HSBC £125 switch bonus

David28

I finally managed to get through to HSBC and got my telephone banking security number and then my HSBC internet banking set up.
When I logged in I got a pleasant surprise, my balance had increased by £125 from the £10 that was switched across.
So I got the switch bonus without paying in £1750.
I suppose if I don't pay in £1750 HSBC will take it back?
 or can they?

Ed-1

David28 said:

I finally managed to get through to HSBC and got my telephone banking security number and then my HSBC internet banking set up.
When I logged in I got a pleasant surprise, my balance had increased by £125 from the £10 that was switched across.
So I got the switch bonus without paying in £1750.
I suppose if I don't pay in £1750 HSBC will take it back?
 or can they?

Paying in £1,750 is not a requirement if the switch incentive. It's a requirement of the Advance account (the alternative is to pay in £10,500 over 6 months).

David28

So I can just withdraw the £125 and leave the account dormant until the next switching opportunity comes along?

anniecave

David28 - what type of account have you opened with HSBC?  According to the HSBC website, you need to fulfill the requirements of the specific account. So if you have opened an advance account, you either need to pay in a minimum of £1750 each month, or pay in the amount of £10500 total over 6 months.  

David28

anniecave said:

David28 - what type of account have you opened with HSBC?  According to the HSBC website, you need to fulfill the requirements of the specific account. So if you have opened an advance account, you either need to pay in a minimum of £1750 each month, or pay in the amount of £10500 total over 6 months.  

It is an HSBC Advanced account.
I thought that was what everyone was switching to to get the bonus?
So can they take the £125 back if I don't pay in £1750? 

Ed-1

David28 said:

anniecave said:

David28 - what type of account have you opened with HSBC?  According to the HSBC website, you need to fulfill the requirements of the specific account. So if you have opened an advance account, you either need to pay in a minimum of £1750 each month, or pay in the amount of £10500 total over 6 months.  

It is an HSBC Advanced account.
I thought that was what everyone was switching to to get the bonus?
So can they take the £125 back if I don't pay in £1750? 

No. The pay-in has nothing to do with the switch offer. As previously said, it's a requirement to keep the account as an Advance. All that might happen is that HSBC write to you to say that if you don't pay in the required amount they will downgrade the account.

David28

So, as I asked previously, I can withdraw the £125 and leave the account dormant?
I have no use for the account, I only switched for the switch money. 

Ed-1

David28 said:

So, as I asked previously, I can withdraw the £125 and leave the account dormant?
I have no use for the account, I only switched for the switch money. 

You can do what you want with it

Katiehound

My only thought is that such action may make you ineligible for any switch deals or indeed any account with any bank in that group- M&S, First Direct & HSBC

In fact I'm not sure if that would be categorised as fraud?

nownewretiredin2011

Katiehound said:

My only thought is that such action may make you ineligible for any switch deals or indeed any account with any bank in that group- M&S, First Direct & HSBC

In fact I'm not sure if that would be categorised as fraud?

Along with every other switcher on here.
Hands up who is actually going to use the account?