Some more HSBC switch questions

luiza8 · 17 September 2018 at 7:26PM

Hey there, hope you're all having a great day!

I've applied for the HSBC Advance Current account and need to pop into the branch on Saturday to confirm my identify. I have a few questions that I don't feel comfortable asking in person (as they will realise I'm a bank tart).

1. I plan on making a one-off deposit of £10,500 within the first 6 months of opening the account (as T&C's permit this). HSBC will be paying my £150 switch credit after 30 days. Correct me if I'm wrong, but does this mean that as long as I'm accepted for the account, then I could actually pay nothing into the account and still get the £150 credit?

2. I have a Santander current account that I will be making the switch with. It has 2 standing orders to 2 different bank accounts I have of £10 each per month. When the switch is complete, will I still get the final £50 after 12 months even if I change the frequency date of the standing orders to yearly, or cancel the standing orders altogether?

Thanks for any replies, and I hope you can understand why I don't want to ask these in person with HSBC

Luiza

Westie983 · 17 September 2018 at 7:45PM

Hi,

From what I understand of the HSBC advance account the 10,500 will count so you wont need to make the monthly payments of £1750 each month.

If you are accepted and keep to the T&C's then you will get the incentive payment, and the £50 is if you remain a customer in a years time and keep to the eligibility criteria and register for online or mobile banking,

so the standing orders are not affected as you dont need these for the switch (be accepted, switch using CASS and fund the account)

Westie983

18cc · 17 September 2018 at 7:59PM

You will get the £150 even if you don't pay anything into the accounts in order to get the final £50 you don't need any standing orders or direct debits but you do need to fund the account with I believe 1750 per month or as you say one off payments I would check the terms and conditions carefully to make sure you meet the funding requirements over the year in order to get the final 50 pounds

YorkshireBoy · 17 September 2018 at 8:12PM

Westie983 wrote: »

From what I understand of the HSBC advance account the 10,500 will count so you wont need to make the monthly payments of £1750 each month.

My reading is they'll either have to fund £1,750 a month throughout, or make 2 x £10,500 credits, spaced 6 months apart (or a combination of the two), in order to secure the £50 after 12 months.

If you are accepted and keep to the T&C's then you will get the incentive payment, and the £50 is if you remain a customer in a years time and keep to the eligibility criteria and register for online or mobile banking,

See above re months 7-12.

so the standing orders are not affected as you dont need these for the switch (be accepted, switch using CASS and fund the account)

But you do need them for the switch (or 2 DDs, or a combination of the two)...don't you?

PRAISETHESUN · 18 September 2018 at 12:17PM

The 2x SOs/DDs are only needed for the switch incentive. Once this has been paid, you could cancel them or close the account and keep the money no strings attached.

As for the extra £50 payment, you need to pay in EITHER £1750 per month or £10500 every 6 months - either way there is nothing stopping you transferring the money in and then immediately transferring it out again and remaining eligible. Personally I think the 5% regular saver is worth it if you have cash to save, so it's a no brainer to keep the account open for 12 months anyway.

Some more HSBC switch questions

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free