HSBC Advance £175 Offer

focus888

sportsarb wrote: »

And I was rejected.

Not really too unexpected to be honest.

How did they let you know? Email? Text?

sportsarb

focus888 wrote: »

How did they let you know? Email? Text?

I rang them.

They did say that the letter would offer an alternative account but I doubt its anything I need or am interested in seeing as the intent was to get £175 and 2.75% interest.

PRAISETHESUN

sportsarb wrote: »

I rang them.

They did say that the letter would offer an alternative account but I doubt its anything I need or am interested in seeing as the intent was to get £175 and 2.75% interest.

They'll probably offer you their standard bank account, which has a £75 switch offer available. You'll still be eligible for their 2.75% regular saver with this account as well. Otherwise it'd be their basic account which probably wouldn't suit. It'd be worth waiting and see what they actually offer you.

https://www.hsbc.co.uk/current-accounts/products/bank-account/
https://www.hsbc.co.uk/savings/products/regular-saver/

abz88

jimjames wrote: »

In the context of HSBC Advance, I suspect if the only account you could get was a basic account then it would be very unlikely that you'd get approved for an Advance account when HSBC seem to be quite picky.

I set up a basic Nationwide Flex Account (the standard, non-interest earning one), set up a couple standing orders to and from other accounts and switched it. I was accepted for the HSBC Advance and got the £175 on offer.
I don't think they care what level of account you are switching from as long as your salary and credit history are good enough and you have the DD/SO set up.

jimjames

abz88 wrote: »

I set up a basic Nationwide Flex Account (the standard, non-interest earning one), set up a couple standing orders to and from other accounts and switched it. I was accepted for the HSBC Advance and got the £175 on offer.
I don't think they care what level of account you are switching from as long as your salary and credit history are good enough and you have the DD/SO set up.

My point was that anyone who can only get a basic bank account (which is quite different to a standard Flexaccount) is unlikely to have the credit history or income to qualify for an Advance. If they were it seems unlikely that they'd have a basic bank account in the first place.

abz88

jimjames wrote: »

My point was that anyone who can only get a basic bank account (which is quite different to a standard Flexaccount) is unlikely to have the credit history or income to qualify for an Advance. If they were it seems unlikely that they'd have a basic bank account in the first place.

The FlexAccount is a basic account. The only account ranked below it on Nationwide is the FlexBasic (which despite the name isn't their entry level account, but for those that have been bankrupt or can't qualify for any other account of there's). It's not about only being able to get a basic account, its about only having a basic account. There are a lot of people that just stick to a basic account regardless of their finances because they can't be bothered updating it until they see an add on eg. Facebook that tells them they can get £175 to switch or they get annoyed with their own bank for some reason and decide its time to leave.

Ryano2801

Does anyone know how long it takes for the £175 to come into your account? I applied for the HSBC advance account, switching from Nationwide and was accepted. The switch was officially completed yesterday and i have been paying the odd £20 here and there in and have bought something online.

So I just wondered how long i had to wait for the bonus to appear in my account?

I haven't paid in £1750 per month yet but i do have 2 x DD set up.

Thanks

YorkshireBoy

Ryano2801 wrote: »

Does anyone know how long it takes for the £175 to come into your account? I applied for the HSBC advance account, switching from Nationwide and was accepted. The switch was officially completed yesterday and i have been paying the odd £20 here and there in and have bought something online.

So I just wondered how long i had to wait for the bonus to appear in my account?

I haven't paid in £1750 per month yet but i do have 2 x DD set up.

Thanks

Timescale will be given in the incentive T&Cs. Or did you want a random sample of when people actually got it?

You say you have "set up" a couple of DDs. Hopefully these were switched rather than simply set up once the account was opened?

Ryano2801

YorkshireBoy wrote: »

Timescale will be given in the incentive T&Cs. Or did you want a random sample of when people actually got it?

You say you have "set up" a couple of DDs. Hopefully these were switched rather than simply set up once the account was opened?

Merely just a random sample!

I have 1 x DD with PayPal that was "switched" and 1 x SO with my other Current Account account that was "switched" so i qualified

stu888

Applied for HSBC Advance account as I eventually intend to switch away from Nationwide where I do my day to day banking. Since I retired early I have only a very small income, but am living off my capital until I decide to take my pensions, have however more than enough to meet the funding requirements of this account. They sent me a letter not only asking to see proof of my income, but asking me to take it into an HSBC branch, which I wouldn't have done anyway. Don't know if they realise what my situation is or whether they think that I am just after the incentive as I have four other current accounts (all for different purposes) .

Anyway the upshot is that my credit rating which has been over 500 for years now has been downgraded by 37 points to less than 500.....so I would advise anybody to be careful when applying for this account as HSBC obviously very picky who they want as customers!