HSBC cashback offer

borderline

Has anyone (customers only) opened, payed in or transferred onto the HSBC Isas cashback offers yet?

If so, any communication from HSBC that the new ISA account qualifies for the cashback?

I opened one but no idea if it qualifies, the other day I moved money from my HSBC account onto another bank and now I have returned it to HSBC to open this ISA account..

mon3ysav3r

I have requested a transfer in to HSBC fixed ISA from another provider, no notifications that it qualifies for the cashback. I also want to add new money for this tax year, not sure at the moment how to do that.

Rich2808

Just print out the offer details - and if they don't pay the cashback by 30 September contact them.

If you met the terms they will pay up.

bioboybill

I transfered £20K out of T212 to HSBC. T212 confirmed they had transfered the money to HSBC on 1st April about 20 minutes after I confirmed that I had asked for the transfer. The money has still to appear in my Fixed ISA at HSBC 7 days later. So long as the money is there by May 11th all should be fine, but don't know why it's taking so long.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81954911#Comment_81954911

It should really be next working day if an electronic transfer - so you are now on 3-4 days?

I would follow up by Friday - I expect they are dealing with lots of ISA transfers but they are a major global bank so this shouldn't be an issue.

allegro120

https://forums.moneysavingexpert.com/discussion/6663263/hsbc-cashback-offer

I opened mine on 30th March and funded on 7th April. I paid into my HSBC account and transferred to ISA from there. There was no communication but I assume the bonus will be paid.

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81954911#Comment_81954911

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81955507#Comment_81955507

Does it not have a 30 day funding window?

I think the 11th May is the closing date for transferring a ISA

There is a penalty if the ISA Transfer is received after the thirty days and before the 70 days with a reduced interest rate applying to that part

friolento

https://forums.moneysavingexpert.com/discussion/comment/81955511#Comment_81955511

what is the penalty?

sammy_zammy

https://forums.moneysavingexpert.com/discussion/comment/81955511#Comment_81955511

I don’t think there’s a penalty. It’s just telling you you’ll get less total interest than 4.5% of the balance because they’ll have been in the account for less than a year.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81955629#Comment_81955629

As a general principle, you always get the AER in any savings account, regardless of the length of time your money has been deposited. AER is not the amount of interest you get, but the rate that determines the amount you get. The AER of a fixed rate account like the HSBC FRISA cannot change for the duration of the fix.

By way of an example, if you deposit £1,000 on day one into a 4.5% fixed rate 12 months account, you will have £1,045 (£45 interest) when the account matures after 365 days. If you deposit £1,000 25 days after account opening, the AER is still 4.5% but your money is only in the account for 340 days, so you only get £41.92 interest (£45 / 365 * 340).