HSBC regular saver without HSBC current account

yahaa

I am interested in opening a regular saver account. The HSBC one says it is only for HSBC customers, but I cannot see anything obvious to stop me opening a current account just for the purposes of meeting the requirements, and not actually using it. (I don't want to move my main current account at the moment.) I tried calling HSBC but they weren't hugely helpful - they said if the current account is not used then it would go dormant, and could be closed within 3 months, but didn't define what "used" means or how I could avoid that happening (ie could I move a little bit of money in and out occasionally to stop this?)

Does anyone have any experience of this at all?

Thank you.

SFindlay

yahaa said:

I am interested in opening a regular saver account. The HSBC one says it is only for HSBC customers, but I cannot see anything obvious to stop me opening a current account just for the purposes of meeting the requirements, and not actually using it. (I don't want to move my main current account at the moment.) I tried calling HSBC but they weren't hugely helpful - they said if the current account is not used then it would go dormant, and could be closed within 3 months, but didn't define what "used" means or how I could avoid that happening (ie could I move a little bit of money in and out occasionally to stop this?)

Does anyone have any experience of this at all?

Thank you.

Yes that's fine, I use mine much the same just fire some money in each month and move it out to another account and if want set up a random DD for a few quid and you'll have the SO to the regular saver and it will be fine. 

eskbanker

It's hardly surprising that HSBC aren't keen to tell you how to bend their rules, and there are many on here who point out that it can often be counterproductive to be too explicit about discussing such loopholes openly, so let's just say that there isn't a specific level of activity needed on the current account to keep it open, and obviously you'd need to have a way of directing monthly payments to the regular saver anyway....

badger09

OP
HSBC (along with First Direct and M&S) are noted for being 'choosy' who they accept as current account customers.
I've no idea what your financial situation is like, but don't be surprised if they decline your application because 'you don't fit their profile'. 

yahaa

Thank you everyone. I think I'm just going to give it a try and see what happens.

Thanks again.

lhsecons

This is what many people do. It doesn’t break the rules and they won’t make your current account dormant as presumably you’ll be paying money into it each month to finance your regular saver standing order.