HSBC £125 switch bonus

ischris85

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

SlovakianGuy

Katiehound said:

oh dear, they've realised that HSBC, First Direct & M&S are linked....... I wonder how long it will be before the Lloyds group makes banks within it's group ineligible.
I had hoped to switch to 1st D at some time in the future- I reckon that notion has just sunk!!

Do you think it works both ways?

If I open HSBC (for the first time ever), I will later be ineligible for the bonus from First Direct and/or M&S?

YorkshireBoy

ischris85 said:

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

...or one of each.

st999

YorkshireBoy said:

ischris85 said:

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

...or one of each.

All my DDs are keeping my Vantage, Reward and Santander lite going so it will have to be standing orders, that's if they give a 75 year old pensioner an account..
I suppose a £1.00 SO to my Santander lite and Vantage accounts will be sufficient?

YorkshireBoy

st999 said:

YorkshireBoy said:

ischris85 said:

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

...or one of each.

All my DDs are keeping my Vantage, Reward and Santander lite going so it will have to be standing orders, that's if they give a 75 year old pensioner an account..
I suppose a £1.00 SO to my Santander lite and Vantage accounts will be sufficient?

Yes they will.
But in a couple of weeks your Vantage account(s) will be paying a max of 0.78%. Are you going to continue at that rate?

st999

YorkshireBoy said:

st999 said:

YorkshireBoy said:

ischris85 said:

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

...or one of each.

All my DDs are keeping my Vantage, Reward and Santander lite going so it will have to be standing orders, that's if they give a 75 year old pensioner an account..
I suppose a £1.00 SO to my Santander lite and Vantage accounts will be sufficient?

Yes they will.
But in a couple of weeks your Vantage account(s) will be paying a max of 0.78%. Are you going to continue at that rate?

Where else am I going to keep my money?
My Vantage account is a joint account where my wife and I's pensions go in.

NottinghamKnight

st999 said:

YorkshireBoy said:

st999 said:

YorkshireBoy said:

ischris85 said:

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

...or one of each.

All my DDs are keeping my Vantage, Reward and Santander lite going so it will have to be standing orders, that's if they give a 75 year old pensioner an account..
I suppose a £1.00 SO to my Santander lite and Vantage accounts will be sufficient?

Yes they will.
But in a couple of weeks your Vantage account(s) will be paying a max of 0.78%. Are you going to continue at that rate?

Where else am I going to keep my money?
My Vantage account is a joint account where my wife and I's pensions go in.

Probably somewhere with a better interest rate I would imagine. The drop in interest rate would mean for many that they wouldn't attempt to keep the full £5k in there but move that money to better accounts, with marcus, ns&i, skipton etc whoever is paying the highest rate.  

st999

NottinghamKnight said:

st999 said:

YorkshireBoy said:

st999 said:

YorkshireBoy said:

ischris85 said:

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

...or one of each.

All my DDs are keeping my Vantage, Reward and Santander lite going so it will have to be standing orders, that's if they give a 75 year old pensioner an account..
I suppose a £1.00 SO to my Santander lite and Vantage accounts will be sufficient?

Yes they will.
But in a couple of weeks your Vantage account(s) will be paying a max of 0.78%. Are you going to continue at that rate?

Where else am I going to keep my money?
My Vantage account is a joint account where my wife and I's pensions go in.

Probably somewhere with a better interest rate I would imagine. The drop in interest rate would mean for many that they wouldn't attempt to keep the full £5k in there but move that money to better accounts, with marcus, ns&i, skipton etc whoever is paying the highest rate.  

Am I correct that I will only be getting £39.08 on my Vantage account after October?

soulsaver

st999 said:

NottinghamKnight said:

st999 said:

YorkshireBoy said:

st999 said:

YorkshireBoy said:

ischris85 said:

st999 said:

Do I need the 2 standing orders set up before I start the switch?
I knew my NatWest account that I switched from my TSB account would come in useful.

Yes, either 2x SOs or 2x DDs T&Cs say.

...or one of each.

All my DDs are keeping my Vantage, Reward and Santander lite going so it will have to be standing orders, that's if they give a 75 year old pensioner an account..
I suppose a £1.00 SO to my Santander lite and Vantage accounts will be sufficient?

Yes they will.
But in a couple of weeks your Vantage account(s) will be paying a max of 0.78%. Are you going to continue at that rate?

Where else am I going to keep my money?
My Vantage account is a joint account where my wife and I's pensions go in.

Probably somewhere with a better interest rate I would imagine. The drop in interest rate would mean for many that they wouldn't attempt to keep the full £5k in there but move that money to better accounts, with marcus, ns&i, skipton etc whoever is paying the highest rate.  

Am I correct that I will only be getting £39.08 on my Vantage account after October?

Depends on how much you have in there and for how long but you'll get 0.78% pa while you have £5k in calculated daily.

Katiehound

SlovakianGuy said:

Katiehound said:

oh dear, they've realised that HSBC, First Direct & M&S are linked....... I wonder how long it will be before the Lloyds group makes banks within it's group ineligible.
I had hoped to switch to 1st D at some time in the future- I reckon that notion has just sunk!!

Do you think it works both ways?

If I open HSBC (for the first time ever), I will later be ineligible for the bonus from First Direct and/or M&S?

Well , that may be the case. Who's to say???
This is the first time (I think) that one of the banks in that particular group has expressly mentioned the other 2.
Until now I have held both M&S and HSBC accounts and with both I had very very generous switch deals . I see the switches were much  longer ago than I realised: July 2015 for HSBC, Jan 2016 for M&S.  M&S has just gone (to Lloyds) and I plan for HSBC to switch later on.
So it looks like the ineligibility depends on how long you keep an account/ or how long ago you had a switch deal.

I  confess I did open these accounts for the 'goodies' and their RS had 5% interest. Maybe it is worth trying for the HSBC- they are pickie. I recall I had to have an interview.
In the meantime I would be opening a boring little donor a/c ready for a future switch! at a bank where you are already a customer.
I don't switch my 'main' account- that stays put.