HSBC cashback offer

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81967939#Comment_81967939

Sorry I don't agree on your general point. Santander's offer is open to the entire country and has a lower qualifying threshold for cashback (£10k vs £20k) - HSBC's offer is open to their current account holders only. So far more people are eligible for the Santander offer so why wouldn't they also be overwhelmed a week in?

Secondly the issue is not so much the delays but it is the lack of communication about how your transfer is progressing (or not) and the fact HSBC's customer services themselves can't tell you what the situation is. That is the issue - their customer facing systems can't tell you what is going on with your money which perhaps suggests (just speculating!) maybe they don't know either? A global high street bank offering ISAs should have robust systems so they can monitor and account for funds surely - including funds requested but not yet received from 3rd parties?

And much much worse they have apparently 'lost' Bioboybill's £20,000 that was transferred by Trading212 on 1 April. T212 could tell him immediately his funds had been transferred - HSBC 15 days on can't tell him where his money is but it is certainly not in his account.

I am just really interested to hear from people who did apply for the HSBC offer in late March/early April whose transfers have completed and the funds have appeared in their HSBC ISA account i.e. cash ISA transfers not funds they paid in directly from their current account. Are there any on here - timescales would be helpful? We did have mon3ysav3r earlier in this thread - anyone else?

In the end it is all very well offering cashback offer and a 4.5% rate - but if your money never makes it to HSBC or it does and they lose it - it is rather academic!

InvesterJones

I think that shows the power that marketing/being top of a list brings. Santander might be more eligible, but they were never the top of a website list (and presumably newsletters etc.) so almost certainly didn't get as many applications.

But I agree with the fact that's no excuse for poor service.

gt94sss2

We are getting slightly off topic but Santander have been offering vouchers with ISA accounts at certain times of the year since at least 2022.

They certainly experienced issues dealing with the volume of applications they received in the first couple of years - with both ISA transfer delays and failing to pay the vouchers when due.

I would certainly hope Santander have improved since then!

As well as the ISA cashback, HSBC are currently offering a very attractive offer for switching to their HSBC Premier account which means those with 100k+ in ISAs moving to HSBC would qualify for £1,000.

I hope HSBC will continue to offer attractive products and learn from their own experiences. I know HSBC were recently looking at adding application tracking in their app/online but I don't know if/when this will happen.

ccluedo

@gt94sss2

A relative spoke to an agent on the premier 'phone number yesterday who said that his (relative) understanding was incorrect and said that opening the premier account and transferring £100k in ISA's (assuming no £100k salary etc) would meet ONLY the Premier account cashback criteria ie £500 total as it's either of the above.

£100k salary PLUS £100k in ISA's would meet both the Premier offer and separately the ISA/investment offer criterias for the £1000 cashback

The ISA/investment cashback was a separate offer and as above would necessitate a further £100k input if no £100k salary.

Basically, he said opening new Premier Account and transferring £100k in ISA's would get £500 cashback in total, not £1000.

No idea which one is correct as I was debating that very thing myself on the cashback thread a couple of weeks ago.... but I had come down on the side of my relative's interpretation which seems to be amiss now.

Sandyra

https://forums.moneysavingexpert.com/discussion/comment/81968552#Comment_81968552

Interesting as they are marketing the both together, which would suggest otherwise. I had planned to transfer £100k to get £250 switch (now £500) and the £500 cashback. I then changed my mind to go for the Barclays one (already a premier account holder) as I could withdraw the money without penalty 3 times and didn’t seem worth the £250 potential gain, although I have had issues with Barclays ISA transfer before. Now they’ve up it to £500 I’m swayed back but from the messages of slow transfer (I was hoping for someone that has made it through the transfer process seamlessly) I’m less convinced and if this is correct I best stay with Barclays.

EDIT: Barclays make a point of stating you are eligible for both switch and cashback offer together but useless for me as I’m already an account holder.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81968572#Comment_81968572

I agree, that's the conclusion I came to on the cashback thread and had then shown the offer to my relative.

Like I say, I'm not sure who is correct but reading of all the delays and terrible customer service (some of which I have "suffered" first hand), I'm not convinced of anything to do with HSBC right now.

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/81968552#Comment_81968552

Q8 of the following FAQ confirms the same £100k qualifies for both offers

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/promotions/premier-welcome-reward-faqs.pdf

• If you pay in £100,000 into an ISA:

—You would qualify for the Premier Welcome Reward (£500) by meeting the £100,000 deposit requirement (all in the ISA).

—You would also qualify for the ISA Offer (£500) by depositing £100,000 of new funds into your ISA.

—Total reward: £1000 (Premier £500 + ISA £500

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81968582#Comment_81968582

Brilliant! Thank you! I hadn't come across that.

I'll be sure to pass that on and I'm sure he'll go ahead now. I'm also delighted for myself as I set mine in motion on 8th April. 👌🙂

Another example of HSBC customer service then!

Confirmation on there too that even if you applied during the £250 offer, you will receive the £500 from new offer. I had an email promoting the £500 after I opened the premier account, but nice to see it set in stone.

hgt

I seem to have made a bit of a mistake with HSBC as I opened a (standard) current account just so I could apply for the fixed rate ISA. I'm in the process of transferring £100k worth of ISA funds for the cashback offer, which I'm already regretting as HSBC are so incredibly slow.

But if I'd realised, I should have applied for a Premier account as a new customer and would have qualified for the additional cashback from that too!

boco803

Interesting thread!

Was enticed by HSBC's cashback offer, seeing that it's in the form of cash (not vouchers) and higher than Santander (Barclays only comparable if you're a Premier customer) - albeit with HSBC, it's really a 13 month term?

Quite disconcerting to hear people not seeing funds in their new ISA account after what could be considered to be a relatively long time in this day and age of streamlined and mostly electronic transferring of ISA funds!

Would also be interested to hear from recently completed transfer-in of funds from the likes of Shawbrook, Paragon, Aldermore and Coventry (all of whom I've had experience with in the past and if memory serves correctly, they were all PDQ with their transfers!).