timescales for HSBC switch offer

fenwick458

Just want to double check this is gonna be possible, I want to switch a TSB to HSBC on 28th of October (after my £75 reward has gone in) and then switch to RBS as soon as I've got the £175 (around 28th Nov) and get the £150 from RBS.
gonna be tight!

YorkshireBoy

Switching in parallel is better than switching in series.

Don't have a spare account?...get one. HSBC doesn't even need DDs...just a couple of SOs will do.

fenwick458

thats what i was thinking. have just opened a monzo solely to switch to TSB, that was really easy but could I just do it again, or should I try another app based one like starling?

YorkshireBoy

I wouldn't (try to) use the same institution again so soon after abusing them the first time.

RG2015

YorkshireBoy wrote: »

I wouldn't (try to) use the same institution again so soon after abusing them the first time.

Just out of interest, when would you consider switching current accounts as "abusing" the donor account institution and when would you consider it to not be abusing the donor account institution?

[Deleted User]

Do you knows these offers will still be running at the times you want to switch?

They can remove the switch incentives at any time and with no notice.

fenwick458

!!! wrote: »

Do you knows these offers will still be running at the times you want to switch?

They can remove the switch incentives at any time and with no notice.

the RBS one ends on 29th Nov, it says in the T's and C's.
and the HSBC one has just been announced (or extended) so you'd like to think it'll be open for at least a month?

[Deleted User]

fenwick458 wrote: »

the RBS one ends on 29th Nov, it says in the T's and C's.
and the HSBC one has just been announced (or extended) so you'd like to think it'll be open for at least a month?

Quite possibly.

But as stated already it can still be withdrawn at any time even before the listed end date.

Nebulous2

Opening an HSBC account and switching has historically been a prolonged and painful process. Unless they've improved dramatically since I did it, you've no chance of meeting that timescale.

PRAISETHESUN

As above, HSBC are known to be painfully slow to open accounts, so I'd advise doing the switches in parallel as I don't think you meet the timescales for the switch offers.

As for donor accounts to switch, I'd probably try not to open/close accounts too quickly. The banks will probably realise pretty quick if you are "abusing" their systems. I suspect it'll come down to the individual institutions, but I'd probably limit yourself to switching 1-2 donor accounts at most with a given bank. If possible have the account(s) open for a longer period of time before switching it(them) away. I did this with Nationwide a few years back and opened + switched 3 accounts over a 12 month period and now I haven't been able to open another current account with them since. They aren't too unhappy with me however as they seem okay to let me keep my last current account open and offered me a decent credit card last year -shrugs-

fenwick458

Ok so I am opening an another account (with starling) which I will switch to RBS.

back to the HSBC, can anybody explain how it works exactly. when you click on the offer link, do you open an account, and then once the account is open (a few weeks later) you go through a separate process to switch your other account to it?

or is it all done at the same time?

if it's the first one, and HSBC are notoriously slow at opening accounts, then theoretically I could apply for the account around middle of october, 2 weeks before my TSB bonus goes in and then I'll be ready to switch