HSBC Advance Upgrade

wizzywig27 · 9 May 2018 at 7:12PM

Been trying to find an answer to this, as of yet I can’t seem to find a difinitive one and even the bank can’t tell me.

I have an account with HSBC but don’t use it. Due to the mess over at TSB I’ve considered using HSBC. I applied to upgrade my account last year and was told no as I don’t meet the internal criteria.

My question is, if I start to pay my salary in (which exceeds the min income) do they just upgrade my account after three months without a credit check?

I popped into the branch to ask, he just said yeah and nodded and said yeah (not sure he understood my question), so I called up. She said that as long as I fund £10,500 within 3-6 months then I will. I asked if three months of minimum £1,750 (as stated on here and to me previously) was enough and she just said again £10,500 in 3-6 months. I am really confused and their call centres and rubbish

EachPenny · 9 May 2018 at 7:47PM

wizzywig27 wrote: »

I popped into the branch to ask, he just said yeah and nodded and said yeah (not sure he understood my question), so I called up. She said that as long as I fund £10,500 within 3-6 months then I will. I asked if three months of minimum £1,750 (as stated on here and to me previously) was enough and she just said again £10,500 in 3-6 months. I am really confused and their call centres and rubbish

TSB don't seem so bad now do they?

ValiantSon · 9 May 2018 at 7:56PM

No answer for you, I'm afraid, but if you are certain that you want to move your banking away rom TSB then why don't your try it and see? If it doesn't pan out the way you hope then you haven't lost anything and can look for an alternative.

Other than the 5% regular saver, why do you particularly want an Advance account?

wizzywig27 · 9 May 2018 at 8:02PM

Well I was with Halifax with an overdraft of 2k. They then decided to fleece people with their overdraft charges so I paid up and left. I have done a few switches and got a bit of cash from it but want to settle with a bank and start to build that banking relationship I had.

One of the main reasons I wanted to bank with HSBC is simply because they are the only bank I have that I haven!!!8217;t tried if that makes sense. They all come with their own frustrations and perks. If I do bank with them I!!!8217;d like to have the advance though

EachPenny · 9 May 2018 at 8:12PM

wizzywig27 wrote: »

One of the main reasons I wanted to bank with HSBC is simply because they are the only bank I have that I haven't tried if that makes sense. They all come with their own frustrations and perks. If I do bank with them I'd like to have the advance though

That's true, and HSBC is no exception. If your experience so far hasn't persuaded you of that then there are plenty of people on this forum who can advise you it is just as true for HSBC as any other bank.

The best approach is to have current accounts with at least 2 different banking groups and accept that from time to time one of them will foul up. Having more than one account gives you flexibility if one bank is having issues with itself, or with you.

ValiantSon · 9 May 2018 at 8:29PM

I agree with EachPenny: no bank is perfect. Each of them have quirks that will both please and irritate you.

If you want to try banking with HSBC then that is fine, but you haven't explained why you want the Advance account. Other than the 5% regular saver (and you can get the same or similar elsewhere - First Direct (£300p/m); M&S (£250p/m); Santander (£200p/m); Nationwide (£250p/m) - the only other advantages I can see over their normal account is a higher daily cash withdrawal limit (£500, rather than £300) and full 24 hour telephone banking (rather than 8.00 a.m. to 8.00 p.m.). Are either of these big factors in your decision?

wizzywig27 · 9 May 2018 at 8:37PM

At the moment I have 5 accounts (due to switches etc).

I tried NatWest, didn!!!8217;t like the fact they didn!!!8217;t show pending transactions and so many times payments would leave my account late in the day causing me problems with potentially going overdrawn.

TSB are pretty good, but the fact they are taking one of the perks away soon (£5 for two direct debits) is annoying and apart from that they don!!!8217;t offer much else.

B - I don!!!8217;t like the way their app shows transactions - for example payments due out on a Monday sometimes show up on a weekend with a clock and stay pending for ages, then if you miss a direct debit it falls off your account entirely so you had no idea it was even attempted. Strange.

HSBC - no problems really as hadn!!!8217;t used them much although customer service is overseas and problematic.

Nationwide - this is a basic account - only have it to take advantage of the refer a friend offer

As you can see, I am quite picky. I loved Halifax until the screwed me. It wasn!!!8217;t the fact they screwed me it was the fact they didn!!!8217;t even use lube.

ValiantSon · 9 May 2018 at 8:47PM

So, as I have asked twice already, why do you particularly want the Advance account rather than the normal account, which you already have? You haven't given any reason for this, yet you seem to only want to leave TSB if you can get it. Why?

Savings1234 · 9 May 2018 at 9:37PM

No, you don't necessarily qualify for an automatic upgrade without a credit check after a certain amount of time meeting the £1750 PM criteria.
If you are going to start meeting the criteria of £1750 PM i would go to branch and complete a full application with credit check, you don't need to wait until you start paying the money in, however you may need proof of the income (TSB statement or payslip)

System · 10 May 2018 at 2:43PM

I'd suggest that you aren't going to get any satisfaction from HSBC.
Nationwide, TSB and even B are much better imo.

wizzywig27 · 10 May 2018 at 9:41PM

ValiantSon wrote: »

I agree with EachPenny: no bank is perfect. Each of them have quirks that will both please and irritate you.

If you want to try banking with HSBC then that is fine, but you haven't explained why you want the Advance account. Other than the 5% regular saver (and you can get the same or similar elsewhere - First Direct (£300p/m); M&S (£250p/m); Santander (£200p/m); Nationwide (£250p/m) - the only other advantages I can see over their normal account is a higher daily cash withdrawal limit (£500, rather than £300) and full 24 hour telephone banking (rather than 8.00 a.m. to 8.00 p.m.). Are either of these big factors in your decision?

The £500 withdrawal would come in handy (NatWest told me the system said I could have £500 then when she went to do it, it said no) and the 5% savings account would also be of interest. First direct won’t accept me, don’t want to risk M&S.

HSBC Advance Upgrade

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