HSBC Advance - removal of minimum deposit condition

interest_Ted

Heads up for anyone interested....
email received showing changes to T&C for the HSBC Advance current account...... include notice that the minimum deposit requirements will be removed effective 23 November 2021.
Notice of variation can be seen at     hsbc.co.uk/legal

Ted

colsten

This is very welcome news. I had been ignoring the condition for over a year now and had been wondering whether they'd pull me up over it.

Hopefully this also means that they are now less picky with new applications.

scoot65

Yes, I received the email yesterday too. I wonder why they've decided to drop the minimum monthly deposit requirement?  

Frontera2

If they are removing the condition, it kind of makes me think what is the point of the Advance account going forward? 

RG2015

Frontera2 said:

If they are removing the condition, it kind of makes me think what is the point of the Advance account going forward? 

I suspect that for many it was all about the regular saver at 5% and then 2.75%. The current 1% is much less appealing. The same applies to First Direct.

I wonder if removing the condition would lead to HSBC closing accounts for inactivity.

jimjames

RG2015 said:

Frontera2 said:

If they are removing the condition, it kind of makes me think what is the point of the Advance account going forward? 

I suspect that for many it was all about the regular saver at 5% and then 2.75%. The current 1% is much less appealing. The same applies to First Direct.

I wonder if removing the condition would lead to HSBC closing accounts for inactivity.

As I understood it the regular saver was exactly the same as standard HSBC now so Advance seems a bit pointless

Thrugelmir

Perhaps staff time is better used focussing on errant accounts at the current time.  

colsten

RG2015 said:

Frontera2 said:

If they are removing the condition, it kind of makes me think what is the point of the Advance account going forward? 

I suspect that for many it was all about the regular saver at 5% and then 2.75%. The current 1% is much less appealing. The same applies to First Direct.

I wonder if removing the condition would lead to HSBC closing accounts for inactivity.

As far as I can remember, the only RS for which the Advance account gave a preferential rate on HSBC Regular Savers was the 5% one. The 2.75% was available to holders of any HSBC UK current account, and the 1% certainly is.

FD never had an Advance version of their current account. All that was required for their RS  was their run-of-the-mill current account.

AFAIK, the HSBC T&Cs don't specify inactivity as a reason for account closure. 

Vortigern

Why 23 November and not immediately?

What happens if I don't pay in the minimum in September and October?

PRAISETHESUN

Vortigern said:

Why 23 November and not immediately?

What happens if I don't pay in the minimum in September and October?

The requirement is either £1750 each month or £10500 over a 6 month period. I doubt they'll do anything if you didn't pay in in Sept/Oct/Nov as in theory you could still make a deposit on 22 Nov to be covered, and then after that it wouldn't matter. Even then as @colsten states above, they are already unlikely to take action anyway.

Snapdragon

That's good news.
I only ever had the HSBC account for the Regular Saver, moving the required minimum in every month and the remains back out days later after the payment to the RS.  My last regular saver matured recently and the new one at 1% was of no interest. I thought I'd keep a bit in the account until a new switching offer became available, but was nervous about cancelling the standing orders back and forth just to meet that 'minimum' criteria.
Hopefully a decent new switch that I qualify for will appear soon.