HSBC FR ISA Cashback

efunc

?? No, of course not! I never made any accusation of you(?) It's not your policy is it. It's clearly HSBC's! (Or the work experience interns they've put in charge of ISA's, Marketing and Legal).In my view it's been an outrageous fiasco from the start, and still ongoing

GalacticaActual

Two weeks after my ISA funds were transferred and deposited into my HSBC Fixed Rate Cash ISA account, HSBC have sent me a text to let me know the transfer request is complete 🙄

friolento

https://forums.moneysavingexpert.com/discussion/comment/82024405#Comment_82024405

What date will you get interest from?

GalacticaActual

https://forums.moneysavingexpert.com/discussion/comment/82024639#Comment_82024639

Not sure, HSBC haven’t said. The £25,000 left YBS on 20th May 2026 and HSBC credited the same amount on 22nd May 2026. I opened the HSBC ISA account on 19th April 2026.

I checked the app just to make sure the £25,000 was still in my HSBC ISA and they had produced an initial statement on the 22nd May 2026, although they hadn’t let me know by email it was ready to view. They can be a bit random with their notifications at times.

friolento

That looks alright then.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82008169#Comment_82008169

After 82 longgg days both of my Cash ISA transfers into HSBC are on the move! One completed and one in progress.

MeteredOut

I've just had a frustrating (online) chat with HSBC today. I did the same a month or so back, and they said it could take up to 70 days to do a transfer and to come back after July 7. Today I was told it can take over 90 days but they can't tell me when it will transfer.

I asked to cancel the transfer, and was told they could not do that via chat, and I'd have to phone.

Instead I've gone to CMC (who I was transferring from) and they've cancelled from their side.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82065168#Comment_82065168

You're not the first I've heard has cancelled the whole thing. Really is shocking from HSBC.

shroffn

Background first: I was an employee of HSBC, previously held multiple HSBC accounts across different products and currently a customer of First Direct for over 25 years. HSBC know this customer.

early April '26 - New current account (needed to open FR Cash ISA) could not be opened on app. CS operative told me that I had an existing profile with HSBC and the address details I was trying to use varied very slightly from that. Nonetheless, proof that I should pass KYC. Opened account online instead and CS operative took me through process to 'merge' profiles. Funded FR ISA as soon as open on 15th April.

16th April - my current ISA provider (Moneybox) had not shown in online dropdown box for transfers into HSBC so physical form correctly completed and handed in at branch where it was verified and accepted.

Transfer finally completed on 8th July.12 weeks and well outside the amended timelines of 15 then 45 and finally up to 70 days!! Previously and with much smaller banks, I've had cash ISA transfers completed within 2 days. Inbetween, a formal complaint had been made and upheld for multiple account opening issues, CS mistakes and the 'missing' signature issue that others have encountered. Compensation of £150 offered. No communication from ISA transfer team throughout. I have a case with FOS pending assignment of investigator. CS at Moneybox had been excellent during whole episode and sent regular messages to let me know that they still hadn't received transfer request from HSBC right up until transfer occured. Clearly fault lies entirely with HSBC.

I have it in writing from complaints handler that my interest accruing with HSBC will be backdated to 15 working days after transfer request was received by them. I will only be able to check this at the end of month 13 from opening of account. I'm expecting they will try to diddle me on the date. Also I meet their terms for the cashback deal available at the time which I should receive by 30th Sept. All in all, in over 30 years of managing my own money, this experience is right up there as the worst for such a simple set of processes.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82066935#Comment_82066935

My understanding is that the backdated interest won't be paid into the ISA account but to a different account...probably current account, therefore should be easily identifiable as correct amount or not.

I think this because ISA interest is already included in transfer amount from ceding bank as they will still be paying interest until transfer actually takes place.

If HSBC were also to pay the backdated interest into the ISA then there would be potential to affect current year £20k limit for anyone who has already used the £20k.

I will be very happy not to have to wait until maturity to find out if my interest is correct. If my figure is debateable then I'd rather have that debate now.

(I'm aware of more than one person where this has been the case).