timescales for HSBC switch offer

RG2015

fenwick458 wrote: »

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

The switch to HSBC needs to be completed within 30 days of the account being opened.
You can also arrange the switch whilst you are applying for the HSBC account.

MeenaM

fenwick458 wrote: »

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

when i applied online it allows you to select a switch date.

payless

I waited into account was open, then started the switch over the phone... was assured the clock starts ticking from date account actually opened, switch which went through without an issue last week.

RG2015

I applied for the HSBC Advance a/c on 19 Sep and arranged a switch at the same time. They phoned me on 25 Sep rejecting the switch so I gave them another account. The switch completed on 3 Oct and I received my £175 on 11 Oct.

Therefore from application to bonus receipt was 22 days including a delay of 6 days.

I am also very impressed with the customer services telephone staff. They were very helpful with the switching problem which was entirely down to me mistakenly choosing a joint a/c to switch to a sole a/c.

In addition, I had to phone them to correct them putting my landline as my mobile (their mistake) so their SMS verification code for the app was not received. They sorted this and the lady volunteered to register me for online banking.

This ended up being very useful as I was able to open the 5% regular saver the same day. If she had not done this I would have lost out on the 5% as the rate was reduced to 2.75% 5 days before I received the letter with my online banking details!

Definitely top marks to the telephone staff but pretty poor on the delays in sending stuff through the post. I am sure it is not the Royal Mail as almost all of the HSBC letters took a long time.