HSBC Switch Criteria - £200

Sensory

flaneurs_lobster said:

jungleboy123 said:

Well, i just tried opening an advance account and declined. Never had opening an account declined before. Credit score is perfect. Maybe they are picky about who can open this? Not sure.

I've opened seven current accounts since September with no problems at all but this HSBC one makes me nervous. 

I'm not good with rejection.

Of all the current account applications I have ever completed, HSBC's application form is the most intricately comprehensive of them all; no doubt related to their scandalous history of failing AML and KYC regulations. I have a long-standing account in Hong Kong with them but always resisted their UK offerings until this year (though I've previously held a First Direct account). I must be doing something right though, as they even offered me a credit card during the application.

orange-juice

jungleboy123 said:

Well, i just tried opening an advance account and declined. Never had opening an account declined before. Credit score is perfect. Maybe they are picky about who can open this? Not sure.

Just out of interest, at what stage were you rejected? Had you received the text from them advising that they may need up to 10 days to do some important checks, or was it earlier?

jungleboy123

orange-juice said:

jungleboy123 said:

Well, i just tried opening an advance account and declined. Never had opening an account declined before. Credit score is perfect. Maybe they are picky about who can open this? Not sure.

Just out of interest, at what stage were you rejected? Had you received the text from them advising that they may need up to 10 days to do some important checks, or was it earlier?

After the credit check bit, it was something like we cannot open this account for you, however here is one you can open. I cant remember exactly as i dont have the page anymore. I did do a few switches over the summer to bag some of the incentives, so maybe that's probably impacted my credit, but i really doubt it as i haven't done one for a while.

flaneurs_lobster

Others may already know this but you can check your likely eligibility for an HSBC overdraft outside of the application process 

https://overdrafteligibilitycheck.hsbc.co.uk/ 

Killer question : "Are you likely to have at least £50,000 saved or invested with HSBC in the next six months"?  Err.....

Seems my reluctance to apply was justified.

jungleboy123

Okay, i went in branch today and they finishe the application. No questions asked, just gave them ID etc. Very odd that it was blocked online, maybe too many people applying? Who knows, as long as i get the £200 i'm a happy bunny.

Also, the guy at the desk said there has to be 2x direct debits, i though they accepted 2x standing orders as an alternative? Interested to hear what people think?

GlasgowExpat2

jungleboy123 said:

Okay, i went in branch today and they finishe the application. No questions asked, just gave them ID etc. Very odd that it was blocked online, maybe too many people applying? Who knows, as long as i get the £200 i'm a happy bunny.

Also, the guy at the desk said there has to be 2x direct debits, i though they accepted 2x standing orders as an alternative? Interested to hear what people think?

Terms clearly state “pay in £1,500+ within 60 days and switch 2+ Direct Debits or standing orders”

crikaus

I applied on 17th November and was asked to send video and passport copy online, which I did on same day, apart from a few text messages heard nothing back until 2nd December then received text message and email saying I've been accepted!

now waiting for all the particulars but I must say it was a shock as I have a low income though I do have a good credit file, and they have hard searched it. 

During the application I was also offered their credit card which I kindly declined!

So yes you can be accepted with a low income

Also have to phone them as the switch has not gone through probably because they took so bloody long opening the account 

flaneurs_lobster

crikaus said:

So yes you can be accepted with a low income

Also have to phone them as the switch has not gone through probably because they took so bloody long opening the account 

Could you share what that low income is please? 

Since the switch hasn't happened, do you know if the bonus has been agreed or even paid?

jungleboy123

crikaus said:

Also have to phone them as the switch has not gone through probably because they took so bloody long opening the account 

HSBC sounds like a bloody nightmare. They reject my online application but approve it in branch straight away.... Now i can see why they have like a 30%ish approval rating (according to MSE).

goldygash

jungleboy123 said:

Katiehound said:

HSBC is.... notorious for rejections.

Best thing to do? Move on!

look for other switch deals until you run out...

I wouldn't have bothered with HSBC. I missed out on the Nationwide switch by 1 day. They told me there wasn't an end date for the incentive so i started to get stuff together and as soon as i sat down the offer ended  Hope that one comes back soon!

Same here, couldn’t see an end date for Nationwide and wanted a couple of active direct debits to switch and just missed out hopefully it will be back soon. Bagged the Halifax one though