HSBC Minimum deposit requirement

RG2015

badger09 said:

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. 

Thanks. I missed that piece of news.

RG2015

RG2015 said:

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Now that some of the Advance perks are being withdrawn from September 2020 I thought I would downgrade the account to a basic HSBC a/c and avoid the £1750 monthly credit to the account but retain my Regular Savings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Which Advance perks are being withdrawn?

As if by magic, I have just received an email from HSBC entitled "Advance Current Account benefits are changing"

We wanted to let you know, from 1 September we are withdrawing our HSBC Advance Members offers programme and the website will no longer be available. You can still register and use Advance Members until this date at which time all offers and subscriptions will expire.

I just have the regular saver and didn't even know about the Advance Members offers programme.

PS: I have just looked at it and I think I did see it when I opened the account and was unimpressed.

soulsaver

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%.

Snap.
They won't do anything about the lack of £1750 pm for at least 6 months 'cos there has always been the option to pay in £10500 in one go (and to instantly w/d it..) to ensure continuity, if desired. 
edit: typo correction

London7766551

wmb194 said:

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.

I have held two Advanced accounts. First (now closed) was upgraded from standard, second was a direct application for Advanced. I'm about to close the current one however.

I don't really like HSBC anymore, but apart from that the account doesn't offer anything as far as I know apart from the reward credit card and saver.