New HSBC Advance or Premier current account £200 switch incentive

eskbanker

pfpf said:

can/do HSBC give instant decisions on a new account? iv'e got to wait to hear from them. it said i "could" qualify for a high enough OD to satisfy the T&C's of the switch offer but i declined to take an OD at all.

The offer Ts & Cs don't require an overdraft of a specific value (or at all)?

And they can give instant decisions but obviously if you've been told to wait then you're not getting one....

pfpf

i just wondered if instant approval was a thing with this bank.

and indeed, not for the incentive but for an actual account:
"To apply for an Advance Account, you must be 18+, live in the UK or EU and qualify for an (optional) arranged overdraft of at least £1,000."

thank you.

dealyboy

Hi @pfpf ...

Interestingly there is no reference to the £1,000 overdraft qualification in the switcher T&Cs, I suspect this is perhaps something to do with a hard credit check as a suitability gateway; there is no such condition for the HSBC Premier account but then again it has a high bar for account qualification.

pfpf

as you need to qualify for the OD to get the account i guess it goes hand in hand. you can't get the incentive if you can't get an account which you can't get if you don't qualify for a OD.  

flaneurs_lobster

There's an overdraft eligibility checker hidden away on the HSBC website, needs most of the information that you'd put into an application anyway but it does avoid a hard check. Gives answer of Highly Likely/Highly Unlikely so not definitive. 

ircE

Fresh off the glory from getting a NatWest bonus I'm not actually eligible for, I'm going to give this one a go too. I've never held a HSBC current account before, but I switched into First Direct for their offer last autumn (and promptly switched out). This should mean I'm ineligible for this offer but who knows? I'll give it a try and report back, though given the timescales I may [not] receive the bonus until after the offer is pulled.

moneyworrier2021

FFHillbilly said:

Johntea said:

Looks like you can get £40 Quidco cashback too?

Presume I can just set up 2 standing orders of £1 to a couple of my other current accounts on the account I intend to switch, it does have 2 direct debits on it but a bit wary of those as they actually haven't had any activity since November 2022

for the time it takes, I'd be inclined to just used onepoundDD.com for 2 new direct debits. if you apply today they will come out on the 2nd May, then as long as the switch is after that you are covered.
HSBC are notorious for being difficult and slow with switch bonuses, for the sake of £2 on £200 I would not take the risk

So I have just signed up for this. I chose 10th May which is the first direct debit and then accidentally chose the 1st where the first payment isn't coming out until 1st June. Should I change the other to the 20th May so it's sooner?

Would a payment need to have gone out of my account before doing the switch or just wait for the DD to be authorised which can take a few days can't it?

pantaiema

You will not qualify for the offer if:
- You have had an HSBC current account since 1 January 2020
- You have opened a first direct AC since 1 January 2020.

Does this mean if you already have either hsbc or FD account prior to 1 January 2020 and you open a new one now you will not qualify for this £200 welcome bonus ?

dealyboy

No - if you opened an FD account prior to 1 January 2020 and not after you will be fine, whether you have had one after 1 January 2020, or indeed now, or not. In the case of an HSBC account just holding one after 1 January 2020 will disqualify you.

From the switch T&Cs ...
"You may hold a first direct current account and still qualify for this offer as long as the current account was opened before 1 January 2020".

deano3

Morning, the wife and I have a joint account and she has a separate solo account. Would we qualify for 2 fees should we switch them both to HSBC? 

Thanks