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HSBC Advance £175 Offer

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Comments

  • eskbanker
    eskbanker Posts: 37,440 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    stu888 wrote: »
    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!
    I'd advise anybody to:
    1. Read the numerous threads on here that make that point that HSBC are picky if there's the slightest whiff of minimum monthly funding not coming from earned income
    2. Ignore credit scores as they're essentially numbers made up by ratings agencies, that aren't seen by prospective lenders, also as covered on numerous other threads!
  • RG2015
    RG2015 Posts: 6,061 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 28 November 2019 at 3:07PM
    eskbanker wrote: »
    I'd advise anybody to:
    1. Read the numerous threads on here that make that point that HSBC are picky if there's the slightest whiff of minimum monthly funding not coming from earned income
    2. Ignore credit scores as they're essentially numbers made up by ratings agencies, that aren't seen by prospective lenders, also as covered on numerous other threads!
    Can you advise how they might discover that the minimum monthly funding was not coming from earned income?

    PS Just realised that they ask for your annual income on the application. I guess the earlier poster told them their monthly income and it was not high enough for HSBC.
  • shteca
    shteca Posts: 120 Forumite
    100 Posts Third Anniversary Combo Breaker Debt-free and Proud!
    HSBC paid the £175 into my account within 10 days. I was very impressed to be honest.
    I’ve had the account now for a couple months and paid in the £1750 per month.
    I saw now in the latest Money Tips that First Direct is offering £100 to move to them.
    I don’t plan on using HSBC as my main bank and I wondered if I could switch that account now to FD to collect the £100.
    Would I need to give back the £175 to HDBC if I leave?
    Debt Fully Paid Off (20/06/2019): £54,441.87
    Dave Ramsey is my financial guru!
  • Nebulous2
    Nebulous2 Posts: 5,673 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Read the terms and conditions for both offers. If the terms for HSBC say that you have to give money back then you have to. If it isn’t listed you don’t have to. If the terms for First Direct say you don’t qualify if you switch from another HSBC account then you won’t qualify.
  • shteca
    shteca Posts: 120 Forumite
    100 Posts Third Anniversary Combo Breaker Debt-free and Proud!
    Update
    Called HSBC - they said once they have paid the £175 you are free to close the account and keep the £175 joining bonus
    Called First Direct - they said they will pay the bonus even if switching from HSBC
    Debt Fully Paid Off (20/06/2019): £54,441.87
    Dave Ramsey is my financial guru!
  • jimjames
    jimjames Posts: 18,723 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 3 January 2020 at 3:03PM
    Umiamz wrote: »
    Ah yes - nothing to write home about, though...

    5% regular saver was worth having
    shteca wrote: »
    With regards to the £1,750 would I be okay to transfer the money in one day and withdraw it the next?

    I'm sure you probably have the answer now but for the benefit of anyone else - do your bank specify how long you have to leave your wages in the account before you can spend them? If not then you can move money out whenever you want.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • I believe I was accepted but they want to see ID in branch which is only open 9-5 when most people work that.

    Also not had an email or reference number is that normal?
  • oli356
    oli356 Posts: 171 Forumite
    100 Posts Name Dropper
    I believe I was accepted but they want to see ID in branch which is only open 9-5 when most people work that.

    Also not had an email or reference number is that normal?
    I've just had a text message saying that my account is open and the card/pin are on their way in the post. Heard nothing else yet, no email which I found was strange.
  • Did you have to go into branch at any point?
  • Katiehound
    Katiehound Posts: 8,125 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 6 January 2020 at 4:05PM
    The 5% RS was worth having- mine has some months to go yet. When that ends may think of leaving!
    I pay my £1750 in 3 chunks. £1000 which has one cycling circuit, £500 on another circuit and £250 which funds the RS. Nothing stays too long!!
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £158.55profit!!!
    2025 3dduvets
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