HSBC FR ISA Cashback

thor

I am about to open a 1 year fixed cash ISA account with HSBC to qualify for the cashback offer. After seeing how much of a pain it appears to be for people transferring in I decided to fund the account with my 2026/2027 ISA allowance of 20K. I know that the t&cs say that it must be money that has not been held by HSBC before 9th of March. If I transfer 20K of external cash into my HSBC current account which already has a couple of thousand in it and then fund the ISA, will HSBC come back and deny the cashback saying that they used the old money in the current account before topping up with the external money so the funding was not entirely from new funds?

friolento

https://forums.moneysavingexpert.com/discussion/comment/81989421#Comment_81989421

Who knows what they will do.

To be on the safe side, you could remove your £2k to another current account of yours, and then deposit a fresh £20k from a different account.

Out of interest, why would you keep £2k in an HSBC current account for several weeks?

thor

It;s not always 2K but I like to keep some money in the account because I am always on the look out to open new reg savers as well as having a few DDs coming out of it. I know that I could manage it so that I only have cash in there when I need but for the sake of 30 or 40 quid a year in loss of interest I'd rather just have money on tap to reduce the hassle.

I was already thinking about your suggestion of emptying my account before filling it with the new 20K and it looks like this is the way I will go.

GalacticaActual

https://forums.moneysavingexpert.com/discussion/comment/81989289#Comment_81989289

You’re probably right.

At the same time that I initiated the ISA transfer from YBS to HSBC, I also asked Santander to transfer and close my cash ISA with Virgin Money. The funds were deposited and finalised by Santander on Thursday 23rd April 2026, after my initial request on Sunday 19th April 2026. Yesterday, 5th May 2026, Santander emailed the unique code & PIN for their ISA Reward Offer, which was in relation to closing and transferring ISA funds to them.

Rich2808

Wow my transfer has finally completed and the funds are in my HSBC ISA account. The transaction is posted against yesterday's date even though HSBC received the funds on 24 April and I requested the transfer just before the Easter weekend.

So I make that 24 working days for a solely electronic transfer or 36 calendar days - and 8 working days from the date they received my funds to the money appearing in my account.

I would hope they at least pay full interest for the 12 calendar days the funds sat in their holding account post transfer before they were moved into my HSBC account - but who knows!

At least this forum has helped us know we are not alone in going through this experience.

So thanks everyone and good luck to those still waiting - especially for paper transfers.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81989676#Comment_81989676

Are you going to complain about the missing interest?

snookerloopy96

Visited my local HSBC branch just now and asked them to redo my ISA transfer request.

All done (I hope) so I will send YBS a secure message to double check.

The lady I saw today said there is a huge backlog so timescale could be anything, in regards to missing interest 7 or 8 days (as I am at now) is one thing, a months worth is a completely different kettle of fish.

soulsaver

https://forums.moneysavingexpert.com/discussion/comment/81989421#Comment_81989421

Is there something in the T&Cs that stops you just opening the HSBC ISA and then depositing your 26/7 £20k allowance directly into it from the external account?

I'm planning to lift my current year funds from a flexible ISA and deposit the £20k into HSBC to get the 5.25%+ effective..

Is there something I've missed?

I'm holding off with the transaction until nearer the deadline to see what rates do.

GalacticaActual

I received a letter through the post this morning from Yorkshire Building Society (dated 30 April 2026, same date as their online secure message) confirming transfer of £25,000 to HSBC. The last 4 digits of the HSBC account number they quoted in the letter (I’ve blanked it out mind) doesn’t match my HSBC Cash ISA Fixed Rate Account number, so I guess that must be an internal holding account.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81990027#Comment_81990027

see my earlier post about HSBC requesting your old provider to send your funds to an HSBC holding account