HSBC fixed rate 13 month ISA 4.5% - questions

jungleboy123

I've seen other threads on here about issues with HSBC transfer delays, also i'm cutting it really tight for cashback as cut off is 11 May.

If i was to complete the request form and HSBC receive it before the 11th then for purposes of cashback would this count, or i.e does it only count the date the transfer is complete or when my existing provider has completed on their side?

I am not an existing HSBC customer. I am assuming the time to make a new account (or transfer in using CASS) will take too long.

Thanks.

Ch1ll1Phlakes

https://forums.moneysavingexpert.com/discussion/6667155/hsbc-fixed-rate-13-month-isa-4-5-questions

From the following link, as long as your transfer application is in by 11th May the cashback offer should be valid for you.

Cash ISA and Stocks & Shares ISA Cashback Incentive - HSBC UK

I don't know how long HSBC current account setup would take though.

jungleboy123

https://forums.moneysavingexpert.com/discussion/comment/81988997#Comment_81988997

thanks. the HSBC webpage is absolutely bombarded with information makes my eyes hurt and hard to spot…. I've been getting so used to newer types of banks that use apps so things are a bit streamlined!!

Do you know if its still a good idea? other threads on here people are having a nightmare seeing where their money has gone after its been transferred out of the doner account.

Rich2808

https://forums.moneysavingexpert.com/discussion/6667155/hsbc-fixed-rate-13-month-isa-4-5-questions

Firstly you would need to open an HSBC current account. You would then need to open the fixed rate isa, have that open with an account number and request the transfer by next Wednesday 11th - it doesn't have to complete by 11th to get cashback but there are several steps before you can request the transfer.

I would note there are other providers with fixed rate ISAs paying 4.5% or more - so it is not necessarily market leading anymore.

There are plenty of posts on here about the very slow process of ISA transfers. I have been waiting over a month post requesting an electronic transfer - funds finally left my original provider 12 days ago and the funds are still not showing in my HSBC isa. What took me 2 working days with other providers is taking over a month with HSBC.

It is really up to you whether you want to participate in such a long drawn out process!

friolento

As you have seen the other posts about the HSBC ISA, you seem to be a glutton for punishment.

vacheron

Hmmm, I was going to apply for the £500 cashback +4.5%, but to me those conditions read that the money needs to be "Transferred in" before the 11th, not that the transfer needs to be started before the 11th, so I think I may have missed the boat. 😐️

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81989096#Comment_81989096

It says on the link your application and supporting evidence for the ISA transfer must be provided to HSBC by 11th - either via an electronic transfer or assume arrived by post/handed over in a branch if a paper one.

The transfer then has 70 days to be completed - and in my experience they will need it in many cases. If electronic transfers take over a month - how long will paper ones take?

friolento

https://forums.moneysavingexpert.com/discussion/comment/81989114#Comment_81989114

I agree

And would add that you need to pro-actively get written confirmation from HSBC that they have received your transfer request. Aside from today's text message, I have not had any pro-active communication at all from HSBC about my transfer request, which I had handed into a Branch in person a month ago. The only communication I had was from the old ISA provider, who have informed me by snail-mail letter a couple of weeks ago that they had completed the transfer.

jungleboy123

well… this sucks. I missed out on the santander deal, albeit a bit less in an e-voucher (the markets are a bit jittery to be investing at the moment).

Does anyone know if they regularly do these incentive or is it just to get new customers in that we are in the new ISA year?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81989341#Comment_81989341

What makes you say that "the markets are a bit jittery to be investing at the moment"? There's nothing particularly extraordinary about them, in terms of things that wouldn't be expected to be seen fairly frequently during normal investment timeframes…

jungleboy123

https://forums.moneysavingexpert.com/discussion/comment/81989353#Comment_81989353

yeah good point. i'd be an isa millionaire by now if i took a bit of risk once in a while - as stocks keep doing very well :)

playing it safe for now though. As you can see, i am a bit on edge moving it to HSBC currently, hence the thread.