HSBC MSE £140 switch offer

PRAISETHESUN

I've seen it discussed in passing elsewhere but haven't seen a dedicated thread to it (please let me know if I've missed the thread if there is one). For future reference, offer terms are here: https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/current-account-MSN-affiliate-offer-Aug-2021.pdf

You need to apply through the MSE link found here: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#switch

HSBC £140 Moneysupermarket.com Switcher Offer
Terms and Conditions
1.
These terms and conditions (the “Offer Terms”) govern our £140 switcher offer in relation to the HSBC Advance bank account in the UK (the “eligible current account”). The offer lasts for the period set out in these Offer Terms. These Offer Terms apply in addition to and should be read together with the Current Account Switch Agreement and our UK Personal Banking Terms and Conditions and Charges.
Eligibility criteria for Offer Payment
2.
You will qualify for the switcher offer described in these
Offer Terms if you:
(a)
apply for an eligible current account through the Moneysupermarket.com website on or after 3 August 2021 and no later than 23:59 on 19 August 2021 and subsequently open that account;
(b)
are not an HSBC current account holder on the date of application and have not been on or after 1 January 2018;
(c)
have not opened a first direct current account on or after 1 January 2018. You may hold a first direct current account and still qualify for this offer as long as the current account was opened before 1 January 2018;
(d)
instruct us to start a full switch of a current account, including at least two Direct Debits or Standing Orders, to your eligible current account using the Current Account Switch Service1 (“CASS”) to start within 30 days of the date of your eligible current account being opened. Where your eligible current account is a joint account, at least one of the joint account holders must complete the switch from either a sole account in their own name or another joint account in the same names;
(e)
successfully switch your bank account using the CASS from an account of another UK bank or building society that participates in the CASS; and
1 Please note: not all banks participate in CASS; speak to us or your own bank for details.
(f)
continue to hold an eligible current account on the date we make the Offer Payment.
The Offer Payment
3.
If you meet all of the eligibility criteria, we will make a payment of £140 to you within 30 days of the switch completion date for the eligible current account (the “Offer Payment”). The Offer Payment will be made by a direct credit into the eligible current account that you open.
4.
If you open an eligible current account in joint names, and you and/or the other joint account holder meet the eligibility criteria set out in these Offer Terms, we will make one Offer Payment into that account (we will not make any additional payment for any other joint account holder) and you and your joint account holder will not be entitled to more than one Offer Payment between you.
General terms
5.
In these Offer Terms “we”, “us” or “our” means
HSBC UK Bank plc.
6.
This offer is not transferable and is only available to
UK residents.
7.
We may withdraw, alter or replace this offer at any time.
8.
We rely on our systems to identify you as eligible for the Offer Payment, and certain technologies may prevent us from identifying your application as originating from the relevant websites. For example, if you decline to accept cookies by altering the settings on your Internet browser, this could inhibit our ability to successfully identify you as eligible. Where you have met the eligibility criteria of the switcher offer and we have not made the Offer Payment in 30 days of your switch completion please contact us and we will take appropriate action to make your payment.
hsbc.co.uk
HSBC UK Bank plc. Registered in England and Wales with number 09928412. Registered Office: 1 Centenary Square, Birmingham B1 1HQ, United Kingdom.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Our Financial Services Register number is 765112.
Customer Information: Customer Service Centre, BX8 1HB.
RFB2330 MCP55996 ©HSBC Group 2021. All Rights Reserved.

someone

Applied Tuesday night, overdraft screen said "we may be able to offer £3500" with a slider to select overdraft amount. Asked for no overdraft and continued application including switching instructions. Finally was met we a page with "refer" in the url.

Thanks for your application
We’ll get in touch soon to let you know if your application has been successful or if we need more information.

We're currently very busy but we will be back in touch as soon as possible.

Next steps
We’ve stored the details you’ve given us. If we need anything else, we’ll contact you by text using the mobile number you provided in your application.

Switching your account to HSBC
We'll process your switching instruction after setting up your account and will let you know if there are any delays.

Well above the income criteria, good credit history*, present on the electoral roll.

The only things I can see they might not like is

1. not opting for overdraft in application 
2. having a plethora of current accounts (15 show on my credit file) due to a decade plus of cashing in on the bank freebies
   
3. 2 credit cards with minimum repayments for a combined debt of ~£20k (0% stoozing)

* MSE Credit Report says
Experian Credit Score 989/999,
Affordability score
   Debt ratio: V.Good,
   Credit utilisation Good,
   Disposable income: V.Good
Credit cards affordability: Good
Loans affordability: V.Good

The application referral might be nothing but I do recall past conversations re HSBC been picky about who they accept for their switch offers (looking for "profitable customers")

I'll post an update when an outcome is received to give others who it the referral page and indication of timelines.

someone

Just a brief update. Applied Tuesday and application was referred. At 6pm this evening I got the following text

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.

Not sure if this is just for any application or referred applications. Also unsure if this means something has progressed today or just a courtesy message sent to all applications that have not been progressed after a few days.

someone

I've had multiple emails today re my new HSBC Advance Bank Account and confirming it has been opened. Given I applied on Tuesday evening this has taken a week from applying, been referred and then to been accepted.

someone

How long does HSBC usually take to pay the switching incentive post switch ?

PRAISETHESUN

3.
If you meet all of the eligibility criteria, we will make a payment of £140 to you within 30 days of the switch completion date for the eligible current account (the “Offer Payment”). The Offer Payment will be made by a direct credit into the eligible current account that you open.

In my experience it's towards the end of the allowed period.

ndf9876

I was also told it would be towards the end of the 30 days, but mine dropped in yesterday. My switch happened on 18th August, for what it's worth.

someone

My switch was the 17th and not yet seeing the bonus, still plenty of time for them to pay it though.

binaryuniverse

Has anyone received their switch bonuses, yet? Think today is 30 days from my switch, but nada...

someone

I contacted the switch team after 30 days post switch as did not have the bonus paid. They went over each term in detail and asked questions. At the end they paid me the £140. It appeared instantly as "hsbc compensation" (or something close to that).

binaryuniverse

If it's not paid by Monday, then it looks like thats what I'll be doing.