HSBC advance account

little_green

Thinking of switching to this account as they are offering £175 + I can open the linked saver at 5%.
The min monthly pay in is £1750/month which is higher than my salary. What I want to know is whether it requires to be paid in at once or can I withdraw the money as cash from the account then pay it back in a few days later? The t&c state the 1750 needs to be paid in from a non hsbc account.

If anyone could help clarify & if anyone has reviews of hsbc that would be helpful.

Willing2Learn

You can cycle money in and out several times until you have satisfied the £1,750 monthly deposit. HSBC may decline you though, as they are a bit fussy and disclosure of your monthly income is part of the application if I remember correctly...

badger09

little_green wrote: »

Thinking of switching to this account as they are offering £175 + I can open the linked saver at 5%.
The min monthly pay in is £1750/month which is higher than my salary. What I want to know is whether it requires to be paid in at once or can I withdraw the money as cash from the account then pay it back in a few days later? The t&c state the 1750 needs to be paid in from a non hsbc account.

If anyone could help clarify & if anyone has reviews of hsbc that would be helpful.

No, it doesn't have to be paid in all at once. However, HSBC are notoriously picky and have been known to reject applications where income is below £1750 pm.

PRAISETHESUN

The only formal requirement is that every month £1750 gets paid into your account - there are no stipulations that it must be income, or that it must be in a single transaction (eg. you could pay in £56.50-£62.50 every day if you really wanted to break it down...).

The problem that many people find is that when applying for the account, HSBC are known to be rather picky and may decline applications where your stated income is less than £1750 per month (£21k annual). But if you can get thru that hurdle then you should be in the clear!

quirkydeptless

For my first 2 HSBC applications (last December 2018 and March 2019), I was only offered the lesser HSBC account with the 3% Regular saver, so respectfully declined.


For my third one this month, I was accepted for the HSBC Advance account, and have just set it up this week and got my 5% regular saver going.


Had to go into the branch with ID, but the lady set up my switch (bye bye Tesco account number 2 squeeee), my online banking and my mobile banking and made sure I was able to log in with the secure key.


OK so far.


Also, in parallel, I'm also switching a plumped and ready NatWest account to M&S


I think that finally leaves my switching options all maxed out now