HSBC FR ISA Cashback

caveman38

Have any of you guys opened the above in a way that has enabled you to claim the cashback. The T&C state that it has to be new money and cannot be money transferred from a HSBC current account or savings produce or First Direct too. I have both those bank accounts and no other. To try and get in on this offer I tried to open the account and decide how I would furnish the "new money" within the 30 days stated. However on my application unless I transferred money from one of my HSBC accounts shown, I wouldn't be able to furnish "new money" afterwards. None of this makes sense and I ask if anyone has successfully opened the product and fulfilled the requirements to qualify for the cashback bonus.

InvesterJones

It might be one of the many offers that are mostly for new customers, not existing ones.

wmb194

https://forums.moneysavingexpert.com/discussion/6662956/hsbc-fr-isa-cashback

No, you have 30 days to fund it.

"After the 30-day deposit window, no new money can be put into the ISA."

https://www.hsbc.co.uk/savings/products/fixed-rate-isa/

It needs to be new money to HSBC deposited on or after 09/03/26, "Funds that aren’t already held in any account with HSBC, first direct or M&S Bank, before 9 March 2026."

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/isa-campaign-offer-build-it-bank-it-terms-and-conditions.pdf

Being discussed here:

https://forums.moneysavingexpert.com/discussion/6635598/the-cashback-for-bank-or-investment-accounts-discussion-thread#latest

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81952151#Comment_81952151

No, new and existing but you need an HSBC current account.

"This Offer rewards eligible new and existing customers who deposit and/or transfer a minimum total of £20,000 in new funds into an HSBC ISA account during the Offer period.

You must remain an eligible HSBC customer with an open HSBC Bank Account in good standing that is not restricted or suspended at the time the reward is paid."

caveman38

I am a current account holder with HSBC

I have a bonus saver account with them holding £40,000 but deposited in 2025.

I have tried to open the ISA but it won't allow me to open it without furnishing money and the only option is from one of my 3 existing accounts

I could easily transfer £20,000 but then the T&C state it has to be new money to qualify for the cashback.

If I deposited £20,000 into my current account today and transferred said funds to the new ISA. Would the system interpret that money as "new" or is the system not that clever?

friolento

https://forums.moneysavingexpert.com/discussion/6662956/hsbc-fr-isa-cashback

HSBC define new funds as Funds that aren’t already held in any account with HSBC, first direct or M&S Bank,before 9 March 2026. So you should be ok with depositing new money into your HSBC current account now, and from there into the FRISA.

keiratea

I've not read the T&Cs - but could you put £1 in now to open it, and add the other £19,999 in the next 30 days?

Rodders53

Transferring an existing ISA with A N Other provider is also "new to HSBC" money as far as I read it.

You've a month to open a bank account with A N Other Bank, transfer £20k from HSBC/First Direct Saver into it, and then open the HSBC FRcISA using those funds. Of course it's possible HSBC will withdraw the offer, but 20k is the max new cash in any ISA — but transfers in of up to £100k are needed to get the £500 —- £20k is only £150.

Mr_Mean

I'm not sure why people are having a problem. I opened the account in less than 2 minutes in app and then funded it from my Chase saver account with the £20K for the £150 cashback that should be paid in September.

It's very important to open the isa first and send outside money directly to that account not internally transfer.

I also aided my wife to open one too and transfer an existing virgin isa as transfers are also included as long as they originate from outside the HSBC group.

With the cashback the return on £20k is near 5.2%

£20K is the sweetspot for returns on a % basis 0.75% Adjusted for the 13 month term and annualised (0.69%)£500 for £100k is only 0.5% (0.46% annualised)

friolento

https://forums.moneysavingexpert.com/discussion/comment/81961895#Comment_81961895

if you have read the offer terms, you will know that it is perfectly possible, and valid under the offer terms, to fund the ISA from money that you just deposited into your HSBC current account

nomorekids

Just how slow are HSBC transfering existing ISA,s ? beginning to think they ll finally transfer over the day after you are timed out for the bonus 🙁