HSBC switch offer - can I pay in £10,500?

wolvoman

The HSBC Advance account requires a monthly pay-in of £1,750 or £10,500 in every 6 months to remain open.

Is there any reason why I can't just pay in £10,500 now, withdraw it tomorrow and then not have to bother again for the next 6 months?

Steve_xx

wolvoman wrote: »

The HSBC Advance account requires a monthly pay-in of £1,750 or £10,500 in every 6 months to remain open.

Is there any reason why I can't just pay in £10,500 now, withdraw it tomorrow and then not have to bother again for the next 6 months?

There no reason why you can't do that. But why leave the 10.5k there for a day? Just switch it in and out in minutes!!

Ben8282

There is probably no reason why you can't do this, but this is not exactly normal account conduct and HSBC could well decide to close the account if the account is being used for the sole purpose of paying in £10,500 every 6 months which is then withdrawn the next day.

Nebulous2

You can do lots of things. Whether you should is a different question.

I believe in trying to leave something in the pot for people coming behind me, by at least making some use of the account, leaving a few quid in it and occasionally using the debit card.

Yorkshire_Pud

wolvoman wrote: »

The HSBC Advance account requires a monthly pay-in of £1,750 or £10,500 in every 6 months to remain open.

Is there any reason why I can't just pay in £10,500 now, withdraw it tomorrow and then not have to bother again for the next 6 months?

Yes you 100% can. I’ve done it for three years without issue. Plus you don’t need to do 10.5k in one go, you could do 3x the same £3500 in/out and all on the same day as long as it totals 10.5k+. HSBC came up with the 10.5k option so why not use it if it suits? Diarise for every six months.

oceandreamer

Just wondering if anyone has successfully accessed the £175 for switching more than once? I switched to HSBC a number of years ago and got money for doing so. In the ts and cs it says you can't have held an account since 2017 to qualify for the switch but does anyone know if they will actually pay you again if you have had a payment in the past (but prior to this)?

wolvoman

Nebulous2 wrote: »

You can do lots of things. Whether you should is a different question.

I believe in trying to leave something in the pot for people coming behind me, by at least making some use of the account, leaving a few quid in it and occasionally using the debit card.

I don’t disagree with you, I’ll get some use out of the account.
My opening post was more specifically about meeting the pay-in conditions (which seems to have been graciously answered on this thread).

Cheers!