Pay-in

dg26

Hi guys
My daughter is looking to switch bank accounts and has seen the current HSBC offer. Unfortunately that requires a pay-in of £250 a month more than she takes home. Does the pay-in have to be her salary, or can I pay in £250 a month to make up the shortfall?
Thanks
Doug

pramsay13

You can pay money in, or she can recycle money, so send it out and then back in again from a different bank account or from savings.

dg26

In the FAQs on this account it states "We've had reports that HSBC asks for income levels when you apply, so jemmying the pay in may not be possible for this account". Now the money that I'll be inputting is in fact my daughter's money that I've put aside for her, so it won't be a question of putting the money in and then immediately removing it as it's required elsewhere (which I think is the meaning of "jemmying the pay in"). She will put the maximum into the savings account that hangs off of this account though. Has anyone applied for this account under similar circumstances and been refused?

Thanks

Doug 

PRAISETHESUN

The pay in requirement is pretty easy to get around - you can pay in/out multiple times as described above if you fall short of being able to pay in as a single transaction. "Topping her up" as you describe above will also be fine.

The issue she's likely to have is that HSBC are known to be quite picky and they may refuse her application based on the fact her income isn't high enough to meet the pay in requirement by herself. If that's the case then there's not much anyone can do - HSBC are under no obligation to offer her an account if they don't want to. She can apply and see what happens - worst case scenario is she will have a hard credit search on her files which will impact her ability to get new credit for a month or two, so nothing really in the grand scheme of things.

Ken68

They will reject any application that does not meet the salary level. Also they, alongside Barclays , have been accused of money laundering. Keep well away.

eskbanker

Ken68 said:

Also they, alongside Barclays , have been accused of money laundering. Keep well away.

Everyone will have their own criteria for evaluating providers I suppose but personally I'm not sure that it's particularly relevant to base any decisions on allegations about activities of HSBC's USA subsidiary seven years ago?

dg26

She's opened the account without problems, so that's a result. Thanks for the comments guys