HSBC cashback offer

gt94sss2

Personally, I would relax and let HSBC work through the requests rather than contacting them.

All providers who offer particularly attractive offers tend to get overwhelmed - regardless of their size. A larger institution just tends to get more!

Otherwise, we risk providers not offering such attractive products and it is not something HSBC UK is well known for.

Plus, under agreed industry guidance HSBC should start paying interest from Day 16 of the transfer request even if it is still in progress or the date they receive the funds if earlier.

https://www.tisa.uk.com/wp-content/uploads/2023/03/Cash-to-Cash-ISA-Transfer-Industry-Guidelines.pdf

Rusty190

https://forums.moneysavingexpert.com/discussion/comment/81966410#Comment_81966410

Don't log in to your online banking page.

Simply Google HSBC bank isas and the public page comes up.

2 folk on top of a hill admiring the view.

Scroll down and smiley coffee lady is there.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81966761#Comment_81966761

It isn't so much the delays as the lack of communication from HSBC and the fact they seem unable to provide updates.

With other providers I get emails, app notifications, letters or texts confirming an ISA transfer is in progress - and more importantly when I ring up they can tell me the status on their systems. With HSBC zilch - and they can't give me any information on progress so I have to rely on my current provider to tell me what is happening (or not - they are waiting on HSBC to issue completion confirmation for which they are given 5 working days but which they haven't met).

Bioboybill's previous provider had transferred £20,000 to HSBC on 1 April and more than 2 weeks later the funds have not appeared in his HSBC ISA. HSBC customer services cannot tell him where his £20k - which they presumably have in suspense? - is. And when you raise a complaint - they tell you they might get back to you in 8 weeks.

Perhaps you wouldn't be so relaxed if £20k of your cash had disappeared for two weeks and the people who apparently have it can't tell you where it is? Delays are understandable - poor cash management and accounting (if this is what is happening) is I would suggest not!

Interest rates and cashback are great - but not if you can never benefit from them as the funds aren't claimed or get lost in the ether?

I will be at my 30 day deadline on Tuesday week to fund the account (requested the transfer next day) - so we shall see!

bioboybill

I gave HSBC a scathing review on Trustpilot today, and their social media team on there made the same placating phrases, and asked me to email them my full name and postcode as well as a reference so they can try to help.I suspect it's just more of the same delaying tactics and managing their PR, but we'll see.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81966802#Comment_81966802

thanks, that’s just the T&Cs of the offer, doesn’t tell me what my personal offer status is

Umiamz

https://forums.moneysavingexpert.com/discussion/comment/81966734#Comment_81966734

The transfer doesn't need to complete by the 11th May - the transfer application only needs to have been received by the 11th May.

From the T&Cs - "Your application and supporting evidence for ISA transfers must be received by us within the Offer period."

Incidentally, I transferred a Stocks & Shares ISA from J P Morgan to HSBC Global Investment Centre (which is also part of this Cashback deal) this week. I completed the online transfer request on the 9th April and it was in my GIC ISA uninvested cash account today (17th April), which is pretty good, even for an S&S ISA cash transfer.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81967249#Comment_81967249

I do hope you get this sorted soon. It is disgraceful frankly that they cannot tell you where your £20k has gone and why it isn't in your HSBC ISA account after 15 days.

My experience with Santander - who have a cashback offer and a 4.5% isa - is a total contrast. And with their offer anyone can apply not just current account holders and cashback kicks in with a transfer of as low as £10k. They appear to be coping and processing transfer requests efficiently - so it can be done!

CeliaSeas

https://forums.moneysavingexpert.com/discussion/comment/81967760#Comment_81967760

I had planned to go for the HSBC cashback offer but on reading about the issues I'm leaning towards Santander instead.

InvesterJones

I expect Santander would have a fraction of the applications given the early start HSBCs offer had (for a while it topped the charts and only recently have all the other banks joined or exceeded it). Anything that stands out can attract a bit of a surge! They weren't wrong to price it as such, just a bit early! (not to say that's any excuse for mistakes, mind. They should be able to cope)

caveman38

Although I posted before, I still need help. I am unable to open the product using online banking without furnishing it immediately with funds from one of my HSBC accounts ie current account, IA saver etc. I cannot open it to transfer money later. What other way is there please.

Edit: Again I've spoken to HSBC CS and been told. The only guarantee of cashback is an ISA transfer from another society. I have been told also that if I withdraw 20K from my bonus saver, transfer that money to say Halifax and then return it back to my HSBC current account. Using the Online option of opening the ISA and transferring 20K from current account although satisfying the "new money" condition, it is still not guaranteed that I will get the cashback.