HSBC cashback offer

sammy_zammy

https://forums.moneysavingexpert.com/discussion/comment/81955729#Comment_81955729

Apologies, I misspoke. Have edited my comment.

borderline

https://forums.moneysavingexpert.com/discussion/comment/81955110#Comment_81955110

this morning I received the documentation (terms & conditions and such) for the new ISA but nothing about the cashback

mon3ysav3r

When I opened this HSBC Cash ISA I filled out the online transfer instructions form with the details of my existing Cash ISA using HSBC online website.

I must have got the details correct because the institution I currently hold my ISA with sent a letter that said "transfer of your [Cash] ISA to HSBC Bank Plc ISA ****nnnn (where nnnn is 4 numbers).

These 4 numbers do not match in anyway my new HSBC Cash ISA account. Could this just be some internal HSBC bank account they use to receive (BACS?) ISA transfers before it makes it's way into my HSBC Cash ISA account?

Mr_Mean

https://forums.moneysavingexpert.com/discussion/comment/81955793#Comment_81955793

Unfortunately if you funded it from you Hsbc current account you wont get the cashback, despite the fact that you had only just paid it in, it's not new money for the isa, it's money that hsbc already had.

I know it stinks! I very nearly did the same thing !

Mr_Mean

Have you checked your account to see if the money has landed.

That was pretty quick too, I'm still waiting for Virgin to react to my wife's transfer request, they have up to 15 days apparently.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81961916#Comment_81961916

please read the offer terms, which specify clearly what HSBC considers new funds. There is nothing that stinks.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81961916#Comment_81961916

This isn't what the terms state.

"What are new funds?

• Funds that aren’t already held in any account with HSBC, first direct or M&S Bank, before 9 March 2026."

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/isa-campaign-offer-build-it-bank-it-terms-and-conditions.pdf

Mr_Mean

Yes you are all correct imissed the new definition of Fresh funds being those not previously held with HSBC before March 9th

But it's still so important that people realise this and not fund internally if this is the case and for loyal customers it may well be - that's what stinks!

friolento

https://forums.moneysavingexpert.com/discussion/comment/81962479#Comment_81962479

honest, there is nothing that stinks. HSBC are totally transparent in their offer terms. Even for loyal customers, the terms are quite fair. Many other financial offers exclude existing customers at the outset, so this particular HSBC offer is less restrictive.

People just need to read the terms.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81962479#Comment_81962479

Sounds like you're looking at this the wrong way round, in that it's effectively the same as many other switching offers and the like, where institutions are deliberately incentivising those bringing money in from elsewhere - it is undoubtedly possible to perceive these as penalising 'loyal customers', but in this particular case it's remarkably easy to circumvent the restriction…