HSBC Advance

xylophone

I.m trying to remember when I had the 8% offering - it was definitely not linked to the "Advance" account because although I've had an HSBC account for over twenty years I only bothered (after the HSBC invitation) with the upgrade to Advance within the last five.

EDIT: Incidentally, that 2.4% figure for December 2009 was quite an anomaly. The RPI for the whole of 2009 was -0.5%

https://www.moneymarketing.co.uk/news/rpi-inflation-turns-negative/

https://www.statslife.org.uk/economics-and-business/33-rpi-versus-cpi-what-s-the-difference-why-does-it-matter-will-it-make-you-poorer-or-richer

https://en.wikipedia.org/wiki/Retail_price_index


I think that having negative inflation was the anomaly.:)

And of course CPI was not negative.

And in 2011

https://www.bbc.co.uk/news/business-15344297

The rate of Consumer Prices Index (CPI) inflation in the UK matched its record high in September, rising to 5.2% from 4.5% the month before.

An increase in energy costs was behind a large proportion of the rise.

The 5.2% rate is the highest CPI measure since September 2008, and it has never been higher since the CPI measure was introduced in 1997.

The Retail Prices Index (RPI) - which includes mortgage interest payments - rose to 5.6% from 5.2%.

P933alilli

So, i made an application for the advance account and was also refused but offered the regular saver instead of 2.75% on a maximum of £3,000.Then they proceed to say that it could earn a maximum of £44 gross in 12 months. Am i missing something? 2.75% x 3000 = £82.50?

eskbanker

Collyflower1 wrote: »

So, i made an application for the advance account and was also refused but offered the regular saver instead of 2.75% on a maximum of £3,000.Then they proceed to say that it could earn a maximum of £44 gross in 12 months. Am i missing something? 2.75% x 3000 = £82.50?

It would seem you're missing the fact that with regular savers, the balance builds up gradually over the year, so you can't expect to earn a full year's interest on the whole closing balance, which will only have been in the account for the last month.

Interest will actually be calculated on a daily basis according to the balance on each day, but as a short cut you can work out that (if funded optimally) the average balance over the year will be about £1,625 (divide 250 + 500 + 750 + ... + 2750 + 3000 by 12), so 2.75% of that is £44.69, hence this being the figure quoted (correctly) at https://www.hsbc.co.uk/savings/products/regular-saver/.

colsten

onaflamingpie wrote: »

I think the main MSE site should make it clearer that if you are unemployed, you are very likely to be rejected for the HSBC Advance account and should not risk applying.

I am not employed and I do have an HSBC Advance (and wasn't employed at the time I applied for it)

Bang goes your theory, for which there's no proof anyway, as nobody outside HSBC knows what their decision criteria are. Same for any other bank.

Nick_C

I'm in the process of getting my HSBC Advance AC up and running, but they don't make it easy. I feel bombarded with paperwork (6 letters so far). I need to provide a specimen signature by post. I need to fill in a form with my security details and post it back to them, then wait for a further letter before I can set up on line banking. I'm not sure it's worth the hassle, and it's a huge waste of paper.

Incidentally, I'm not working but do have a decent pension.

P933alilli

Ive also been refused my First Direct application but this time due to my credit report. I have an excellent credit report. I wonder if its due to just being refused the HSBC account, for which i was given no reason, showing up on their system? I'm also retired but can easily fund both accounts.

colsten

First Direct are also known to be picky.

It is conceivable that you got turned down because your credit record is too positive. They might be after customers who offer loan and overdraft potential, not retired people with lots of cash. You'll never know the actual reason though.

badger09

Collyflower1 wrote: »

So, i made an application for the advance account and was also refused but offered the regular saver instead of 2.75% on a maximum of £3,000.Then they proceed to say that it could earn a maximum of £44 gross in 12 months. Am i missing something? 2.75% x 3000 = £82.50?

Do you mean you were offered their Bank Account (ie not Advance) instead:cool:.

The Bank Account also gives access to the Regular Saver @ 2.75%
It has a smaller switching incentive and lower daily ATM withdrawal limits.

What did you want the Advance account for?

PRAISETHESUN

badger09 wrote: »

What did you want the Advance account for?

Presumably the £175 switch incentive instead of the £75 incentive for the standard bank account?

polymaff

Collyflower1 wrote: »

Hi, i gather that to qualify for the free £175 ...

badger09 wrote: »

.. What did you want the Advance account for?

.............