HSBC Minimum deposit requirement

schiff

I have several current accounts, all opened for various reasons to obtain some advantage - a switch bonus, access to a decent RS %, interest, cash back. Some require a minimum monthly deposit - TSB, Lloyds, HSBC, Santander Lite. TSB and Lloyds are easy - both pay interest and the monthly deposit can be combined with RS SOs. I've regularly deposited my £1750 into HSBC and it has been matched with outgoing RS SOs. It pays no interest, the balance is kept at £10, but it gives me access to their RS.
What happens if I accidentally or deliberately deposit less than the £1750 in a month? What do they do about the RS? Three of my RSs that are going to mature in the next couple of months are with HSBC, so I could get away with depositing less. I do know before anyone points it out that I can dump £1750 in and draw it out immediately. But with so much time to think about this that and the other it intrigues me.

SFindlay

schiff said:

I have several current accounts, all opened for various reasons to obtain some advantage - a switch bonus, access to a decent RS %, interest, cash back. Some require a minimum monthly deposit - TSB, Lloyds, HSBC, Santander Lite. TSB and Lloyds are easy - both pay interest and the monthly deposit can be combined with RS SOs. I've regularly deposited my £1750 into HSBC and it has been matched with outgoing RS SOs. It pays no interest, the balance is kept at £10, but it gives me access to their RS.
What happens if I accidentally or deliberately deposit less than the £1750 in a month? What do they do about the RS? Three of my RSs that are going to mature in the next couple of months are with HSBC, so I could get away with depositing less. I do know before anyone points it out that I can dump £1750 in and draw it out immediately. But with so much time to think about this that and the other it intrigues me.

I believe all they will do with current account is change it to their standard what they call "bank account" which doesnt have a minimum pay in however still gives you access to the regular saver so no big deal!! 

colsten

schiff said:

Three of my RSs that are going to mature in the next couple of months are with HSBC

How did you manage to get three HSBC Regular Savers?

ctdctd

schiff said:

I have several current accounts, all opened for various reasons to obtain some advantage - a switch bonus, access to a decent RS %, interest, cash back. Some require a minimum monthly deposit - TSB, Lloyds, HSBC, Santander Lite. TSB and Lloyds are easy - both pay interest and the monthly deposit can be combined with RS SOs. I've regularly deposited my £1750 into HSBC and it has been matched with outgoing RS SOs. It pays no interest, the balance is kept at £10, but it gives me access to their RS.
What happens if I accidentally or deliberately deposit less than the £1750 in a month? What do they do about the RS? Three of my RSs that are going to mature in the next couple of months are with HSBC, so I could get away with depositing less. I do know before anyone points it out that I can dump £1750 in and draw it out immediately. But with so much time to think about this that and the other it intrigues me.

The terms for HSBC Advance say you have to deposit £1750 per month or £10,500 every six months so if you miss a month it's going to be at least another 6 months before they worry about it.

eddie7612

colsten said:

schiff said:

Three of my RSs that are going to mature in the next couple of months are with HSBC

How did you manage to get three HSBC Regular Savers?

I assume HSBC, First Direct and M&S (all HSBC Group)

colsten

I was wondering whether that is what schiff meant. Though M&S isn't part of the HSBC group, and the minimum HSBC deposit (subject of this thread) is not a pre-req for, and doesn't entitle you to, FD or M&S regular savers.

eskbanker

colsten said:

M&S isn't part of the HSBC group

https://bank.marksandspencer.com/legal-information/ would beg to differ:

M&S Bank is part of the HSBC Group.

It doesn't share HSBC's banking licence in the way that FD does, if that's perhaps what you meant?

clowning

What was the benefit of paying in £1750? I still pay it in but as it’s my main current account it’s no big deal. Did it have a good interest rate? 

badger09

Having an Advance account, for which there is a funding requirement of £1750 pm or £10500 every 6 months, used to give access to preferential rate on regular saver. (6% IIRC). 

schiff

colsten said:

schiff said:

Three of my RSs that are going to mature in the next couple of months are with HSBC

How did you manage to get three HSBC Regular Savers?

Could have been clearer sorry - funding three non-HSBC RSs - as well as the HSBC which for me is mid-month.

schiff

clowning said:

What was the benefit of paying in £1750? I still pay it in but as it’s my main current account it’s no big deal. Did it have a good interest rate? 

I really seem to have caused some confusion!  HSBC isn't my main account, it doesn't pay interest apart from anything else. But on the first working DOTM I have been depositing £1750 and it has gone out the same day to a mix of RSs totalling about £1750. But some of those RSs are maturing in the next two/three months. And I've found creating new SOs on HSBC doesn't always work due to the new CoP rules. I tried to start my Halifax RS SO with HSBC a few weeks ago. They didn't recognise the sort code, nor Halifax Bank, nor when I tried in desperation Bank of Scotland - though everything was correct. Ended up with no way through so I set up the SO elsewhere.