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HSBC cashback offer
Comments
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But that poster plans to fund with less than £20K of new (non-HSBC) money, thereby missing out.
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As you only say the only restriction is that funds held with HSBC or First Direct or M&S bank (i.e. the HSBC group) - whether in a current, savings or investment account - before 9 March moved into an HSBC ISA won't count towards the £20k+ needed for cash back?
As long as you transfer in £20k+ from outside the HSBC group and/or pay in new funds of £20k+ from outside the group (or within the HSBC group but received by the group post 9 March) then you will be eligible for cashback.
No idea how they monitor this 9 March cliff edge of course - say you moved out £5k on 7 March and paid £5k back from the same external account back to HSBC on 11 March? It is the same 'cash' but HSBC didn't have it on 9th¬
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Here is how I funded it:
I moved £500 from my HSBC current account into my newly opened fixed rate HSBC ISA as soon as the new tax year opened last week.
I then temporarily moved £4500 from a low interest savings account I have with Lloyds into my HSBC current account and then moved it into the ISA.
So I now have £5000 in the ISA and plan to move another £15000 from a different account held elsewhere before the funding window closes. I had assumed that because I was paying in £20000 of new money it would be eligible for the cashback. It would appear that because the money I have paid in so far has "touched" my HSBC current account I wont get the cashback. Dont get me wrong its still a decent rate of interest at 4.5% but the £150 cashback would have been nice and it was the reason I opened this particular ISA.
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Where about should I find the offers section? Can't see it online or in the app
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makes no sense as there isn't any term in the offer that requires that at least £20k must be non-HSBC money. Even some HSBC money does count, as is clearly specified in the offer terms
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It is very likely that all your deposits to date count towards the offer - please do check the offer terms again, specifically the HSBC definition of "new funds".0 -
I have just followed up with my current provider Lloyds - and they tell me they are waiting for a completion confirmation from HSBC re the transfer of the funds.
Never come across that before - and you would assume it is automatic between two large high street clearing banks so perhaps not.
Lloyds need that completion - before they transfer my funds - as they don't want my money to get lost!
So could there be an issue re HSBC transfers being delayed due to a failure to issue their completion confirmations?
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How are you interpreting this wording?
What is the Build It, Bank It Offer?
• This Offer rewards eligible new and existing customers who deposit and/or transfer a minimum total of £20,000 in new funds into an HSBC ISA account during the Offer period.
[…]
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.
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Up to £20k of money that was not in HSBC before March 9 2026 can be transferred e.g. from the HSBC current account into the ISA, and will count for the offer
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Ah right, I think I can see what you're getting at - are you suggesting that funds that weren't with HSBC before March 9 can qualify by being transferred into an HSBC current account after that date and deposited from there into the ISA, rather than doing so directly in one hop?
Even if there isn't anything explicitly specifying that this isn't a valid loophole, the poster starting the exchange said:
I moved £500 from my HSBC current account into my newly opened fixed rate HSBC ISA as soon as the new tax year opened last week.
I then temporarily moved £4500 from a low interest savings account I have with Lloyds into my HSBC current account and then moved it into the ISA.
so it would presumably then come down to an assessment of whether that (or any) £500 was paid into their HSBC current account after 9 March - I can't believe that HSBC envisaged some sort of audit trail trace like that but if they haven't specified terms tightly enough then they may be exposed…
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