HSBC Advance £175 Offer

shteca

I bank primarily with NatWest but I also have a Monzo account. I don't use the Monzo account and have no DD set up on it.
I saw the HSBC joining offer in Martins email this week and I want to do it.
My question, can I just set up two Direct Debits to charities for £2 each on my Monzo account and then do the DD switch program when setting up the HSBC Advance account?
The requirements state just 2 DD and do not say a minimum amount.
Also I then need to pay in £1,750 to the account each month to get the reward. Do I need to keep paying that in afterwards and how long for? Also does the £1,750 need to come in on a SO or DD or can I just pay it in via BACS? I am self employed and just send over money when I need it
Basically, does any one know the ins and outs of this offer :rotfl:

PRAISETHESUN

If you study the T&Cs carefully, it will answer all your questions - so that's where I'd recommend you start You can do exactly as you've proposed, although it would be way easier to simply set up 2x standing orders instead (just set up 2x £1 SOs from Monzo to NatWest), as these also qualify for the HSBC bonus.

As for the £1750/month requirement, this is not required to qualify for the switch incentive offer, only to maintain the HSBC Advance account. However, as is commonly discussed on the forums, HSBC are known to be somewhat picky who they accept as customers and are known to reject applicants who cannot meet this requirement on their income alone, even though you are able to transfer in the money by any means.

shteca

Thank you so much!
I have applied for the account and they have accepted me :beer:
With regards to the £1,750 would I be okay to transfer the money in one day and withdraw it the next?
I had tried to look through the T&C's and they were really brief and didn't go into many specifics. These were just on the headline offer though so maybe when I get the account info in the post it will explain more

Ngozi

Always wondered if you could just dump in £10,500 once every six months, would that qualify?

PRAISETHESUN

shteca wrote: »

Thank you so much!
I have applied for the account and they have accepted me :beer:
With regards to the £1,750 would I be okay to transfer the money in one day and withdraw it the next?
I had tried to look through the T&C's and they were really brief and didn't go into many specifics. These were just on the headline offer though so maybe when I get the account info in the post it will explain more

There is no obligation to keep the money in the account, merely that it is deposited. Many folks here automate it with matched standing orders for the same day or you can also do manually and FP in/out in a few minutes. No need to keep the money overnight in an account that pays no interest.

Ngozi wrote: »

Always wondered if you could just dump in £10,500 once every six months, would that qualify?

I'd be curious too. The T&CS suggest it'd be okay, but it's basically the same as depositing £1750 every month for 6 months...

cpalace1

I want use the £175 CA switch offer. My CA is my salary account and I have a basic account for my DD’s am I still able to use the service and the offer as it’s not a CA. I can’t find any material for this situation. Thank you or should I set up 2 SO and transfer them across

[Deleted User]

What account are you wanting to switch over?

cpalace1

I want to switch my current account from lloyds to HSBC but my direct debits are all on a lloyds basic account

[Deleted User]

just set up 2 dummy standing orders in the other account.

cpalace1

Ok will do thanks Gary

penners324

I don't believe you can CASS a basic account.