HSBC Minimum deposit requirement

wmb194

Having Advance doesn't seem to bring any benefits anymore but once you've lost Advance it might be a hassle to get it back again if it does improve.

clowning

I've been struggling keeping up with which account needs what and why, and bouncing transfers between accounts. I have streamlined it today and wasn't sure if I was missing something with HSBC. I do have their monthly saver.
Thanks

Deru

My HSBC Regular Saver matured last month.  I've not actually kept up the £1750 deposit for a while prior to its maturity so it made no difference.  My account is still an Advance account.  Their Regular Saver rate is now 2.75% so not sure it's worth the effort any more.

colsten

Deru said:

 Their Regular Saver rate is now 2.75% so not sure it's worth the effort any more.

Where else do you get more than 2.75%? What’s the effort, apart from opening the account and setting up a £250 SO into your HSBC Advance? 

badger09

clowning said:

I've been struggling keeping up with which account needs what and why, and bouncing transfers between accounts. I have streamlined it today and wasn't sure if I was missing something with HSBC. I do have their monthly saver.
Thanks

I keep brief, but detailed notes on my spreadsheet regarding what needs to be done and why. I'd have absolutely no chance of remembering why I opened certain accounts, or what needs to happen to keep the relevant benefit if I didn't have those notes . 

EXSUDBURY

Now that some of the Advance perks are being withdrawn from September 2020 I thought I would downgrade the account to a basic HSBC a/c and avoid the £1750 monthly credit to the account but retain my Regular Savings a/c earning 2.75% interest. However, because of Covid19 it is not possible to do so and have to wait for an unspecified period. Reading comments on this and other pages, I will stop my monthly transfer from another Bank and either HSBC will automatically downgrade the account or it will not be an issue until I can downgrade the account. If ti take a long while, then when my RS account matures I will probably close both.

colsten

I have stopped my monthly £1,750+ several months ago. All that's going in now is the £250 for the RS. So far, I still have an Advance account, and I won't do anything about it unless they start charging for the account. I'd also be quite happy if they downgraded my account.

My RS matures in the next few days, and I fully intend to apply for another one if it still pays 2.75%.

RG2015

EXSUDBURY said:

Now that some of the Advance perks are being withdrawn from September 2020 I thought I would downgrade the account to a basic HSBC a/c and avoid the £1750 monthly credit to the account but retain my Regular Savings a/c earning 2.75% interest. However, because of Covid19 it is not possible to do so and have to wait for an unspecified period. Reading comments on this and other pages, I will stop my monthly transfer from another Bank and either HSBC will automatically downgrade the account or it will not be an issue until I can downgrade the account. If ti take a long while, then when my RS account matures I will probably close both.

Which Advance perks are being withdrawn?

RG2015

colsten said:

I have stopped my monthly £1,750+ several months ago. All that's going in now is the £250 for the RS. So far, I still have an Advance account, and I won't do anything about it unless they start charging for the account. I'd also be quite happy if they downgraded my account.

My RS matures in the next few days, and I fully intend to apply for another one if it still pays 2.75%.

Interesting. Once a month I pay in £1,750 and withdraw £1,500. I am not sure i understand why I would choose to not comply with their Ts & Cs.

I still have 5% on my regular saver i would not want to jeopardize receiving my £81 interest in September, however unlikely that may be.

badger09

RG2015 said:

colsten said:

I have stopped my monthly £1,750+ several months ago. All that's going in now is the £250 for the RS. So far, I still have an Advance account, and I won't do anything about it unless they start charging for the account. I'd also be quite happy if they downgraded my account.

My RS matures in the next few days, and I fully intend to apply for another one if it still pays 2.75%.

Interesting. Once a month I pay in £1,750 and withdraw £1,500. I am not sure i understand why I would choose to not comply with their Ts & Cs.

I still have 5% on my regular saver i would not want to jeopardize receiving my £81 interest in September, however unlikely that may be.

I can't remember when the Advance account ceased to qualify for a higher rate Regular Saver, but when it did, it was no longer necessary to hold that account & pay in £1750 every month.

FWIW, I still pay in £1750 then pay out £1500 to my Lloyds Club, leaving £250 for the RS.