New HSBC Advance Switch Offer

quicksilverfox

Get up to £220 when you switch, bank and save with an Advance Account and Online Bonus Saver

Get £100 when you open an HSBC Advance Account and switch your existing account using the Current Account Switch Service. Start your switch, including 2+ Direct Debits or standing orders within 30 days, and within 60 days pay in £1,500+, make 20+ debit card payments, log on to our mobile app, and deposit £50+ into a new Online Bonus Saver account.

You can then get an additional £10 per month for up to 12 months for every month you pay in £1,500+, make 20+ debit card payments, log on to our mobile app, and deposit £50+ into your Online Bonus Saver account.

You can't have held an HSBC or a first direct current account since 1 January 2019. T&Cs and other eligibility criteria apply.
 

quicksilverfox

Seen it on the MSE weekly email and webpage

I've only started switching recently but I remember seeing the HSBC Advance offer a few months ago.. is this the same one or something new they've launched? Looks like a lot of hoops to jump through for 12 months, can't decide if I want to keep my TSB spend and save or switch it to this since the requirements are similar bar the £1500 monthly pay in.

WillPS

Ridiculous number of strings for such an average payout.

In before the barrage of 'I have max score yet still got declined' complaints.

quicksilverfox said:

Seen it on the MSE weekly email and webpage

I've only started switching recently but I remember seeing the HSBC Advance offer a few months ago.. is this the same one or something new they've launched? Looks like a lot of hoops to jump through for 12 months, can't decide if I want to keep my TSB spend and save or switch it to this since the requirements are similar bar the £1500 monthly pay in.

That one wasn't a switch offer, and was partly for opening (and adding funds to) an Advance account and partly for opening (and adding funds to) a global money account.

jameseonline

Are they the only conditions?, no DNA samples or anything? 🤣.

Does seem excessive.

I'm already with them but that has to be the most ridiculous switch offer I've ever seen, even if the total payout is £220.

For me having to switch direct debits would be 1 of the things that has put me off offers before. This is crazy:

A minimum pay in for a current account 
A minimum number of Direct Debits
(These 2 seem reasonable)

Using your card a certain number of times
Getting a savings account 
Minimum pay in for the savings account 
(These 3 seem to taking the p)

Logging in to app
(Reasonable)

Online Bonus Saver is a 4% account right?, and paid monthly if you don't withdraw?

A dumb account to have money in tbh.

HSBC do a 5% regular Saver which is better but even then that rate can be beaten elsewhere.

GreenScepter

I hate how it restricts you if you've simply had an account, but not a switch offer. And it's not the first time they've done this as well, seems to be a common restriction with HSBC/First Direct. Especially ridiculous when you look at what's required and compare it with what Lloyds and the NatWest banks are doing. Much fewer requirements for not much less money. Can't see many go for HSBC apart from the more dedicated regular switchers, and since the regular switchers might be (or stay as) customers, how are they going to make money from this offer?

jameseonline

Seeing as it's an Advance account why don't HSBC make people apply for their Regular Saver or something?, is there much more benefit to having an Advance account compared to their standard one?.

I'm just not seeing much reason/benefit to this switch "offer" for the steps involved tbh

Tonski

I got rejected by HSBC a few months ago (only account i've ever been rejected for) and I've done quite a few switches recently so i think I'll give this one a miss. It does seem like a lot of effort to get the money when you have Natwest/RBS/Ulster basically giving it away.

WillPS

jameseonline said:

 is there much more benefit to having an Advance account compared to their standard one?.

Almost none nowadays. It used to get you access to better mortgage rates and an exclusive regular saver which was sometimes joint leader in the table (with the First Direct one).

It seems it's primarily a way of HSBC targeting these incentives towards more affluent clientele.

Lightning360

It's clearly a way to get people to stay with them when switching so they can try to avoid people just using the offer for an easy bit of money

danny13579

WillPS said:

It seems it's primarily a way of HSBC targeting these incentives towards more affluent clientele.

Are more affluent clientele really going to jump through all these hoops to get up to £220?

I'm almost relieved not to qualify for this (I have a First Direct account and know how rigorous they are for checking) as it's so ridiculously convoluted!

WillPS

danny13579 said:

WillPS said:

It seems it's primarily a way of HSBC targeting these incentives towards more affluent clientele.

Are more affluent clientele really going to jump through all these hoops to get up to £220?

I'm almost relieved not to qualify for this (I have a First Direct account and know how rigorous they are for checking) as it's so ridiculously convoluted!

I thought that and replied to myself 'probably not'. But then, like you, I probably would give it a try if doing so didn't stand such a chance of not only not working but also excluding me from a future bonus.

I just hope it doesn't catch on. HSBC seem to be aiming for something quite different with their recent offers than others who've given generous sign up bonuses.