HSBC Advance £125 bonus + £80

UnsureTenant

It's almost time for the promised £80 for anyone who received the £125 incentive and additionally made 5 transactions from the Global Money account. As a reminder, anyone who qualified for the £80 should also be entered into a draw for one of 24 £3,000 prizes, the draw for which is supposedly taking place today, 29th April. The cut-off for the 5 qualifying Global Money transactions was 21st April. 

According to the T&Cs of the incentive offer, the £80 should go into the Global Money account (not the Advance account) between 1st May and 8th May. Source: https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/accounts/global-money-current-account-offer-tcs.pdf

So it will be interesting to see by 8th May if everyone receives it. I didn't receive the £125 automatically despite meeting the conditions, but one phone call was sufficient for them to pay it without any fuss. I am curious if I've been entered into this prize draw, and I will be very suspicious about that if I don't get the £80 automatically by 8th May. But there's not long to wait now.

Juno_Moneta

Met the criteria, but not seen my £80 into Global Money yet .. (1st to 8th May window).

Also - please post here if you are one of the £3000 winners! Good luck all...

CrickJon

No sign of my £80 yet.

Beano456

Nothing here yet, will keep checking daily

Juno_Moneta

Once the £80 appears is there any prospect do people think of another transfer deal appearing soonish before I just close HSBC?

Account transfer campaigns seem suddenly dead. 

Recently I have snagged £205 from HSBC, £175 from Lloyds and £200 from RBS. 

£580 of tax free cash is not to be sniffed at - bizarrely exactly £1000 gross equivalent as a higher rate taxpayer paying 40% tax and 2% NI on upper earnings. 

Nice! 😋

ThePirates

Interesting thought... Are these 'gifts' treated as income and will HSBC report them to HMRC so I'll have to pay tax on them?

Juno_Moneta

There's a lot of conflicting stuff online about this - but I go with the common view that one off incentives are not taxable, eg read the link below. However monthly incentives which some banks now offer are - as they are classed as regular income...

Interested to hear others opinions.

https://optimalcompliance.com/blog/are-bank-incentives-increasing-your-tax-bill

Juno_Moneta

Here is an MSE thread on it from 2023

https://forums.moneysavingexpert.com/discussion/6422321/do-switch-bonuses-count-as-taxable-income

CrickJon

Just checked today and still nothing!

BigBlueSky

Still nothing here