HSBC Advance

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  • ctdctd
    ctdctd Posts: 1,080 Forumite
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    I applied for mine on the 15th and got a confirmation with a reference saying they needed to do some more checks.
    Then got a text saying the same on the 17th.
    Since then, nothing, nada, not a peep.

    All other accounts I have opened online including CA's have been instant - not impressed.

    I'm early retired but living off capital - I put Homemaker as occupation as unemployed didn't seem appropriate.
    Seems they don't want those who are no longer wage slaves! :(
    Do Money Saving sites make you buy more bargains - and spend more money?
  • smij85
    smij85 Posts: 8 Forumite
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    I've applied, and been accepted, for this account and wondered if anyone knew the answers to a couple of questions, from their experience:

    1. How soon do I get my £175!? Would (could) they realistically wait the full 6-months to ensure I meet the deposit criteria?

    2. Would the starting balance of a new account be expected to mirror the closing balance of the old account, even if the old one was overdrawn? Or would it take a while for that to show up?
  • eskbanker
    eskbanker Posts: 31,354 Forumite
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    smij85 wrote: »
    Would the starting balance of a new account be expected to mirror the closing balance of the old account, even if the old one was overdrawn? Or would it take a while for that to show up?
    If the account you're switching is overdrawn then you'll need to make sure that you acquire funds to pay it off, either by securing an equivalent overdraft with HSBC or from elsewhere.

    If the account being switched isn't overdrawn, then any balance in it will be transferred to the HSBC account.
  • techwatcher
    techwatcher Posts: 96 Forumite
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    smij85 wrote: »
    I've applied, and been accepted, for this account and wondered if anyone knew the answers to a couple of questions, from their experience:

    1. How soon do I get my £175!? Would (could) they realistically wait the full 6-months to ensure I meet the deposit criteria?

    The £175 is dependent on switching the account and not on the deposit criteria. The offer Terms and Conditions say they will make the payment within 30 days of the switch completion.
  • oli356
    oli356 Posts: 171 Forumite
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    My switch with 2 standing orders (from Natwest) was completed on Wednesday ... will see how long it takes to get the £175... hopefully they give it :P
  • Jrose1927
    Jrose1927 Posts: 106 Forumite
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    I applied for one on the 22nd and accepted with the welcome pack received in email today 24th
  • ShowMeTheDough
    ShowMeTheDough Posts: 65 Forumite
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    I applied online on the 8th Feb, and was immediately taken to a screen that said the account was now open. My debit card arrived within 3 working days, as did a text message requesting me to 'return the signature slip as detailed in the welcome letter'. No welcome letter/email had been received at that point and that is still the case today! I am, however, up and running with the online banking and my switch from Santander is scheduled for 24th Feb. Fingers crossed it goes smoothly... 
  • polymaff
    polymaff Posts: 3,905 Forumite
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    edited 18 February 2020 at 7:44PM
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    ShowMeTheDough said:
    I applied online on the 8th Feb, and was immediately taken to a screen that said the account was now open. My debit card arrived within 3 working days, as did a text message requesting me to 'return the signature slip as detailed in the welcome letter'. No welcome letter/email had been received at that point and that is still the case today! I am, however, up and running with the online banking and my switch from Santander is scheduled for 24th Feb. Fingers crossed it goes smoothly... 

    So *you're* the one, provisions for whom has so dented HSBC's profit - announced today... :'(
  • DavidT67
    DavidT67 Posts: 402 Forumite
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    edited 19 February 2020 at 12:04AM
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    Three weeks in to a switch from Santander to HSBC;  do they love paper and snail mail !  
    card, pin, signature slip, start switch, online banking form, complete switch, paid £175, still waiting on online banking id and no cheque book....

    Will then move to First Direct, not going to touch NatWest !

  • scoot65
    scoot65 Posts: 471 Forumite
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    edited 19 February 2020 at 2:45PM
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    I'm thinking of switching my RBS current account to HSBC Advance for this switching bonus. I gather I can use two standing orders to meet the requirement. I intend to set up standing orders to my Lloyds , Santander or TSB current accounts.   Assuming all goes well and the £175 bonus has ben paid, how long would you say is prudent to wait before I should close the HSBC Advance account? 

    Also, is it still the case that the £1750 monthly funding requirement can be deposited and then withdrawn again the same day without any penalty?

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