HSBC Switch Criteria - £200

jungleboy123

goldygash said:

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

I'm onto getting the Halifax one now. I haven't heard anything about them confirming the switch is going through. hmm...

Katiehound

jungleboy123 said:

goldygash said:

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

I'm onto getting the Halifax one now. I haven't heard anything about them confirming the switch is going through. hmm...

if it goes through they pay out quickly....

jungleboy123

Katiehound said:

jungleboy123 said:

goldygash said:

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

I'm onto getting the Halifax one now. I haven't heard anything about them confirming the switch is going through. hmm...

if it goes through they pay out quickly....

The account was set up but they haven't come back to say the switch is taking place. I've tried ringing, but the phone just cuts off when they say they are busy. I think the account was set up fast as i was previously with them about 4 ish years ago, i can still see historic emails in the account mailbox on a closed account.

I wonder if that means I'm no longer eligible

anjo56

Have current account with Lloyds but when saw the HSBC £200 switching offer in the MSE Newsletter thought I would investigate.  Had always assumed meant that a full switch was needed and old current account needed to be closed. However the criteria state pay in £1500+ as a one-off and transfer 2 x DD/SO - no mention of having to close Lloyds Account. Happy to do partial transfer but not full one so rang HSBC to check if this was OK within their rules. Didn't want to waste time with an abortive application or generate a footprint on my credit record.  Spent over 1.5 hrs on the phone before being connected and the lady I spoke to seemed very vague and kept having to go off the call to check.  She eventually came back and said it had to be a full transfer but couldn't point me to where I would have found this out for myself in their advertising.  Has anyone else had this experience?  Has anyone out there succeeded in doing a partial transfer?  I can see why their satisfaction rating is about 31% according to MSE but as I want to use this account for the bare minimum am prepared to continue researching a little bit more before knocking on the head.  Many thanks. 

anjo56

Further to my post a minute ago, forgot to add - does anyone know which banks pay a bonus and allow partial transfer?

Zuzi

All switching bonuses tend to be linked to a switch using CASS, and as far as I know that always includes closing of the old account. I didn't even realise there was another way to "switch", although I see how you could just do it yourself 

(I grabbed 3 bonuses lately and a few more some years ago, but I only ever do it via the CASS service)

anjo56

Thanks Zuzi. To be honest I had assumed full switching was the only option but got a newsletter from MoneySavingSupermarket (who I believe now own this site) and there was an article that made reference to partial switching and it seemed to suggest this method was straightforward - relevant extract below.  Had I not seen this, probably wouldn't have pursued it.

What is a full and partial current account switch?

You have a choice when switching current accounts as to whether you want to move everything to your new account and close your old one - known as a full switch - or move some payments across and keep the existing account open - a partial switch. 

When might you choose a full switch? 

When you no longer wish to use your old account and want to move as quickly as possible. A full switch transfers all of your details and payments from the old account to the new one within seven working days. Your previous account is then closed. This service is available to individuals, small businesses and charities.

When might you choose a partial switch? 

If you want to keep your old current account open, but still take advantage of the benefits on offer from a new account. You get to pick and choose which payment arrangements and transactions are transferred, and you end up with two accounts. The seven-day current account guarantee does not apply to partial switches.

Katiehound

No partial transfers- the bank is rewarding you for moving to their bank, and they often say 'your main account' but in fact it can be a secondary account: how will they know????

You need to use CASS and that automatically closes your existing account.

with HSBC:
How to get the bonus: 
Open an account and start a switch within 30 days (including 2+ direct debits or standing orders) and pay in £1,500+ in the first 60 days. The £200 is then paid within 20 days.
You certainly wasted a bit of time phoning them! Always good to read through the t&cs first.

 Most switch deals stipulate 2 x DDs- but with HSBC you only need 2 x SOs - which are much easier to set up.

With Halifax switch you don't need any DDs

AmityNeon

anjo56 said:

Have current account with Lloyds but when saw the HSBC £200 switching offer in the MSE Newsletter thought I would investigate.  Had always assumed meant that a full switch was needed and old current account needed to be closed. However the criteria state pay in £1500+ as a one-off and transfer 2 x DD/SO - no mention of having to close Lloyds Account. Happy to do partial transfer but not full one so rang HSBC to check if this was OK within their rules.

Their full offer terms and conditions:

New customers are eligible for this offer if you meet the following conditions:

• instruct us to start a full switch of a current account, including at least two Direct Debits or standing orders, to your eligible current account using the Current Account Switch Service (“CASS”) to start within 30 days of the date of your eligible current account being opened.

anjo56

Ok. Got it now. Thanks all for your input.  Never found the full Ts&Cs bit mentioning full switch.  I think I'll stay with Lloyds!  I've probably earned the £200 with the effort put in today. Cheers.