HSBC cashback offer

nomorekids

so funds left from 2 of the four providers 4 working days ago making up my HSBC ISA fix, one in full and the other minus the interest , why? I completed the forms exactly the same. Took 22 days well over the 15 days promised and neither of the transfers are showing. The two remaining I am phoning daily to HSBC to beg them to request seeing as they provide no communication whatsoever otherwise and so far the two remaining providers have received no requests from HSBC. HSBC definitely do not have dedicated ISA transfer team and its impossible to speak with anyone other than their call center. I m feeling like I have to carry on but also that I have earned, assuming that I get the incentive paid (seeing as I'll have to add funds from this years isa allowance to make up the shortfall of hsbc leaving behind the interest on one of the transfers). Moan over but really HSBC, never again will I and Mr Nomorekids is refusing to phone so no faith whatsoever that his transfer will happen at all.

Do I complain now or after?

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81975358#Comment_81975358

Not sure if that really is a positive for HSBC.

Every other electronic transfer I have done in the last 12 months - from large to small provider - has been completed in 3 working days. I did a paper transfer to Paragon and they completed it in four working days.

Santander also have a Cashback offer and multiple 4.5 percent ISA on offer - I requested an ISA transfer on a Thursday evening the week before last and the funds were in my Santander ISA by Monday evening.

A major global high street bank should have the staff and resources to do better. Their communication is appalling and their lack of ability to explain what is going on and what is happening even worse.

Like nomorekids there will be no more HSBC ISA transfers for me - it just isn’t worth the hassle.

boco803

Thanks for highlighting what appears to be HSBC's incompetence in dealing with ISAs - as you say, just probably not worth the hassle even though it looks like a better offer (higher and actual cashback, albeit effectively 13 month term?).

If transferring IN funds appears to be a problem, what about transferring OUT in a years time?

However, I do wonder how many others have applied for HSBC's ISA and was smooth sailing, but not mentioned or crediting the quick turnarounds?

boco803

https://forums.moneysavingexpert.com/discussion/comment/81975358#Comment_81975358

Who was your old provider where funds were transferred from?

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/81975497#Comment_81975497

If a provider has transferred an ISA to HSBC but not included the interest you were expecting, it sounds like an issue with the losing provider not HSBC.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81975710#Comment_81975710

HSBC have admitted there is a problem with extensive delays in ISA transfer requests on their website. The message has been up for over a week but they are still taking applications..

In all my years as a customer I can’t recollect them publicly disclosing there is a wide scale problem before. So if they are saying so then it must be pretty widespread!

https://www.hsbc.co.uk/savings/products/fixed-rate-isa/

Maybe that is why they have called it a 13 month ISA - it’s a one year fixed which takes a month to transfer into!

Umiamz

Delays appear to be getting worse. Submitted a Cash ISA transfer request 3 weeks ago to a new Loyalty Cash ISA that I'd opened and they haven't even started looking at it yet. Rang them and they confirmed receipt of the transfer form but said how busy they were and not to worry because they had received the form within the offer period.

I also transferred two Stocks & Shares ISAs to HSBC Global Investment Centre as part of the offer and they have both completed. One after 10 days (I think) and the other (from Interactive Investor) within 4 days of HSBC receiving the application!

At least some parts of HSBC are working efficiently 🙂

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81981248#Comment_81981248

There is no worry for them - they have no urgency. But you are the one losing interest daily if your current provider is paying a materially lower interest rate than your new HSBC ISA.

I estimate to date - due to my transfer taking well over 3 weeks and not 3 days like most providers - I have lost in interest a sum equivalent to nearly half of the cash back due from HSBC. And the funds - transferred last Friday - are still not in my HSBC ISA. It is over four weeks now since I requested my transfer electronically.

Easy for them to be relaxed when you are the one losing money each day!

SuzeQStan

same story here - losing isa is Lloyds for me and OH - hsbc has taken all but 20k from each Lloyds isa. Strange that. No sign of the isa funds in either of our new hsbc isas. It’s been about 4 weeks now. Have raised formal complaints each of us in hopes we are able to recoup lost interest

jamesrcmd

I have called HSBC, cancelled the transfer and closed the account. I am so fed up of dealing with their incompetence. Luckily, the money was never taken from my other ISA provider, which I have now renewed for another year (at a slightly lower rate). I won't touch HSBC again, that's for sure.