HSBC Switch

MACKEM99

Good morning, I am looking at the HSBC Switch Offer of £170 but reading the small print it says:

1. Receive £170 when you switch to an HSBC Advance Account using the Current Account Switch Service (including 2+ Direct Debits or standing orders). You'll need to start your switch within 30 days of account opening and pay in at least £1,500 within the first 60 days. To be eligible, you can't have had an HSBC current account or opened a First Direct current account since 1 January 2019. Once you meet all our eligibility criteria we’ll pay £170 into your account within 30 days. Offer may be withdrawn at any time. Terms and conditions and other eligibility criteria apply. Full offer terms and conditions (PDF, 176 KB)

I am reading it correct "you cannot have had an HSBC current account" 

Thanks

PRAISETHESUN

Yes, you are correct. If you held a HSBC account on or after 01 Jan 2019 (even if it is now closed) then you are not eligible for the offer.

MACKEM99

Thanks for reply I was reading it as If you have EVER had an account with HSBC with the 1 Jan 19 date related to FD?

Daliah

The date applies to both banks

MACKEM99

So as long as I have not had either since 1 Jan 19 I qualify for incentive.

eskbanker

MACKEM99 said:

Thanks for reply I was reading it as If you have EVER had an account with HSBC with the 1 Jan 19 date related to FD?

The full Ts & Cs (linked in your OP) are clearer than the summary excerpt you posted:

You will NOT qualify for the offer if: 

• you are an HSBC current account holder on the date of application or have been on or after 1 January 2019

[...]

MACKEM99

Thanks eskbanker.

halljames

About the £1500 deposit requirement, does your balance need to stay at 1500 to qualify, or can you just transfer money in and out and just have it record a total deposit of 1500?

kaMelo

As long as £1500 has been paid in, it doesn't matter how many payments it takes to reach that or how long it's in there.  It could be the same £100 paid in and withdrawn 15 times for example.

CalamityDoris

They do a credit scoring.  I've just been declined for Advanced Account even though I have an Experian Score of 999???  So no idea what criteria based on!

OldMoneySaver

CalamityDoris said:

They do a credit scoring.  I've just been declined for Advanced Account even though I have an Experian Score of 999???  So no idea what criteria based on!

No banks will use Experian credit scores, or anyone other third party's, so that 999 is meaningless when applying for credit-related products such as current accounts with overdraft facilities (even if not needed).  HSBC will access the underlying data from Experian and apply their own (unpublished) credit scoring rules, which are renowned for being quite stringent in the context of their target Advance customers.