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    • MoneyEM
    • By MoneyEM 17th Oct 17, 12:20 PM
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    MoneyEM
    HSBC Advance account criteria Query
    • #1
    • 17th Oct 17, 12:20 PM
    HSBC Advance account criteria Query 17th Oct 17 at 12:20 PM
    I am thinking of switching to the HSBC Advance account which requires 1750 a month to be paid in. I earn just 32,000 but I am paid 4 weekly and my travel is directly taken from my salary. Basically, I fall short of the 1750 requirement, but am I able to withdraw the extra 200 in cash and deposit back in to meet the requirement?
Page 1
    • eskbanker
    • By eskbanker 17th Oct 17, 12:55 PM
    • 8,205 Posts
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    eskbanker
    • #2
    • 17th Oct 17, 12:55 PM
    • #2
    • 17th Oct 17, 12:55 PM
    Anecdotally they're quite strict and picky about this, and IIRC have been known to demand sight of payslips as evidence of salary, so even though you may theoretically be able to achieve the minimum pay-in, chances are that an honest application may not be accepted, although there's only one way to find out for sure....
    • Ben8282
    • By Ben8282 18th Oct 17, 3:49 AM
    • 2,442 Posts
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    Ben8282
    • #3
    • 18th Oct 17, 3:49 AM
    • #3
    • 18th Oct 17, 3:49 AM
    In answer to the specific question as to if you can pay in an extra 200 in cash in order to meet a minimum pay-in requirement then yes you can.
    However, if you are trying to meet a minimum income requirement then no.
    Am a bid confused about your travel being taken directly from your salary. Do you mean something like your employer gave you an advance on your salary to buy an annual season ticket or something similar and is now recovering the salary advance each month or what? Are you taxed on this 'travel' which is taken directly from your salary or not? The bank would want evidence of gross, not net, salary to meet a minimum income requirement.
    • Nebulous2
    • By Nebulous2 18th Oct 17, 4:21 AM
    • 2,057 Posts
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    Nebulous2
    • #4
    • 18th Oct 17, 4:21 AM
    • #4
    • 18th Oct 17, 4:21 AM
    HSBC application is a slow laborious process. I earn more than the 1750 net but they did not ask for any proof. There was a question on the online application which asked how the funding payment would be met. I pay 1800 in from another account on the 1st of every month and was concerned that would cause a problem, but they obviously accepted it.
    • EachPenny
    • By EachPenny 18th Oct 17, 10:33 AM
    • 7,286 Posts
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    EachPenny
    • #5
    • 18th Oct 17, 10:33 AM
    • #5
    • 18th Oct 17, 10:33 AM
    Anecdotally they're quite strict and picky about this, and IIRC have been known to demand sight of payslips as evidence of salary, so even though you may theoretically be able to achieve the minimum pay-in, chances are that an honest application may not be accepted, although there's only one way to find out for sure....
    Originally posted by eskbanker
    This was my experience. Although the Premier account has a minimum income requirement the Advance account only requires a minimum pay-in. Branch staff appear to be confused about this as I was initially told my application for an Advance account had failed because I didn't earn enough.

    HSBC are also particularly wary about fraud, so if you tell them your income from employment is (say) 1500 but you will be paying in an extra 250 per month, they may have a 'wobble' over what the source of the 250 payment is.

    The T&C's actually say:
    You must pay at least 1,750 into your account each month (or a minimum of 10,500 every
    six months
    ) not including money transferred from any other sole or joint personal account(s)
    you hold with HSBC Bank
    I used this to point out to branch staff that a monthly net salary in excess of 1750 was clearly not required if it is possible to simply make one payment of 10,500 every six months and still meet the conditions.

