HSBC Advance Switch Is Back £125

droberts26

Nmgdale said:

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?

I initiated a switch on Tuesday, and didn't hear anything until last night when I got an email to say card is on it's way, an email to say download the app and a text to say card and pin are on their way. Not had any welcome pack etc which it did say would be emailed.

*UPDATE - card arrived this morning

annedonnelly

I'm pleased to hear that others didn't get a confirmation e-mail immediately. I was beginning to think I'd given them the wrong address. But I'm gobsmacked that they don't send something automatically as part of the process. Every other account I've applied for has done - and I've had lots!

adamp87

DoubleTop_2 said:

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

That appears to be the common experience (I think it can’t come from another HSBC account you own.  

I think they review the account every 6 months or so I’d you haven’t paid in

Frogletina

DoubleTop_2 said:

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

I have had an account for a few months without putting the full monthly money in.

At some point I will put in a lump sum or two, as conditions say £10,500 over 6 months as an alternative to a monthly payment. I will not keep this money in there, so it will go in and be transferred out asap. 

I'm only keeping the account for a year because I've got their regular saver. I was turned down by them once, so I was determined to get an account at some point but I won't be keeping it after a year. 

colsten

Frogletina said:

DoubleTop_2 said:

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

I have had an account for a few months without putting the full monthly money in.

At some point I will put in a lump sum or two, as conditions say £10,500 over 6 months as an alternative to a monthly payment. I will not keep this money in there, so it will go in and be transferred out asap. 

I'm only keeping the account for a year because I've got their regular saver. I was turned down by them once, so I was determined to get an account at some point but I won't be keeping it after a year. 

For quite some time now, they have only had one interest rate for each of their RS editions. An Advance account won't give you a better rate any more.

The only money that went into my Advance account for the last 9 months was the monthly for the RS, and a matured RS. So way below £1,750/mth or £10,500 in 6 months. They haven't said or done anything about it yet. If they downgrade me, so be it. My existing RS will mature in a few months from now, and that's when I will close the account unless they come up with an offer I can't refuse. Very low chance for that to happen.....

squashed_pea

Did a switch to them from Santander last week. Same story with no confirmation email/text for a few days then I got an email. Debit card came through, so activated that, then sorted out the apps. I say apps as for some ludicrous reason you can’t have 2 active at the same time. Don’t get me wrong I’m all for security but setting the online banking up wasn’t enjoyable and now to find I can’t have 2 devices logged in I.e the iPhone and iPad seems ridiculous. My Santander app was great, no issues and easy to transfer money in and out on multiple devices.

The app promises ease in use so I hope it doesn’t cause me any stress. For any existing HSBC customers is it easy to view old statements, transfer money, add new payees etc?

cheers 

colsten

squashed_pea said:

Did a switch to them from Santander last week. Same story with no confirmation email/text for a few days then I got an email. Debit card came through, so activated that, then sorted out the apps. I say apps as for some ludicrous reason you can’t have 2 active at the same time. Don’t get me wrong I’m all for security but setting the online banking up wasn’t enjoyable and now to find I can’t have 2 devices logged in I.e the iPhone and iPad seems ridiculous. My Santander app was great, no issues and easy to transfer money in and out on multiple devices.

The app promises ease in use so I hope it doesn’t cause me any stress. For any existing HSBC customers is it easy to view old statements, transfer money, add new payees etc?

cheers 

HSBC app is ok-ish once you've set it all up. I agree, it is a PITA that you can only have one instance of the app - they have obviously thought through the resilience requirements of their customers - NOT.

You can always switch away from HSBC once you have the switch bonus.

dave1345

armith said: 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.

Nationwide will accept cheques by post if that is any use to you.

vintage_susan

HSBC has apparently been cooperating heavily with the CCP in Hong Kong, to the extent of closing down all funding platforms for those who wish to protest against an autocratic takeover by a ruthless government who does not hesitate to cancel people who oppose it.  Think carefully about whether a wee bribe or freebie from this bank is worth colluding with their operation.

EarthBoy

vintage_susan said:

Think carefully about whether a wee bribe or freebie from this bank is worth colluding with their operation.

Getting free money from them is not colluding with anything. Anybody who's got scruples about their activities can easily switch to a different bank as soon as they've got the bonus.