HSBC Advance Account - £205 Eligibility

SeagullFTB

I have applied for the HSBC Advance account and been approved. I've never held a personal HSBC account, but since 2018, I have had a HSBC Business Current Account. It's a partnership account, not a limited company.

Does anyone know if I will be entitled to the reward money? Or am I just wasting my time?

It just says you can have held a HSBC current account, but I can't find any clarification as to whether a business account counts or not.

NowVillager

Not an answer to the OP but adding as related and can't find it mentioned anywhere in the article. 

My application was refused, presumably with a negative effect on my credit rating. 

The offer seems to be targeted to people who are currently employed. There was no option for 'not working by choice' (or retired), so as I am between contracts I chose unemployed / not on benefits + own house / annual income (figure above national average). 

Sharing as wouldn't have applied had this been clear in the article or HSBC's own product description.

Lions_89

That’s a little unfair on HSBC. You are applying for an advanced account, if you are not working it is clearly not targeted at you. Most banks would have a similar view. You’d need to apply for a basic account. If you have a big bucket of money, if you go the branch and make an appointment, I’m pretty sure they will give you an account. 

As for the “negative effect” on your credit rating, as long as you have not applied for several other products over the last 6-12 months it won’t really make a difference.

dealyboy

Hi Seagull ... I don't know, but I don't know that anybody would unless they've been in the same position or phoned them.

I have read the offer T&Cs and it is as you say. From my experience of having opened several current accounts in the last 12 months and having gained all the incentives on offer with them, you have a good chance.

There are several reasons I say that. I've read the experiences of others going through switches ... where they received incentives when they strictly shouldn't have, the majority of banks/BS do not seem to be too rigorous, and the T&Cs themselves are often ambiguous.

You have done well to be accepted given the feedback, they obviously like you. I would say that a business partnership account would be disregarded as the accounts on offer are personal banking accounts, but as I said I don't know.

Good luck.

friolento

Lions_89 said:

That’s a little unfair on HSBC. You are applying for an advanced account, if you are not working it is clearly not targeted at you. Most banks would have a similar view. You’d need to apply for a basic account. If you have a big bucket of money, if you go the branch and make an appointment, I’m pretty sure they will give you an account. 

That's a little unfair on those who are not currently working but who are 

1. preparing to start a job in the next week or two and just want to have everything ready, incl the sort code and account number they want to give to their employer for the payment of their their monthly salary
   
   
2. people who have a source of income other than from employment or self-employment, e.g. pensioners or stay-at-home parents
   

Luckily, it seems HSBC do agree with me as I am in the latter category and they approved my application for the Advance account. They state that you need to be 18 or over and qualify for an optional O/D of £1,000, nothing about working. I suppose, but am not certain, that those who get turned down somehow wouldn't qualify for the O/D, according to HSBC's in-house credit scoring.

Lions_89

friolento said:

Lions_89 said:

That’s a little unfair on HSBC. You are applying for an advanced account, if you are not working it is clearly not targeted at you. Most banks would have a similar view. You’d need to apply for a basic account. If you have a big bucket of money, if you go the branch and make an appointment, I’m pretty sure they will give you an account. 

That's a little unfair on those who are not currently working but who are 

1. preparing to start a job in the next week or two and just want to have everything ready, incl the sort code and account number they want to give to their employer for the payment of their their monthly salary
   
   
2. people who have a source of income other than from employment or self-employment, e.g. pensioners or stay-at-home parents
   

Luckily, it seems HSBC do agree with me as I am in the latter category and they approved my application for the Advance account. They state that you need to be 18 or over and qualify for an optional O/D of £1,000, nothing about working. I suppose, but am not certain, that those who get turned down somehow wouldn't qualify for the O/D, according to HSBC's in-house credit scoring.

As I stated, if you have other money I’m sure they will give you an account. But I wouldn’t be surprised in getting rejected if I didn’t have a regular job/income because computer says no. When I first got advanced I went into branch with a letter confirming my salary and they opened the account. The website said no at first. Equally if you don’t have a regular income
I’m not sure you’d get an OD.

friolento

Lions_89 said:

 
I’m not sure you’d get an OD.

I was offered one but did not take it.

roghin

I am retired and applied for the advanced account.
I was accepted, however it all took too long. I applied on Oct 25, wanting to qualify for the £205 incentive.
Received my debit card Nov 8, only to realise the incentive offer apparently expired on Nov 6 (according to Metro news)
I wonder what response would be if I immediately close the account ?

eskbanker

roghin said:

I am retired and applied for the advanced account.
I was accepted, however it all took too long. I applied on Oct 25, wanting to qualify for the £205 incentive.
Received my debit card Nov 8, only to realise the incentive offer apparently expired on Nov 6 (according to Metro news)
I wonder what response would be if I immediately close the account ?

The offer expiry date doesn't disqualify those who'd already applied before it....

Steve_Andrea

roghin said:

I am retired and applied for the advanced account.
I was accepted, however it all took too long. I applied on Oct 25, wanting to qualify for the £205 incentive.
Received my debit card Nov 8, only to realise the incentive offer apparently expired on Nov 6 (according to Metro news)
I wonder what response would be if I immediately close the account ?

As long as you applied before the deadline you can still get the money

i spoke to customer service agent as I was in the same situation. I applied on the 1st of November and didn’t receive the  card until the 7th

i have made 5 payments now, applied for the global account and transferred 1500

 just got here and waiting now for the 125 

maunders

Didn’t realise you had to order the global card at the time of opening global account in order to be eligible, !!!!!!.