HSBC Advance - removal of minimum deposit condition

WillPS

Snapdragon said:

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.

Most HSBC switching offers exclude current customers and anybody who has been a customer in the last 3ish years. Don't get your hopes up.

eskbanker

WillPS said:

Snapdragon said:

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.

Most HSBC switching offers exclude current customers and anybody who has been a customer in the last 3ish years. Don't get your hopes up.

The way I read it, they're retaining the HSBC account with a view to switching it elsewhere?

WillPS

Ah yes, my mistake.

Snapdragon

eskbanker said:

WillPS said:

Snapdragon said:

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.

Most HSBC switching offers exclude current customers and anybody who has been a customer in the last 3ish years. Don't get your hopes up.

The way I read it, they're retaining the HSBC account with a view to switching it elsewhere?

Yes exactly that eskbanker. The HSBC account has served its purpose, but with poor regular saver rate now, time to ditch it. I did look for an easy online option to just close the account but couldn't see one, so I thought I'd leave the bare minimum in there and wait a couple of months to see if any new Nat West/ RBS or similar switch offers come up, which would solve the how to close it question and maybe get me bribe too. 

[Deleted User]

I am a bit confused where they are taking this account, sounds like they are going to pull it/replace it.

colsten

Bemr said:

Snapdragon said:

eskbanker said:

WillPS said:

Snapdragon said:

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.

Most HSBC switching offers exclude current customers and anybody who has been a customer in the last 3ish years. Don't get your hopes up.

The way I read it, they're retaining the HSBC account with a view to switching it elsewhere?

Yes exactly that eskbanker. The HSBC account has served its purpose, but with poor regular saver rate now, time to ditch it. I did look for an easy online option to just close the account but couldn't see one, so I thought I'd leave the bare minimum in there and wait a couple of months to see if any new Nat West/ RBS or similar switch offers come up, which would solve the how to close it question and maybe get me bribe too. 

The fact that HSBC regularly offer switch bonuses for those that haven’t had an account for > 3 years makes it a good idea to close a surplus account ASAP in order to get a future switch bonus.  Which seems short sighted on HSBC’s part but then again they are providing an indirect incentive to get rid of dormant accounts whereas other banks will have long term accounts waiting idle for future switch bonuses

HSBC aren’t the only bank doing switch bonus offers. Halifax, RBS, Natwest, FD, Santander, Virgin Money etc all had/have offers from time to time, Not having had an account, or a bonus, in the last x years is generally an eligibility criterion.

born_again

[Deleted User] said:

I am a bit confused where they are taking this account, sounds like they are going to pull it/replace it.

Cost savings. Bet there will be a change in account line up in the pipeline.

Katiehound

I used to have the minimum pay in going in every month but since the RS pretty much dropped away only £1.5k per month has been paid in for ..... over a year? The account is still open....

I would also like a new switch offer which I can use as this a/c could well go!

glaidman

HSBC Hong Kong got rid of their Advance almost a year ago and merged it to a single mass tier. It won't be a surprise to see the same here in the UK and all other markets as they shift their focus on the affluent.

"HSBC One is a new integrated account which will replace HSBC Advance from 27 October 2020 onwards. In the meantime, 'HSBC One' and 'HSBC Advance' may be used interchangeably in our customer communications."

hsbc.com.hk/accounts/products/one/

becbecm

I’m glad I found this forum been looking for this topic all morning after getting my email through them too. This is very interesting and yes I wonder what this means. I used to have an Advance account but then I got into an IVA so now I have just the Basic account but hoping once paid off etc I can revert but let’s see what they do with the Advance accounts. I hope they don’t get rid of them but removing all the criteria does seem weird.