HSBC Advance 1750 Minimum still applies

Lellylion10

I recently set up the switch from Barclays to HSBC as Martin reported a £150 switch deal and HSBC had removed the minimum pay in per month of £1750. The paperwork has now arrived, and it has on it....

"We'd like to remind you that you'll need to pay in a minimum of £1750 into your account every month" 

I checked their FAQs now too and that also states about the minimum pay in needed. 

I really miffed as I cannot meet this minimum and was really pleased to see it has been removed according to Martins site, now I find I have an account open that I cannot meet the requirements of.

eskbanker

Lellylion10 said:

I really miffed as I cannot meet this minimum....

You can if you just repeatedly withdraw and redeposit money each month up to a total of £1750 - even if that means shunting the £150 bonus out and back to another account twelve times....

Lellylion10

eskbanker said:

Lellylion10 said:

I really miffed as I cannot meet this minimum....

You can if you just repeatedly withdraw and redeposit money each month up to a total of £1750 - even if that means shunting the £150 bonus out and back to another account twelve times....

I will have to do this, Its just a huge annoyance and something I need to set up to do. Really not happy as it clearly stated before I applied that it was no longer needed. I checked again today and the write up on the site still shows that the £1750 minimum no longer applies. 

born_again

I would ring them & ask.

None of the doc's on the Advance acc mention paying in requirement.

Daliah

I have not paid £1,750 into my Advance account since July 2020, and there's been no issue*. If I had opened a new Advantage for a switch recently, I would probably just pay in (and take out) £1,750 a month until I had received the switch bonus but then ignore it. That's a lot faster than arguing with them over their rules.

*they did give me a nudge the other day to say they would close the account unless I would make at least one transaction in the next 6 weeks. As I do want to keep the account for now, I did pay in a token amount.

MDMD

The condition was removed from the terms last month

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/notice-of-variation-terms-and-conditions-and-charges.pdf

(page 3)

penners324

Get the bonus and request the account is down graded.

geemac_one

How was the account opening process for you Lellylion10 or anyone else for that matter?.  I tried to open one last night and kept getting thrown out with "Aw Snap" on the screen.  Possibly big demand owing to the last day of the offer.

Lellylion10

MDMD said:

The condition was removed from the terms last month

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/notice-of-variation-terms-and-conditions-and-charges.pdf

(page 3)

Thanks for sharing this.... I wish they would have also updated their paperwork they send out to match these terms. But this document at least puts my mid at rest. 

Lellylion10

geemac_one said:

How was the account opening process for you Lellylion10 or anyone else for that matter?.  I tried to open one last night and kept getting thrown out with "Aw Snap" on the screen.  Possibly big demand owing to the last day of the offer.

No problem for me. I opened the account online on 1st December, on 4th I was asked for payslip copies. Emailed on 11th telling me the account had been opened and all the paperwork, cards, pins etc have arrived over the past 2 days. Just missing the Telephone Security code, which I hope will arrive today to allow me to register for mobile/online banking. 

Switch is due to happen on Monday 20th. So fingers crossed that last bit happens smoothly. Then just to wait for the Switch money to pay in, which according to the paperwork I should get 30 days after the switch date. I'll pop an update on here around 20th Jan.

The only negative so far has been the £1750 which is detailed in the paperwork they sent me, but according to the link by MDMD earlier, says they have removed that.... just wished they had updated their offer details to match!

LondonSouth556

I haven't paid in for over a year and a half and they didn't do anything.