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  • FIRST POST
    • TheEffect
    • By TheEffect 27th Jun 15, 11:24 AM
    • 2,249Posts
    • 1,761Thanks
    TheEffect
    HSBC's New 120 Switch Offer
    • #1
    • 27th Jun 15, 11:24 AM
    HSBC's New 120 Switch Offer 27th Jun 15 at 11:24 AM
    From Monday, HSBC will apparently be offering 120 to those who switch to their HSBC Advance account. 120 for switching, 120 for the ISA = 240 for the first year.

Page 3
    • Archi Bald
    • By Archi Bald 28th Jun 15, 3:37 PM
    • 9,376 Posts
    • 7,432 Thanks
    Archi Bald
    The anticipation is killing me, the T&C I can deal with. But am at work tomorrow with no internet, by six thirty tomorrow evening when I will see it. this thread will be ten pages long, then sorting out the tosh from the fact will take the rest of the evening.
    Originally posted by ceredigion
    You can short-circuit any massive MSE thread on the T&Cs by ignoring the thread and just reading the T&Cs...................
    • Dird
    • By Dird 28th Jun 15, 3:48 PM
    • 2,638 Posts
    • 1,561 Thanks
    Dird
    The number you could open and switch to wasn't limited. I made 1,650 with 11 accounts...others made even more!
    Originally posted by YorkshireBoy
    Wow over what kind of timescale? I'm guessing it got corrected pretty quickly?
    Mortgage (Nov 15): 79,950 | Cashback sites: 900 | Current accounts: 11
    Mortgage (May 19): 71,754 | 30k in 2016: 30,300 (101%)
    • Biggles
    • By Biggles 28th Jun 15, 3:54 PM
    • 7,611 Posts
    • 5,016 Thanks
    Biggles
    aren't you keen to use every penny of that Tax-Free allowance for your S&S pot though, Biggles?
    Originally posted by planteria
    I've put quite a few pennies in over the last few tax years, so it's probably time I diversified a bit. But there's still another 14,990 available to me this tax year.....
    • Archi Bald
    • By Archi Bald 28th Jun 15, 3:56 PM
    • 9,376 Posts
    • 7,432 Thanks
    Archi Bald
    i've put quite a few pennies in over the last few tax years, so it's probably time i diversified a bit. But there's still another 14,990 available to me this tax year.....
    Originally posted by biggles
    15,240 - 300 = 14,940. It's probably what you meant.
    • Biggles
    • By Biggles 28th Jun 15, 3:59 PM
    • 7,611 Posts
    • 5,016 Thanks
    Biggles
    15,240 - 300 = 14,940
    Originally posted by Archi Bald
    As I've only just opened the Advance a/c and the 'Loyalty Cash ISA', I'll only have contributed 10 months = 250.

    Yes, I could put more in, but the added bonus would still only be 10 a month.
    • Dird
    • By Dird 28th Jun 15, 4:20 PM
    • 2,638 Posts
    • 1,561 Thanks
    Dird
    With such a pay-in requirement what happens to people earning below the amount?
    Would they have to lie about their salary to get accepted?
    Mortgage (Nov 15): 79,950 | Cashback sites: 900 | Current accounts: 11
    Mortgage (May 19): 71,754 | 30k in 2016: 30,300 (101%)
    • henm2
    • By henm2 28th Jun 15, 4:26 PM
    • 681 Posts
    • 335 Thanks
    henm2
    From their web site
    "If you don't meet the eligibility requirements, we'll change your account to our Bank Account. We'll always tell you at least two months before we convert your account."
    • Archi Bald
    • By Archi Bald 28th Jun 15, 4:32 PM
    • 9,376 Posts
    • 7,432 Thanks
    Archi Bald
    With such a pay-in requirement what happens to people earning below the amount?
    Would they have to lie about their salary to get accepted?
    Originally posted by Dird
    There is no requirement for a salary. There is only a requirement to paying at least 1,750 into your account each month (though I think they also let you off with a minimum of 10,500 every six months).

    Telling lies to a bank is not a good strategy, even on a bad day.

    The Advance T&Cs state:
    You must pay at least 1,750 into your Account each month other than by internal transfer from another personal HSBC Account. If you don’t meet the eligibility requirements we’ll convert your Account to our Bank Account (details of our Bank Account can be found on our website hsbc.co.uk) and you’ll lose your HSBC Advance benefits. We’ll always tell you at least two months before we
    do this.

    https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/HSBC_Advance_Bank_Account_Terms_and_Conditions.pdf
    The word 'salary' is not mentioned anywhere in the T&Cs.
    • Dird
    • By Dird 28th Jun 15, 4:43 PM
    • 2,638 Posts
    • 1,561 Thanks
    Dird
    When I applied for a TSB CA on Friday it asked for salary, if someone isn't earning 1750/month would such an application not reject them?
    I was going to mention the deal to my uncle but he's self-employed...it'd be easy for him to fulfil the monthly transfer from savings assuming the salary answer didn't lead to a rejection

    Edit: I think the TSB app asked salary anyways...I've been filling in all kinds of crap lately
    Mortgage (Nov 15): 79,950 | Cashback sites: 900 | Current accounts: 11
    Mortgage (May 19): 71,754 | 30k in 2016: 30,300 (101%)
    • Archi Bald
    • By Archi Bald 28th Jun 15, 4:50 PM
    • 9,376 Posts
    • 7,432 Thanks
    Archi Bald
    I have current accounts at just about every UK bank and none of them pre-req any salary.

