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HSBC cashback offer
Comments
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Credits and debits have a book date and a value date so it might be fine but the OP would need to check as HSBC and most (all?) British banks don't show the value dates.
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I printed off a transfer form from the HSBC website and handed it in to my local branch, so mine was instant. Shame that the actual transfer is taking so long though.
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I printed mine off the website and sent next day before 1pm at a cost of £9.45 due to the sensitive nature of the information on the forms. Certainly didn't speed anything up, however PO receipt may prove handy if they debate date they received it re the 15 working days.
I waited 8 or 9 days for Premier account details tho b4 I could even set the ISA up. One speed for HSBC it seems ...dead slow.
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on the dozens and dozens of savings accounts, ISA and non-ISA, that I have had over the years, I always got interest from the date my funds were credited. Including on HSBC accounts, though these were not ISAs. If they have some particularly non-transparent ways of handling ISAs, which is lf course possible, I would want in writing from them what my value date for the interest is.
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The book date and value date won't always be the same e.g., if you deposit money after the day's processing cutoff some banks will show a book date of the day of deposit but the value date will be next day or working day.
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In my experience, if I deposit after the daily cut-off (which I usually don't know, apart from it being sometime after "close of business"), the credit date I can see online or in the app is the next working day. Great examples for this are the Cahoot and the NatWest/RBS accounts but just about every other account I can think of is the same. Apart from possibly - as I mentioned before - HSBC. Doubt it somehow, though.
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Yes, there is a non-transparent way of dealing with ISA interest during transfers, which is for the receiving provider to backdate the interest to a date other than the actual arrival of the funds:
The new ISA provider should apply the transferred funds to the customer’s account.
Interest on the transferred funds should be backdated either to the date on the cheque, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive – whichever is earlier.
For electronic payments, interest on the transferred funds should be backdated either to the date the payment was initiated, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive –
whichever is earlier.The document is guidance rather than mandatory but should be followed by major players: "We recommend that ISA providers adopt the procedures below, devised by representatives of the industry. However, they are recommendations only and not prescriptive."
HSBC seemingly suggested they'd be following this backdating approach in one of the other threads:
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Whatever your experience it is possible to have a value date different to the book date. The OP needs to confirm with HSBC that this is the case.
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I do not dispute that there can be two different dates. What I am saying is that in my experience interest is paid from the date I can see online / in the app. This is the case for ISAs and non ISAs, and specifically also for ISA transfers, of which I have done many over the years. And yes, the OP needs to confirm it with HSBC, which is why I raised the matter in the first instance 😀
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I experienced this a couple of weeks ago when I missed the daily processing cut-off. I want to say to it was Barclays but it have might been Zopa (too many accounts). Either way, it can happen.
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