HSBC Terms and conditions

SandraCh

I received a letter from HSBC stating the changes to the terms for current accounts.
It read
Eligibility requirements
With effect from 14 September 2019, if you're a HSBC Bank Account customer aged between 24 to 64, you're no longer required to pay in at least:
£500 each month; or
£3,000 every six months.
Can anyone tell me why the age limitation?

deinoflex

I only know about the upper limit - you were never required to pay in £500 pm if you were over 64, so it hasn't changed for them.

SandraCh

Thank you deinoflex I didn't know that.
I read the new terms and conditions online and it says
If you’re under the age of 24 or over 64, the monthly deposit eligibility requirement does
not apply, so I am confused.

mgdavid

SandraCh wrote: »

.....
I read the new terms and conditions online and it says
If you’re under the age of 24 or over 64, the monthly deposit eligibility requirement does
not apply, so I am confused.

Surely your quote reinforces what deinoflex said above - why are you confused?

SandraCh

I was just confused because the letter said something different to the online terms and conditions.
But I'm sorted now, so Thanks for you replies

colsten

deinoflex wrote: »

I only know about the upper limit - you were never required to pay in £500 pm if you were over 64, so it hasn't changed for them.

I wasn't aware of that upper limit - do you have a reference to a relevant HSBC document, and does that upper limit also apply to HSBC Advance?

EDIT: Found the answers to my questions. The upper limit of 64 only applies/applied only to the Bank Account, not to Advance
https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/legal-regulation/charges-and-additional-product-terms-31-oct-2018.pdf

deinoflex

reply to Colsten, that's it, you beat me to it. Page 9 in the pdf

adindas

"To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months"

https://www.hsbc.co.uk/current-accounts/products/advance/

Will same day FPI/FPO transfer of £10,500 every six month meet the funding requirement for HSBC advance ?


Also with HSBC premier AC
https://www.hsbc.co.uk/configuration/modals/premier-eligibility-criteria/
"Have an individual annual income of at least £75,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product."

If you currently earn £75,000+ but next year your annual income drop below that threshold, do they downgrade your account ?

YorkshireBoy

adindas wrote: »

Also with HSBC premier AC
https://www.hsbc.co.uk/configuration/modals/premier-eligibility-criteria/
"Have an individual annual income of at least £75,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product."

If you currently earn £75,000+ but next year your annual income drop below that threshold, do they downgrade your account ?

Your question appears to be answered in the link you posted. Didn't you read it first?

Savings1234

With the HSBC bank account customers aged between 24 and 64 you used to have a pay in requirement of paying in at least £500 each month. There is now no pay in requirement for all “ Bank Account” customers only. There are no changes to the advance bank account or premier bank account, this is just bank account.
So in simple terms there is no longer an age limitation or pay in requirement so do not think about it anymore:).