HDBC Advance - gutted

4500

artyboy said:

GrumpyDil said:

Would be interesting to see what numbers apply after tonight's Martin Lewis show where he gave the impression it should be fairly straightforward to get through the checks. 

I thought it was hilarious - Martin made out it was the easiest money you'd ever make, and that it was just a few minutes work. Sorry, is this actually HSBC that we're talking about here???

A major reality check to come for many I fear...

For a while, after seeing various things Martin Lewis has said, and on this website, about making a little pocket money switching bank accounts, I have been wanting to open a sort of "burner" current account to switch with to earn some money on the side (as per advice on this website) as I don't want to close my existing current account.
So, as you say, Martin making out that this was really easy, I decided this would be perfect, open the HSBC account and then use that to switch and get a switching bonus...
However, probably much like a lot of people who will be wanting to jump on this offer, I'm on Universal Credit (with the limited capability award and PIP due to illhealth and disability), we are reasonably comfortable with it somehow, and I have a really excellent credit score... But when applying for the account, it said that it doesn't accept UC (well, it doesn't specify UC, it actually says "jobseekers") as income and would only accept my PIP... knowing that takes me down to a tiny annual income, despite the next question being "will anyone else be paying money regularly into your account?" and me being able to answer yes (and think of the UC as that - my partner and I are on a joint claim, it goes into his bank account and he pays the rent, then sends me what we need for the bills etc and we split whats left as "personal spending")... I decided to do the eligability check and just include my PIP and what my partner sends me as "my share + bills" of the UC... it says I'm very unlikely to be eligable, so I hopped on here and read through this forum - after doing so, and seeing folks either in a similiar situation to me in terms of "excellent credit but low income" or folks with actual job salaries geting declined, I don't think I'll bother applying for the account as I don't want a dent in my excellent credit report for being declined for this.
(You may scoff and think "you're on benefits, why did you ever think you'd be eligable" - purely being on benefits doesn't always affect your eligability for credit and things, as some of us are still sensible with our money, Capital One keep increasing my credit limit... how is it that I can qualify for a credit limit of over 3K on my credit card, and essentially a 1K loan on taking out a mobile phone contract but not a 1K overdraft that I don't even want )
I really think MSE should have highlighted that you would need to qualify for the £1K overdraft (whether you want it or not) to be able to open the account and therefore get the bonus. Like you say, it was made to seem like the easiest thing in the world, and has definitely given me a bit of a reality check.

Definitely not as easy as it seems on the MSE website.

Side note: this offer is obviously intended to attract new customers to open bank accounts... why even bother dangling the carrot if you're going to turn away most of the rabbits (folks that could do with the £205 rather than well off folks that don't really need that extra cash) that are most likely to be attracted by this offer?

eskbanker

4500 said:
Side note: this offer is obviously intended to attract new customers to open bank accounts... why even bother dangling the carrot if you're going to turn away most of the rabbits (folks that could do with the £205 rather than well off folks that don't really need that extra cash) that are most likely to be attracted by this offer?

I'll stick to my assessment from last week:

https://forums.moneysavingexpert.com/discussion/comment/80365284/#Comment_80365284

Caeraupracter

Interesting thread, like many here I've discovered not long ago that HSBC can be slooooooow.  Currently stoozing their balance transfer credit card for all I can but damn it took about a month for them to get it started after application.

I've applied for this, got the £1000 overdraft (which I definitely will not be using), opened the global money account, switched in and switched back out £2000 from my main current account and then bought 5 things on the debit card but I'm now kind of wondering how they define 'new customers only'.  I already had this balance transfer credit card so I'm not really a new customer but I've never held a current account with them or first direct so I'm now on tenderhooks to see if I'll actually get the £125...  anyone have any insight?
(no biggie if I'm not but it would be lovely if I get the £££s).

mdah23

Also applied for an HSBC Advanced account this afternoon after watching Martin's show on TV. Was interested in the Global Money account but of course also by the incentive of £125  plus £80 to open an account with them. Horrified to see both my application and my husband's was refused. Our credit score is near perfect and we have NEVER been refused a bank or savings account by anyone. The HSBC call centre could offer no explanation, simply said I had to take the matter up with Credit Karma who supplies my credit report. The incentive offer expires Monday at midnight and there is nothing wrong with our credit score so I don't see how that would help. Disgraceful! Am very unlikely to ever bank with the Hongkong and Shanghai Banking Corporation in future.

moneyworrier2021

I applied without the overdraft and got rejected. Hope this doesn't sting me going for a Nationwide switch in a few weeks although I already have a joint account with them.

WillPS

mdah23 said:

Also applied for an HSBC Advanced account this afternoon after watching Martin's show on TV. Was interested in the Global Money account but of course also by the incentive of £125  plus £80 to open an account with them. Horrified to see both my application and my husband's was refused. Our credit score is near perfect and we have NEVER been refused a bank or savings account by anyone. The HSBC call centre could offer no explanation, simply said I had to take the matter up with Credit Karma who supplies my credit report. The incentive offer expires Monday at midnight and there is nothing wrong with our credit score so I don't see how that would help. Disgraceful! Am very unlikely to ever bank with the Hongkong and Shanghai Banking Corporation in future.

Presume you haven't read the rest of the thread then, otherwise you'd know you don't have a singular credit score, HSBC are very picky, you need to be approved for a £1000 overdraft even if you don't want an overdraft etc etc.

But thank you for signing up and venting, v helpful.

MeteredOut

WillPS said:

mdah23 said:

Also applied for an HSBC Advanced account this afternoon after watching Martin's show on TV. Was interested in the Global Money account but of course also by the incentive of £125  plus £80 to open an account with them. Horrified to see both my application and my husband's was refused. Our credit score is near perfect and we have NEVER been refused a bank or savings account by anyone. The HSBC call centre could offer no explanation, simply said I had to take the matter up with Credit Karma who supplies my credit report. The incentive offer expires Monday at midnight and there is nothing wrong with our credit score so I don't see how that would help. Disgraceful! Am very unlikely to ever bank with the Hongkong and Shanghai Banking Corporation in future.

Presume you haven't read the rest of the thread then, otherwise you'd know you don't have a singular credit score, HSBC are very picky, you need to be approved for a £1000 overdraft even if you don't want an overdraft etc etc.

But thank you for signing up and venting, v helpful.

The vent would be better directed at the Martin Lewis show for telling the country it was an "easy £205".

Although I did love the use of the word "horrified" to describe the feeling of being turned down for a bank account.

Marksfish

Got accepted, choosing not to switch and stating opening balance would be £1 for a bank account funded in my name. Going to ditch my Starling account for this one I think.

4500

WillPS said:

But thank you for signing up and venting, v helpful.

Actually, the venting is quite helpful - reading through this thread stopped me from going ahead and applying and then having a hard search and rejection on my credit file... and I can't imagine I'll be the only one that's been deterred after reading this thread.

I'd like to be able to say "well hopefully Martin Lewis will also read this and think twice before making these things seem super easy" but I am not quite that naieve.

Jae14

Same here - rejected. I have a perfect credit score too. Never switched banks as it seems to much stress/hassle/unknowns so thought I'd go for the HSBC Advance offer. Was offered the standard account but didn't go for it.