HSBC Advance - a few questions

wary

My wife & I are considering switching our individual Santander 123 accounts to HSBC Advance for the cashback.  Some questions please:
1) Appreciate that the £1750 doesn't have to be one's salary or even paid as a lump sum, but does the online application process request details of salary and even evidence with payslips?  Although we'd have no problems transferring this amount monthly, our actual net salaries are less than this, and am wondering whether the application may get rejected as a result and hence we'd be better applying for the standard account instead.
2) Do you ordinarily have to go into a branch at some point to present documentation, as part of the online application process?
3) I believe that one has 30 days to complete the CASS switch in order to qualify for the bonus.  As people are experiencing significant delays in their application being processed, then presumably the countdown commences from when HSBC confirm the account is open, as opposed to the date of the application?
Thanks

oli356

wary said:

My wife & I are considering switching our individual Santander 123 accounts to HSBC Advance for the cashback.  Some questions please:
1) Appreciate that the £1750 doesn't have to be one's salary or even paid as a lump sum, but does the online application process request details of salary and even evidence with payslips?  Although we'd have no problems transferring this amount monthly, our actual net salaries are less than this, and am wondering whether the application may get rejected as a result and hence we'd be better applying for the standard account instead.
2) Do you ordinarily have to go into a branch at some point to present documentation, as part of the online application process?
3) I believe that one has 30 days to complete the CASS switch in order to qualify for the bonus.  As people are experiencing significant delays in their application being processed, then presumably the countdown commences from when HSBC confirm the account is open, as opposed to the date of the application?
Thanks

1) I didn't have to provide any pay slips etc 
2) I did not no. I applied, 'few' days later received a text I think saying had been accepted and then maybe a week later received the card etc.
3) I would think so.... They were slow for me, but no way near slow enough though that I couldn't start the switch by that date. 

PRAISETHESUN

wary said:

My wife & I are considering switching our individual Santander 123 accounts to HSBC Advance for the cashback.  Some questions please:
1) Appreciate that the £1750 doesn't have to be one's salary or even paid as a lump sum, but does the online application process request details of salary and even evidence with payslips?  Although we'd have no problems transferring this amount monthly, our actual net salaries are less than this, and am wondering whether the application may get rejected as a result and hence we'd be better applying for the standard account instead.
2) Do you ordinarily have to go into a branch at some point to present documentation, as part of the online application process?
3) I believe that one has 30 days to complete the CASS switch in order to qualify for the bonus.  As people are experiencing significant delays in their application being processed, then presumably the countdown commences from when HSBC confirm the account is open, as opposed to the date of the application?
Thanks

1) They reserve the right to do so, but I don't think I've heard of anyone having been asked.
2) I was verified electronically, but you might be asked to drop into a branch if they are unable to do so.
3) The terms specify 30 days from the account being opened, but you need to apply whilst the incentive is still being offered - they reserve the right to remove it at any time. 

water4444

I have held an advanced account twice over the years, the first time I applied, I was upgrading from a standard account. I was asked in branch for evidence of my yearly salary which I provided and was upgraded.

The second time it was a new account from scratch and also in branch, however I was not asked for evidence and given the account straight away.

broju

I would like to reduce the number of transactions on our accounts and now that a standard HSBC current account qualifies for the same interest rated Regular Saver as the Advance account I'm thinking of replacing the £1750 in and £1500 out with one payment of £250 in.  Has anyone done this?  Was your Advance account downgraded?  Is it of any consequence? 

colsten

I am also simplifying and reducing my monthly deposits into my HSBC Advance to £250 (for the RS). I am not fazed if they want to downgrade me for that, as I don't get any benefits from Advance now. As and if there will be any advantages again with Advance, I would re-apply if they had downgraded me. Lots of ifs.........