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  • FIRST POST
    • CricketLady
    • By CricketLady 14th Mar 18, 11:24 AM
    • 21Posts
    • 15Thanks
    CricketLady
    HSBC switch complete - direct debits still needed?
    • #1
    • 14th Mar 18, 11:24 AM
    HSBC switch complete - direct debits still needed? 14th Mar 18 at 11:24 AM
    Hi, have searched the small print and think I'm right to believe the following but just want to make sure!

    Hubby switched to HSBC Advance for switch incentive, received 150pounds, opened regular saver so will keep account for at least another year. Can we now move the two direct debits to another account? It doesn't look like he needs to have 2 direct debits active to keep the account, just needs to have had two to fulfill switching incentive criteria, and my advance account doesn't have any dds or SOs (but then I've had mine for years.)

    Don't want to fall foul of regs that would give him a further 50pounds when he has stayed for a year.

    Thank you in advance (no pun intended!)
Page 1
    • Badger50
    • By Badger50 14th Mar 18, 12:02 PM
    • 99 Posts
    • 98 Thanks
    Badger50
    • #2
    • 14th Mar 18, 12:02 PM
    • #2
    • 14th Mar 18, 12:02 PM
    He only needs to pay in 1750 for at least 9 out of 12 months. But to be on the safe side he could set up a couple of small standing orders to his other accounts - the requirement for the initial incentive is 2 direct debits or 2.standing orders. So yes, you can move the direct debits to another account without risking the extended incentive.
    • CricketLady
    • By CricketLady 14th Mar 18, 12:09 PM
    • 21 Posts
    • 15 Thanks
    CricketLady
    • #3
    • 14th Mar 18, 12:09 PM
    • #3
    • 14th Mar 18, 12:09 PM
    Thank you Mr. Badger50,

    We had the same idea regarding the SOs!

    He pays in 2k every month (then we move it around a lot!) so we should be okay.

    Thanks again
    CricketLady
    • clivep
    • By clivep 14th Mar 18, 4:28 PM
    • 328 Posts
    • 164 Thanks
    clivep
    • #4
    • 14th Mar 18, 4:28 PM
    • #4
    • 14th Mar 18, 4:28 PM
    I've also checked & double checked the conditions and concluded the DDs are no longer needed so have recently moved them on to pastures new.

    Only 1 SO on the a/c but none are needed for the follow on 50 bonus or Regular Saver.
    • jraf
    • By jraf 18th Mar 18, 6:40 PM
    • 67 Posts
    • 20 Thanks
    jraf
    • #5
    • 18th Mar 18, 6:40 PM
    • #5
    • 18th Mar 18, 6:40 PM
    I'm curious about this too - I'm sure when I started / applied for the switch the T+Cs said I needed two active DDs

    The 2 DDs have switched over but one of them is for a card I'm not currently spending on. Would be easier if I didn't have to use it every month to make the DD active. Does anyone know if the current T+Cs on their website were also valid in February (ie for my switch) or if they're changed? Now I can't see anything on their site about the DD having to be "active"

    Thanks in advance
    • YorkshireBoy
    • By YorkshireBoy 18th Mar 18, 6:48 PM
    • 30,152 Posts
    • 18,004 Thanks
    YorkshireBoy
    • #6
    • 18th Mar 18, 6:48 PM
    • #6
    • 18th Mar 18, 6:48 PM
    I'm curious about this too - I'm sure when I started / applied for the switch the T+Cs said I needed two active DDs

    The 2 DDs have switched over but one of them is for a card I'm not currently spending on. Would be easier if I didn't have to use it every month to make the DD active. Does anyone know if the current T+Cs on their website were also valid in February (ie for my switch) or if they're changed? Now I can't see anything on their site about the DD having to be "active"

    Thanks in advance
    Originally posted by jraf
    The requirement was, and still is, to switch either 2 DDs or 2 SOs or a combination, ie one of each.

    There wasn't, and still isn't, any requirement to maintain anything following the switch. I would, and did, however, leave things in place until after you've received the initial 150...just to show willing!

    Re "active" DDs, that doesn't mean taken every month (for any accounts, not just HSBC), it simply means they aren't dormant, ie they will pay out if called upon to do so. If a DD has to pay out every month the account T&Cs will state this very clearly. To see examples of such clear wording check out the T&Cs for BoS Vantage, Lloyds Club, and Halifax Reward.
    • Mee
    • By Mee 19th Mar 18, 3:47 PM
    • 1,091 Posts
    • 1,039 Thanks
    Mee
    • #7
    • 19th Mar 18, 3:47 PM
    • #7
    • 19th Mar 18, 3:47 PM
    I switched a few months ago. My DDs were from my switched c/a which included a credit card DD. I also took advantage of the HSBC monthly saver which will replace the Tesco DD.
    Impressed with how quickly HSBC paid switch bonus and their service (online and in-branch) and saver is such I'll hang on for the 12 month bonus.
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