HSBC cashback offer

kipsterno1

https://forums.moneysavingexpert.com/discussion/comment/81999602#Comment_81999602

A partial transfer from a Virgin money flexible ISA.

SuzeQStan

https://forums.moneysavingexpert.com/discussion/comment/81997269#Comment_81997269

I might need to start a new thread so apologies if so.

As things stand - my OH & I set up new hsbc isas back in March and requested full transfer of our existing Lloyds & Santander matured cash isas.

as most of you on here have found - HSBC didn’t transfer anything so we opened formal complaints - at which point they eventually moved over around 50% of our matured isa funds.

Then it took them weeks but eventually those funds showed in our new HSBC isas. But the remaining matured funds are still in the old isas earning circa 1% interest.

Today we received an offer from Lloyds with a much improved interest rate. Better than the HSBC rate.

So my question - can we just move the remaining matured funds to new Lloyds isas. Will HSBC still call for the matured funds? I have no faith that they would action anything I requested at all at this point - such as cancellation of the remaining funds to be transferred. I need to know where we stand - will HSBC still ne able to call for the matured funds if they are moved elsewhere?.

I wish so badly that I’d never even opened the HSBC account.

sammy_zammy

Oh god - thought I’d log in to here, thinking my transfer is taking a while, and it’s apparent that some people have been waiting far longer than the 3 weeks I have…

Well I suppose Santander will feel slightly vindicated that they get to continue paying me a measly 3%, which I requested to be transferred out as soon as I got THEIR £50 transfer bonus!

I would abandon ship and cancel the transfer - rates elsewhere probably exceed what I’m losing at this point waiting for the funds to transfer, but I wonder how long that would take them!

friolento

It is now one month since my old ISA provider has electronically transferred my money into HSBC’s corporate collection account, as requested by HSBC.

HSBC have confirmed they got the money and that I will get interest from the day they received it. They have yet to add the money to my ISA as “it takes a little longer due to the volume of ISA transfers received”.

I don’t think they are fit to be an ISA Manager.

Money_Stitch

The delay in actioning ISA transfers is bad enough, and they are in breach of ISA manager regulations with that, but to have funds held in a group account which are not allocated to the Individual SA account for so long is shady. This is a high street bank with full electronic capabilities. Something is very amiss with HSBC for doing this. It suggests they are attempting to fund something centrally and raise interest against it. The marketing of 13-months indicates this was a pre-set plan. Their messaging of 'chill, we've said 70 days' is simply unacceptable. From what I've read, you're not alone. Terrible business and it will backfire on them this year.

Stargunner

My previous ISA provider confirmed to me that they sent my funds by same day payment 2 weeks ago today, and just like others it is still not showing in my HSBC ISA.

My concerns are what is it going to be like in 12 months time when we all want to transfer away from HSBC.

SuzeQStan

https://forums.moneysavingexpert.com/discussion/comment/82007832#Comment_82007832

exactly my fear - about what happens when the partial funds already in my hsbc isa mature. We will all be abandoning ship and presumably will lose another 2x months interest in the process. I’ve gone ahead and opened the better interest rate isa with Lloyds and my Santander matured isa showed up there today (!)

Funny enough the remaining matured Lloyds isa funds are taking longer to arrive in my new Lloyds isa - but it’s only been one day (take note HSBC your card is marked)

nomorekids

I totally agree with above HSBC issues, even once they've allocated our ISA "with the currently stolen to fund some pre planned venture" transfers and via our complaints restored the interest we have lost, this will run and run via financial ombudsmen complaints and negative publicity.

efunc

Some of us are approaching 2 months at this stage. I suggest everyone go directly to the Ombudsmen and file a very strong complaint. HSBC are not fit do business in the UK in my view. I've had a conversation with one of their complaint handlers, and I won't repeat what was said, but from his description of processes it sounded like a conveyor belt of disasters from beginning to end that offered little confidence in their abilities. The biggest outrage for me is that despite admitting to repeated and on-going mistakes the attitude is 'it is what it is' so suck it up!

I don't think so…

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/82013275#Comment_82013275

The financial ombudsman will not consider any issues until you have gone through a financial institutions own complaints process (or that complaint is more than 8 weeks old and still unresolved).