Switching to a new account

positiveevibes

Hi everyone,
I am thinking to switch to HSBC account but I have some questions.
As I do not want to close any of my current accounts and to use HSBC one as main can I open another new account let’s say with Monzo or another bank, transfer 2 DD and then switch to HSBC? Are there any requirements to hold the account you are switching from for certain time? 

I  see that some people are required to show bank statement from the last 3 months so does it mean I have to show the statement from the account I am switching from or it could be another current account?

Also my bf used to have HSBC current account between 2016-2020. Can he also get the switch bonus as from what I see it is for everyone except if you have opened an account with HSBC since 2018 and his was opened before?

cymruchris

I wasn't required to show bank statements. I used a Monzo account that I opened last year but hadn't used. I transferred in two direct debits - and once active - applied for the HSBC switch and was accepted. The whole process was smooth and fairly quick. You'll have to look at the EXACT wording on the HSBC website as to whether your bf qualifies. If it says you can't apply unless you opened before 2018 - and he opened in 2016 - then it sounds like he would qualify.

sheramber

It is not opened, it is held.
You can't have held an HSBC current account, or opened a first direct or M&S Bank account since 1 Jan 2018.

positiveevibes

cymruchris said:

I wasn't required to show bank statements. I used a Monzo account that I opened last year but hadn't used. I transferred in two direct debits - and once active - applied for the HSBC switch and was accepted. 

So HSBC accepted the switch and honoured you with £125 right?

adamp87

positiveevibes said:

cymruchris said:

I wasn't required to show bank statements. I used a Monzo account that I opened last year but hadn't used. I transferred in two direct debits - and once active - applied for the HSBC switch and was accepted. 

So HSBC accepted the switch and honoured you with £125 right?

I imagine if your salary can match £1750 a month going into the account they won't request a statement. They'll probably check certain applications to prove they have the income to match. 

cymruchris

positiveevibes said:

cymruchris said:

I wasn't required to show bank statements. I used a Monzo account that I opened last year but hadn't used. I transferred in two direct debits - and once active - applied for the HSBC switch and was accepted. 

So HSBC accepted the switch and honoured you with £125 right?

Yes -- everything went smoothly. The switch reward was paid a few weeks after the account was opened, and the direct debits had started.

[Deleted User]

adamp87 said:

positiveevibes said:

cymruchris said:

I wasn't required to show bank statements. I used a Monzo account that I opened last year but hadn't used. I transferred in two direct debits - and once active - applied for the HSBC switch and was accepted. 

So HSBC accepted the switch and honoured you with £125 right?

I imagine if your salary can match £1750 a month going into the account they won't request a statement. They'll probably check certain applications to prove they have the income to match. 

The requirement is £1750 a month going in, not a salary of £1750 a month, you could, in theory, earn £0 and pay in £1750 from a savings plan and bounce it out next day so long as the money doesn't come from any other HSBC accounts you hold either solo or joint. 

Conditions for an HSBC UK Advance Account include paying at least £1,750 a month into the account each month, or a minimum of £10,500 every 6 months. This does not include money transferred from any other sole or joint personal accounts held with HSBC UK Bank.

eskbanker

Deleted_User said:

adamp87 said:

positiveevibes said:

cymruchris said:

I wasn't required to show bank statements. I used a Monzo account that I opened last year but hadn't used. I transferred in two direct debits - and once active - applied for the HSBC switch and was accepted. 

So HSBC accepted the switch and honoured you with £125 right?

I imagine if your salary can match £1750 a month going into the account they won't request a statement. They'll probably check certain applications to prove they have the income to match. 

The requirement is £1750 a month going in, not a salary of £1750 a month, you could, in theory, earn £0 and pay in £1750 from a savings plan and bounce it out next day so long as the money doesn't come from any other HSBC accounts you hold either solo or joint. 

Conditions for an HSBC UK Advance Account include paying at least £1,750 a month into the account each month, or a minimum of £10,500 every 6 months. This does not include money transferred from any other sole or joint personal accounts held with HSBC UK Bank.

While you're right that these are the published criteria, HSBC have plenty of past form for declining Advance applicants who are unable to demonstrate a salary at that level, so even if shunting money around satisfies the stated requirement for retaining the account, it's a moot point if it hasn't been opened in the first place!  So, although in theory you could earn a lower monthly salary, in practice there's a significant likelihood of not being accepted for the account....