HSBC Advance Switch Is Back £125

adamp87

YorkshireBoy said:

adamp87 said:

You will need to pay in a minimum of £1750 per month and setup 2+ Direct Debits or Standing Orders within 30 days of using the Current Account Switch Service. 

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/accounts/hsbc-rfb2330-mcp55530-web.pdf

According to the link you've provided, condition 2(d) seems to say the DDs or SOs need to be switched, not simply "set up" in order to qualify.

Thanks YB made an edit

ClaraSolis

If we have our mortgage with First Direct, does that mean we would not be eligible for the switching bonus? We don't have a current account with First Direct, just the mortgage.

PRAISETHESUN

Offer terms for future reference: https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/accounts/hsbc-rfb2330-mcp55530-web.pdf

Notnewnotold

Not eligible and to be honest, I'd really have to gird my loins on this even if I was able to give it a go. HSBC certainly likes to make you work/wait for your account...

armith

Might have another go at getting an Advance account. Got turned down last year when I applied (don't know why - meet all the criteria and lots of mortgage and loan history with HSBC over 20+ years). I only really want it to make paying in cheques easier - I still get plenty of these and it's a pain with the Nationwide closing the branch in town.
The only thing that worries me is if all the other banks see HSBC constantly knocking me back?

colsten

armith said:

Might have another go at getting an Advance account. Got turned down last year when I applied (don't know why - meet all the criteria and lots of mortgage and loan history with HSBC over 20+ years). I only really want it to make paying in cheques easier - I still get plenty of these and it's a pain with the Nationwide closing the branch in town.
The only thing that worries me is if all the other banks see HSBC constantly knocking me back?

If your main criterion is mobile cheque deposits, HSBC may not be your top choice: https://forums.moneysavingexpert.com/discussion/6221458/list-of-bank-building-society-app-cheque-deposit-limits/p1

Still, worth giving HSBC another try for the £125 incentive.

cymruchris

Notnewnotold said:

Not eligible and to be honest, I'd really have to gird my loins on this even if I was able to give it a go. HSBC certainly likes to make you work/wait for your account...

I applied for the last £125 switch a couple of months ago. It was quick, efficient and pain-free. I moved a couple of direct debits to an unused Monzo account, and then switched in from that. I got my card/pin quickly, online access in a matter of a few days, and was kept in the loop with communication throughout. In my eyes it all went perfectly.

I know it doesn't go so smoothly for everyone - but usually it's more likely we hear from those where it went wrong, than where it went right. 

armith

colsten said:

 choice: https://forums.moneysavingexpert.com/discussion/6221458/list-of-bank-building-society-app-cheque-deposit-limits/p1

Still, worth giving HSBC another try for the £125 incentive.

£500\£750 will be fine - it's mostly for small maintenance jobs - people who want design work tend to pay by bank transfer. If the worst comes to the worst I'd be able to pop into the branch to pay in - with the Nationwide it's a 40 mile round trip.

Thanks for the reply... I'll give it another go :-:smile:

Nmgdale

Tried to switch. Accepted and then received this 18 hours later "Thanks for your recent application. We’re busier than usual and it may take longer to process. You don’t need to do anything. We’ll be in touch soon. Please ignore this SMS if you have chosen not to proceed.". 
Anyone know how long it normally takes to get a welcome email?

DoubleTop_2

a question for someone who may know - so in these times where job security isn't the greatest - what happens to the advance account if you were to fail to pay in the required amount per month? Can you just move money in and out to satisfy the terms? Seems a pointless exercise - but I can't see any provision in the terms for what actually happens if your income were to drop beneath the terms