HSBC cashback offer

AdamBazzer82

124 days for me now since starting my application. ISA money is still 'Frozen' at the old provider. Regularly chased it up at least every 2 weeks and received poor and very odd customer service at times. Told my issue had been escalated to the 'dedicated team' a few times so that it would be prioritised. Official complaint put in a couple of weeks ago at least. Still radio silence from HSBC. I don't think £150 is going to cut it for me. Not exactly sure what I'd be happy with at this stage, but I expect I'll be going to the FOS after what I expect will be a poor offer from HSBC. Customer for over 30 years. Fun times.

bittencookie

Still waiting here too. Submitted the paper form in April…

AdamBazzer82

https://forums.moneysavingexpert.com/discussion/comment/82109251#Comment_82109251

Yesterday HSBC finally requested the money from Moneybox. Moneybox completed that request today, just 24 hours later. Looks like I've been waiting 4 months for someone at HSBC to press a button. Now to see how long it takes HSBC to actually send the money to my HSBC ISA account and reply to my complaint (that went in several weeks ago).

charlie12525

Like many, I have had problems with my HSBC fixed rate cash ISA opening. I complained to HSBC many weeks ago and today spoke to a complaints handler. Our conversation did not go well and I think I will now have to escalate my complaint to the ombudsman. I would appreciate any comments or advice from the wise people of this forum.

I opened a HSBC fixed rate cash ISA on 30/03/26. I paid in £15400 new money and filled in and posted 2x ISA transfer forms to move funds from 2 other ISA providers. The £15400 soon showed in the ISA but after a long wait I phoned HSBC to ask why the transfers had not been processed. As they wouldn't give me a straight answer I raised a complaint.

On 01/07/26 I got a phone call from a complaints handler. He said that due to a processing error the transfers had not been processed. They had now expired. I would have to start again. I would have to open a second cash ISA, fill out the 2x paper transfer forms again and post them. He offered me £100 or £150 compensation. After some haggling we agreed on £300 which I have received. He also agreed to backdate missing interest once the new ISA was open. I went ahead with all this and around 10/08/26 the ISA transfers completed. I now have 2 HSBC ISAs which mature on 2 different dates.

Today I got in touch with my complaints handler to discuss the backdated interest. He wants to know all the details about the 2 ISA accounts I transferred from. He wants account names, interest rates, balances, statements for the relevant dates. He is prepared to pay the backdated interest from the 15 working day point but will deduct any interest I was receiving from the ceding providers during the same period. This is not what I was expecting to hear. I was expecting to get the full 4.5% interest, about £450, for the relevant period. He will only pay in the region of 1% and says that this will mean that I am not out of pocket. Nevertheless, I'm not happy with 1% and I'm not happy that he expects me to do all the admin regarding the ceding account info, statements etc.

I can not find an ISA "rule" which states that backdated interest must be paid in full from 15 working days after receipt of the ISA transfer application.

In addition, I asked if the backdated interest would be classed as "interest" or "compensation". He said it would be "redress" and would not be paid into my ISA. There would be no extra paid to compensate me for the fact that this redress would be outside the tax wrapper which has some value to me.

Do I have a valid claim with the ombudsman regarding the 4.5% vs 1% backdated interest? I'm not sure. Technically, the claims handler may be correct. I would not be out of pocket financially. Would the ombudsman agree?

randomBean

https://forums.moneysavingexpert.com/discussion/comment/82109800#Comment_82109800

I think it’s a valid claim with the Ombudsman. I’m in a similar position. I opened the ISA in April, started two ISA transfers and made a few fresh deposits, but they failed to transfer one of the ISAs, making the total fall below the cashback threshold.

I contacted them multiple times with a formal complaint, and they only paid me £100 in compensation and agreed to pay the backdated interest from the 15-day point for the successful ISA transfer.

I wasn’t happy with this and proposed two options: 1) ignore the failed transfer and pay me the difference between what I have received and what I should have received, or 2) start the second ISA transfer again, like yours, and then pay me the difference between what I have received and what I should have received.

They didn’t address either option, so the case is now with the Ombudsman.