HSBC FR ISA Cashback

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81972351#Comment_81972351

The post you quoted is from over a week ago and was on topic in terms of the cashback discussion at the time - it's other subsequent posts that have taken the discussion into delayed ISA transfer territory…

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/81971862#Comment_81971862

For those keeping track, I've received a notification from First Direct showing the transfer went through today.

Nothing on my relatives HSBC request though the losing ISA providers are different.

LoopyJellington

How I wish I had seen/read the full terms and conditions… 🤬
I could easily have transferred money from my HSBC bonus saver to another account and then transferred it in from that account.

The whole process of opening a new 1 year fixed rate ISA with HSBC has been an utter nightmare.
I resorted to phoning and spoke with a guy Nick Bronson Diengdoh in India. The line was DREADFUL and I had to ask him to repeat things time and time again. I'm a Teacher of English as a Foreign to Adults and consider myself more than capable of understanding those with a poor knowledge of English.

Nick said he'd help me through the process of opening the 1 year fixed rate ISA and not to worry. Before I know where I was I'd set up (with his appalling lack of knowledge) a 1 year Loyalty ISA (their name for a variable rate one paying 2.5%) and paid £20k from my HSBC saver account which would go towards the £500 reward, which it won't.
A senior colleague (who I could understand less than I could Nick) came on the line, apologised and said they'd fix their error ASAP while I was on the phone and I should transfer the £20k back into my savings account right away. I did. They assured me it would all disappear as though it had never happened and would not affect my 26-27 allowance. I'd been on the call for almost 50 mins. It went dead. No one phoned me back.

I ended up going into my branch and 2 members of staff helped me open the correct one BUT I was UNABLE to transfer this years allowance in as I had already used up my allowance. There was NO record of what had happened during the call to these men or to a lady later in the day, in the Philippines. The in branch staff could only see that I'd made calls. They had promised to escalate my calls as complaints. They didn't.

Fortunately, many days later, I have been able to make the transfer in.

The whole process has been traumatic.

I've been an HSBC customer back to the days they were the Midland Bank in the early 1980s. It was a smashing bank to deal with. It's gone to hell in a handcart. I understand it's a global bank but WHY can't Indian employees deal with Indian speakers and English speakers deal with those of us who use English as our primary language?

The complaints procedure is equally terrible.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81976964#Comment_81976964

This sounds terrible but does not surprise me.

Technically if you have paid your £20k in you have used up your allowance? And because the HSBC loyalty cash ISA is not a flexible ISA you cannot replace (your now) withdrawn funds. I would never invest in an 'instant access' ISA that isn't a flexible one - as it limits your options.

So this all now depends on HSBC recording this all correctly - so you are only showing as having invested £20k (assuming this was the second transfer) and not £40k (your invested and withdrawn £20k and your new £20k).

I hope you have made a formal complaint and get something in writing - in case they report the wrong information to HMRC later. Because as you say - dealing with them even during the event is hard enough but explaining it all in 12-18 months will be close to impossible.

So much for being a 'loyal' customer of HSBC!

snookerloopy96

https://forums.moneysavingexpert.com/discussion/comment/81976964#Comment_81976964

This is why I went into a branch. I've done dozens of online/phone tasks on behalf of HSBC and it is complete pot luck if you getva competent person, even if you are lucky enough to get through to a particular department.

At least via the branch you know who you spoke to.

Rusty190

https://forums.moneysavingexpert.com/discussion/comment/81977003#Comment_81977003

Rich2808, the £12k limit on ISA's for under 65's doesn't come in to effect until April 6th 2027.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81977026#Comment_81977026

Yes - sorry my mistake! So have corrected my post.

Reeves may not be Chancellor by the autumn - so lets hope this silly reform doesn't come in at all

LoopyJellington

https://forums.moneysavingexpert.com/discussion/comment/81977003#Comment_81977003

The guy in India walked me through this in error and admitted his mistake but the line dropped out.

It has since been wiped away and my £20k is now in the 1 year fixed rate pot, but it won't count towards a bonus as no one pointed out it had to come from another bank even when I asked the question.

soulsaver

Ask HSBC to reverse the account opening (see below) and then reopen it with funds per the incentive terms.

Under 'Additional Info':

Fixed Rate Cash ISA | 4.50% Fixed Rate ISA - HSBC UK

HSBC FR ISA: A 30-day cooling-off period applies to this account.

.

chrisamyphillip

So I'm confused :)

Looking to TRANSFER IN ISA monies c. £41K from previous years to qualify for the £150 bonus. Transferring in to Fixed Rate One Year ISA @ 4.5% from Santander

I didn't have a HSBC account - now I do.

Through webchat - the person stated that I had to apply by filling in a paperwork off of the website - I found it. However, on th for it states (second bullet point):

• You must already have an HSBC Fixed Rate Cash ISA.

I don't have this so - do I qualify or not - the web chat person didn't have a clear answer - what a pain.