    Banks may be asking about your income and/or the source of your money but they will not deny you an account because you don't receive a salary, or don't receive a certain minimum salary. Although if you try really hard, you can talk yourself out of getting accepted for an account.
    • mel48rose
    • By mel48rose 28th Jun 15, 5:47 PM
    • 509 Posts
    • 467 Thanks
    mel48rose
    I've been asked about my salary a couple of times but have never been turned down despite working part time.
    If you change nothing, nothing will change!!
    • Biggles
    • By Biggles 28th Jun 15, 5:57 PM
    • 7,611 Posts
    • 5,016 Thanks
    Biggles
    The word 'salary' is not mentioned anywhere in the T&Cs.
    Originally posted by Archi Bald
    No, but I was asked to ring them when I requested an upgrade from Bank a/c to Advance a/c and I was interrogated for half an hour. My income and its sources and my expenditure were all noted in some detail, as was my planned use of their banking facilities. I'm not sure whether I would have succeeded if I had said my net monthly income was 1,749.99.
    • Dird
    • By Dird 28th Jun 15, 6:45 PM
    • 2,638 Posts
    • 1,561 Thanks
    Dird
    I'm not sure whether I would have succeeded if I had said my net monthly income was 1,749.99.
    Originally posted by Biggles
    Does that mean you were refused the upgrade?
    Mortgage (Nov 15): 79,950 | Cashback sites: 900 | Current accounts: 11
    Mortgage (May 19): 71,754 | 30k in 2016: 30,300 (101%)
    • Lungboy
    • By Lungboy 28th Jun 15, 8:00 PM
    • 1,838 Posts
    • 2,092 Thanks
    Lungboy
    There is no requirement for a salary. There is only a requirement to paying at least 1,750 into your account each month (though I think they also let you off with a minimum of 10,500 every six months).

    Telling lies to a bank is not a good strategy, even on a bad day.

    The Advance T&Cs state:


    The word 'salary' is not mentioned anywhere in the T&Cs.
    Originally posted by Archi Bald
    While this is true, I reckon it's probably why I was rejected for the Advance account.
    • Archi Bald
    • By Archi Bald 28th Jun 15, 8:09 PM
    • 9,376 Posts
    • 7,432 Thanks
    Archi Bald
    While this is true, I reckon it's probably why I was rejected for the Advance account.
    Originally posted by Lungboy
    May be, may be not.

    I don't have a salary at all, and I managed to get an HSBC Advance. I grant that HSBC are a lot more inquisitive than any other bank, and I did have to endure a 30-odd-minute grilling when upgrading to Advance but convincing them that at least 1,750 would be paid in every month was the easy part. In fact, it was all easy, it was just very long-winded to go through what felt like some script the operative had to go through.

    FWIW, I am transferring in 1,750 from one of my other accounts once a month, and 1,500 straight out again. 250 is going into the HSBC Regular Saver.
    • YorkshireBoy
    • By YorkshireBoy 28th Jun 15, 8:10 PM
    • 31,023 Posts
    • 19,025 Thanks
    YorkshireBoy
    While this is true, I reckon it's probably why I was rejected for the Advance account.
    Originally posted by Lungboy
    Of course salary will go into their scoring model, but its not the be all and end all. For example, I know 3 people who were accepted for Club Lloyds accounts with net incomes of less than 1K per month.
    • DragonQ
    • By DragonQ 28th Jun 15, 8:29 PM
    • 2,075 Posts
    • 706 Thanks
    DragonQ
    120 for switching, access to their 6% regular saver, plus 90-120 for putting 25 a month in an ISA (depending on if it's worth using 2015-16's ISA allowance on it or not).

    Sounds great to me.
    • norm_
    • By norm_ 28th Jun 15, 8:35 PM
    • 153 Posts
    • 97 Thanks
    norm_
    I can recall when applying for the HSBC Advance account the advisor taking the call mentioned a couple times my salary was below the minimum required to fund the account, but I told them I was funding it from savings which was okay. Ultimately the computer makes the decision and I was accepted.
    • fuzzgun19
    • By fuzzgun19 28th Jun 15, 10:14 PM
    • 7,498 Posts
    • 61,547 Thanks
    fuzzgun19
    Do you have to apply for this account over the phone then?
    I Hate Jobsworths!!!
    • Gers
    • By Gers 28th Jun 15, 10:42 PM
    • 7,800 Posts
    • 53,349 Thanks
    Gers
    I've just seen which ID documents they want. I have no original bank statements apart from M&S bank ( not acceptable) I have no original credit card statements apart from John Lewis Partnership card ( not acceptable) and I have paperless account for telephone, utilities and I pay CT in full in April ( my bill from February may count!).

    What can I do to provide appropriate documents? I do have a driving licence and passport. My HMRC coding letter is from March.
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