    People report all kinds of experiences, and it varies between online and in-branch applications. Personally I'd go with the branch route and take along all the paperwork you need to prove you have the income and savings as an additional source of payments into the account. Also have a copy of their T&C's to hand and if there is a problem ask staff to explain the difference in wording between the Advance and Premier accounts. I found it easier to do all that face-to-face and had the ability to ask to speak to the manager when the computer again said 'no'
    "In the future, everyone will be rich for 15 minutes"
    • MoneyEM
    • By MoneyEM 13th Nov 17, 10:00 PM
    • 101 Posts
    • 38 Thanks
    MoneyEM
    • #6
    • 13th Nov 17, 10:00 PM
    • #6
    • 13th Nov 17, 10:00 PM
    In answer to the specific question as to if you can pay in an extra 200 in cash in order to meet a minimum pay-in requirement then yes you can.
    However, if you are trying to meet a minimum income requirement then no.
    Am a bid confused about your travel being taken directly from your salary. Do you mean something like your employer gave you an advance on your salary to buy an annual season ticket or something similar and is now recovering the salary advance each month or what? Are you taxed on this 'travel' which is taken directly from your salary or not? The bank would want evidence of gross, not net, salary to meet a minimum income requirement.
    Originally posted by Ben8282
    Apologies for the delayed response, I work for a rail company so get my travel subsidised and a interest free loan for the amount which is why it comes from my salary. Yes it's tax deductible
    • thomasagsmith
    • By thomasagsmith 23rd Apr 18, 6:51 PM
    • 12 Posts
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    thomasagsmith
    • #7
    • 23rd Apr 18, 6:51 PM
    yes!
    • #7
    • 23rd Apr 18, 6:51 PM
    same situation here, applied in branch took proof of income and had to take screenshots of standing orders being setup. Worst case scenario you would be given the standard bank account and guaranteed advance in 3 months time providing you can prove that you can meet monthly pay in.
    • Roseanne1
    • By Roseanne1 23rd Apr 18, 10:42 PM
    • 133 Posts
    • 30 Thanks
    Roseanne1
    • #8
    • 23rd Apr 18, 10:42 PM
    • #8
    • 23rd Apr 18, 10:42 PM
    I'd agree with those who say they can be quite strict and say that you need to be earning 1,750 a month net to qualify for the account. This happened when I tried to apply for one a few years ago, I was turned down and phoned up to query it explaining that I could pay in the money from other sources. I was given an appointment slot and went to my branch. My nearest branch is 30 miles from my home so I wasn't best pleased after trekking down there with proof of funds I had in other accounts to not even get a minutes hearing. I was told categorically you can't transfer the money from other accounts, it has to be salary that goes in. I knew this was rubbish so I lodged a complaint and ended up getting 50 compensation. I took the bank account but it just sat there with not much activity and I eventually switched out.

    When the latest switch offer came round, I tried an experiment. I decided to open a joint account with my mother and, to my surprise, within two days of applying, it was open. My income on my own woudn't cover the 1,750 and neither would my mum's pensions hence why I went down the joint route. So, to my mind, while it isn't the income you earn that is the criteria, the people charged with making the decisions tend to base it on that.

    Anyway, we have a switching bonus between us to look forward to, each have a 5% regular saver that we pay the maximum amount into and a free cinema ticket each from Advance Members.
    • Roseanne1
    • By Roseanne1 23rd Apr 18, 10:44 PM
    • 133 Posts
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    Roseanne1
    • #9
    • 23rd Apr 18, 10:44 PM
    • #9
    • 23rd Apr 18, 10:44 PM
    I meant to say, hopefully, someone knows. When paying the 1,750 a month, I realise payments from other HSBC accounts don't count but what about payments from M&S bank? I use that as my holding account for cycling money through but my concern is they are part of HSBC group. Has anyone funded their accounts with transfers from M&S and First Direct. If not, I'll just route it through one of my Tesco bank accounts.
    • YorkshireBoy
    • By YorkshireBoy 23rd Apr 18, 11:07 PM
    • 30,267 Posts
    • 18,172 Thanks
    YorkshireBoy
    I meant to say, hopefully, someone knows. When paying the 1,750 a month, I realise payments from other HSBC accounts don't count but what about payments from M&S bank? I use that as my holding account for cycling money through but my concern is they are part of HSBC group. Has anyone funded their accounts with transfers from M&S and First Direct. If not, I'll just route it through one of my Tesco bank accounts.
    Originally posted by Roseanne1
    M&S would be OK, but FD would not. That's my understanding, having read the HSBC Advance T&Cs and their FSCS Information Sheet.
    • Roseanne1
    • By Roseanne1 23rd Apr 18, 11:19 PM
    • 133 Posts
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    Roseanne1
    M&S would be OK, but FD would not. That's my understanding, having read the HSBC Advance T&Cs and their FSCS Information Sheet.
    Originally posted by YorkshireBoy
    That's smashing thanks YB.
    • Zinc20
    • By Zinc20 24th Apr 18, 5:26 PM
    • 14 Posts
    • 4 Thanks
    Zinc20
    One day I got a new job which paid well over the required amount for the account. I had already opened a standard HSBC account a few weeks before. I walked into branch and told them I wanted an advanced account, explaining I had a new job. They asked me for proof and I showed them the job offer letter. This was accepted and my account was upgraded in a week or so. I didn't keep the account because I didn't like the bank in the end.

