to the preferential rate 5% regular saver) then you will need to meet the minimum monthly pay in. The money doesn't specifically need to come from your income, although that is what HSBC intends for you to do to meet the requirements. As above, the minimum pay in doesn't need to be in a single transaction - if you are able to set aside £1750 in another account then you can ping that back and forth every month to easily meet the requirement, otherwise do it in smaller chunks (eg. £437.50 every week).

tel_

PRAISETHESUN wrote: »

If you want to maintain eligibility for the Advance account (which I would suggest that you do to keep access to the preferential rate 5% regular saver) then you will need to meet the minimum monthly pay in.

.

Ah, yes. It does say on HSBC's 5% Regular Savings a/c page that your Current Account must be 'maintained', but it doesn't really specify that on the MSE page. On their page, it just says that the money going into the 5% a/c must come from a HSBC Current Account.

colsten

tel_ wrote: »

.

Ah, yes. It does say on HSBC's 5% Regular Savings a/c page that your Current Account must be 'maintained', but it doesn't really specify that on the MSE page. On their page, it just says that the money going into the 5% a/c must come from a HSBC Current Account.

You can only rely on the T&Cs of the bank, not on what a 3rd party, however much you trust them, says.