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HSBC FR ISA Cashback
Comments
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Santander have been running their offer for several years. The first year or two, they also had huge issues.
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Well, it's now the 3rd of May and given that my last message from HSBC was "upon checking I see the account has been successfully opened at the funds are due to be transferred by 3rd May" anyone want to guess what my balance is showing today?
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What happened in the past doesn’t really matter. What matters is did they learn from this and change things - so those problems or delays don’t happen any more.
I can only comment on my experience - my Santander transfers took two working days from start to finish.But it might have helped that the other party were Paragon who are incredibly efficient when it comes to handing electronic ISA transfers.
So I just don’t buy HSBC are overwhelmed or struggling. I feel for their staff - especially their poor customer services staff having to handle complaints they can’t help with - but it is their which systems are the issue.
Electronic transfers like mine should be pretty much automated - paper transfers will I accept take longer.
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zero 😀😀😀🤣😉
If you want to be rich, never, ever have kids
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Yep!
if i had a suspicion this would take so long i would have parked my ISA in a Meteor easy access account where it would at least earn a month or two of interest, rather than just the holding account. Ho hum…
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Are you saying you did / had to move your money from your ISA into a Meteor account before you could request the ISA transfer out?
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No I moved it to a Meteor 1yr Fixed ISA paying 4.2% in March, which was the highest paying ISA at the time according to MSE. However Meteor is not the actual provider of the ISA so you first have to transfer the funds to the Meteor holding account before investing it into one of the ISAs available on their site. That itsself took a few weeks and in the meantime the HSBC ISA appeared which was 4.5% + £500, so at the start of April I thought I would apply for the HSBC and transfer my funds from Meteor, I was just at the end of my 14 day cooling off at that point so I thought it was the better long term decision. In reality it's been another one month wait, so I've almost gone 2 months without earning any interest on over £100k ISA, some of which is my fault, some is blameless on any party and large part can be blamed on HSBC.
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HSBC should backdate interest to working day 16 after they received your application to transfer, regardless of how long it takes, shouldn't they?
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HSBC confirmed to me that they received funds from my previous provider on 23 April, only today do the funds show in my HSBC ISA account with a transaction date of 5 May !!
Will now have to get HSBC to confirm that they will backdate 13 days of interest payments !
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As you are more in the know than most at what point would you raise a complaint?
My previous ISA only matured on the 30th so with the Bank Holiday I'm only 2 days into the wait.
The ISA is showing but no funds yet. I have sent an online message to YBS (old ISA) requesting some sort of confirmation of transfer but no reply yet.
I was thinking give it till the middle of the month, perhaps a bit longer?
Edit - the transfer request was actually 'processed' around the 21st/22nd April with a note to fully complete once ISA matured.
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