    I am complexed to why the advanced account seems to have a legend about it being hard to get one. Every tom !!!! and harry seems to have one these days. I suspect the criteria will be changed soon!
    Last edited by Zinc20; 24-04-2018 at 5:30 PM.
    • spenderdave
    • By spenderdave 24th Apr 18, 6:17 PM
    • 450 Posts
    • 262 Thanks
    spenderdave
    I am complexed to why the advanced account seems to have a legend about it being hard to get one. Every tom !!!! and harry seems to have one these days. I suspect the criteria will be changed soon!
    Originally posted by Zinc20
    I suspect if they increase the 1750 criteria many will no longer meet it with current pay increase rates. Mine is based on my pensions, they go up by inflation but that is all. Whatever, the actual benefits for most people are relatively small and it is more a bragging thing. If they do make it harder to get the bad publicitity won't do HSBC much good.
    • wizzywig27
    • By wizzywig27 24th Apr 18, 7:35 PM
    • 1,216 Posts
    • 798 Thanks
    wizzywig27
    I have a HSBC bank account which I don!!!8217;t use, if I start to use it, credit it with my salary every month do they definitely upgrade it to an advance account with question/credit check?
    • thomasagsmith
    • By thomasagsmith 8th Aug 18, 10:27 AM
    • 12 Posts
    • 1 Thanks
    thomasagsmith
    nope
    they won't let you cross fire money from other accounts to qualify its fraud you either pay 1750 in or not seems simple enough.
    • soulsaver
    • By soulsaver 8th Aug 18, 11:29 AM
    • 2,085 Posts
    • 944 Thanks
    soulsaver
    they won't let you cross fire money from other accounts to qualify its fraud you either pay 1750 in or not seems simple enough.
    Originally posted by thomasagsmith
    Nonsense...
    • Zanderman
    • By Zanderman 8th Aug 18, 12:03 PM
    • 1,831 Posts
    • 4,509 Thanks
    Zanderman
    they won't let you cross fire money from other accounts to qualify its fraud you either pay 1750 in or not seems simple enough.
    Originally posted by thomasagsmith
    Er, completely wrong!

    The simple fact is they require a total pay-in - from anywhere at all, doesn't matter where - of 1750 per month. That's all they stipulate. It's not fraud to pay in money from another account (how on earth could that be fraud?)

    The complication, for the HSBC account in question, is that HSBC do seem to be fussy about who they give the account to, and tend not to give it to people with an income lower than they want. But that's just them being fussy about who they take on. It's not the rules on where the 1750 comes from each month.

    If you get the account and earn over 1750 and pay it in that's fine.

    If you get the account whilst earning less, or subsequently earn less, but still top up the payments each month to get to 1750 that's fine too.
    • EachPenny
    • By EachPenny 8th Aug 18, 2:07 PM
    • 7,286 Posts
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    EachPenny
    they won't let you cross fire money from other accounts to qualify its fraud you either pay 1750 in or not seems simple enough.
    Originally posted by thomasagsmith
    Why resurrect an old thread to post incorrect information? You've made similar claims before, but never backed it up with any evidence... which would be difficult to do given that as other posters have already pointed out there is nothing fraudulent about paying money into your current account to meet a minimum pay in requirement.
    "In the future, everyone will be rich for 15 minutes"
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