HSBC GIC £100 Cashback.

kaMelo

I haven't seen this elsewhere so thought I'd mention it.
Open a new HSBC Global Investment Centre account, can be an ISA or GIA, invest at least £4000 within 30 days to receive £100 within 60 days.
One thing to note, HSBC reserve the right to claw back the £100 if you withdraw all/part of the £4000 within twelve months.

1.

These terms and conditions (the Terms) govern the

HSBC Investment Cash Incentive (the Cash Incentive).

2.

Under the Cash Incentive, subject to the conditions set out in the Terms, you’ll receive a £100 cash reward if you open a Global Investment Centre (GIC) account and invest a minimum of £4000 via that GIC account whilst the Cash Incentive is being operated.

3.

In order to be eligible for the Cash Incentive you can open

a GIC account through one of the following five routes:

3.1

Ready-made portfolios – www.hsbc.co.uk/investments/isas/hsbc-global-strategy-portfolios/ – This allows you to choose from a selection of 5 HSBC Global Strategy Portfolios which have different risk ratings.

3.2

Sustainable portfolios – www.hsbc.co.uk/investments/isas/sustainable-portfolios/ – This allows you to choose from a selection of 5 HSBC Global Sustainable Portfolios which aim to invest more in companies with a higher ESG score average and a lower carbon footprint than the market.

3.3

Fund Shortlist – www.hsbc.co.uk/investments/funds/shortlist/ – This allows you to choose from a selection of ready-made portfolios from HSBC and other carefully-selected fund managers.

3.4

Full range of funds – www.hsbc.co.uk/investments/products-and-services/global-investment-centre/ – This allows you to search and compare over 450 funds, including a wide range of index trackers.

3.5

My Investment – www.hsbc.co.uk/investments/products-and-services/my-investment/ – This gives you personalised, regulated advice which formulates a recommendation report and advises which fund to invest in.

4.

To be eligible for the Cash Incentive you must:

4.1

Be a UK resident with a permanent UK residential address.

4.2

Meet the eligibility criteria to open a GIC account and successfully complete the GIC application process.

HSBC UK – Investment Cash Incentive Offer – Terms and Conditions

4.3

Invest at least £4000 in your GIC account within 30 days from the account opening date. Any investment made more than 30 days after the account opening date will not be eligible for the Cash Incentive.

4.4

You must be a new GIC customer and must not hold an existing GIC account or had a GIC account that was closed or terminated within 18 months from the date of opening your new account.

5.

Subject to you complying with these Terms and meeting all of the Cash Incentive eligibility criteria, HSBC will make a payment of £100 to you within 60 days of the opening date of your GIC account. The Cash Incentive payment will be made into the same HSBC account that you funded the initial investment with, where appropriate. In the event that this is not available, the £100 will be paid into your sole HSBC current account in the first instance, or your savings account, if the current account is not available.

6.

No more than one payment of £100 will be made to you under the Cash Incentive and you will not be eligible for

any further Cash Incentive payments for any additional

GIC accounts opened.

7.

We reserve the right to withhold or revoke the £100 payment including where you withdraw all or some of the initial £4000 investment within 12 months of the account being opened, or where there has been any breach of the Terms.

8.

All eligible customers will automatically be opted in to the Cash Incentive when opening an eligible GIC account and investing at least £4000. You can opt out of the Cash Incentive by sending an opt out request to: gic.accounts.cash.incentive@hsbc.co.uk

9.

We reserve the right to withdraw this offer at any time. Eligible GIC accounts opened before the withdrawal date will be included in the Cash Incentive provided at least £4000 is invested within 30 days from the account opening date.

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/investments/incentive-terms-and-conditions.pdf

ChilliBob

Nice, but I guess it depends on what the platform costs are as to whether its worth it. Worth bearing in mind a few platforms, II and Fidelity for example pay cashback of a similar or higher amount too  

MX5huggy

0.25% with no cap I see so not unreasonable for smaller holdings.

ChilliBob

Seems its 0.25, so works out to £10 per year for the 4k. Which I think is a bit more than other % fee platforms like Vanguard, but still decent.

£90 quid up to start with in year one! 

Alexland

£4k is more than I would want to tie up into a sign-up offer but can see how it might work for some people.

DireEmblem

It is actually quite tempting to sign up, but their list of funds is quite restrictive.

colsten

I agree, £4K is rather steep for £100, when you can get £50 for £100 at investengine (0.25% annual fee). Still, I am contemplating ................

ChilliBob

Guess it depends on how much time you have on your hands. Regards fund list, they must have, for example, the hsbc ftse all world index c fund, OCF 0.13, which isn't a stupid place to park a small amount. I'm tempted but think I need to focus on my bigger picture rather than trying to clamber for sign up bonuses! 

kaMelo

I thought it worth a mention as £100 is not to be sniffed at although it is a significant sum to invest to receive it and like all investments it's not without risk, especially if you choose something you wouldn't have done otherwise. But if they offer something you're happy with it's relatively cheap and £100 on top.

Regarding the clawback, they state they only reserve the right to do rather than it will definitely happen, how strict they will enforce it is anyone's guess. Having had a FD regular saver mature this month with no intention of taking a new one at 1% I've topped up the money from that and taken a punt with a Global Strategy Adventurous Portfolio.
It's not exactly a ground breaking choice however I've no intention of touching the money so the clawback clause doesn't matter and who doesn't like to roll the dice now and again.
I guess I'll have to wait and see how it pans out.

quirkydeptless

Nice one!

Timing is great for me and it was pretty straight forward to open and invest. I already had an HSBC current account, and now this appears alongside it.

I can just let it ride now and check back in a year to decide whether to leave it riding or check if I can get some more cashback for transferring it somewhere else

george4064

Noticed there are a few Money Market Funds available, which means you should be able to earn the £100 offer without much risk. Netting you a £75 profit after fees (1.875%).