FREE £120 for switching to HSBC + FREE £120 for using their ISA
1061°Expired

FREE £120 for switching to HSBC + FREE £120 for using their ISA

315
Found 29th Jun 2015
"GET UP TO £240 when you switch to an HSBC Advance Bank Account and take up our Save Together offer.

Get £120 for switching using the Current Account Switch Service (CASS) when you pay in £1750 per month for 2 months. Also, get up to £120 over 12 months through Save Together with our HSBC Loyalty Cash ISA."

So £120 for switching, £10/mo for every month you put £25+ into their Loyalty Cash ISA, plus you'll get access to their 6% regular saver (maximum deposit of £300/mo).

** No direct debits required, and this is open to existing M&S and First Direct customers too. **

Terms & Conditions: hsbc.co.uk/1/P…pdf

315 Comments

Original Poster

Do URL tags not work in submissions? Anyway:

Terms & Conditions

Thanks

Thanks. I always make the most of these switching deals.

Could I just swap to the ISA?

Original Poster

blabbity

Could I just swap to the ISA?


ISA rates are terrible right now; the HSBC Loyalty Cash ISA is only 1.4%. The only reason it's good is that you can just put in £25 each month and get a £10 bonus each time (for up to a year). That's the equivalent of earning 40% interest on that money.

You can only have an HSBC Loyalty Cash ISA if you have an HSBC Advance (or Premier) account though, so you may as well switch to get the extra £120.

Comment

DragonQ

ISA rates are terrible right now; the HSBC Loyalty Cash ISA is only 1.4%. … ISA rates are terrible right now; the HSBC Loyalty Cash ISA is only 1.4%. The only reason it's good is that you can just put in £25 each month and get a £10 bonus each time (for up to a year). That's the equivalent of earning 40% interest on that money.You can only have an HSBC Loyalty Cash ISA if you have an HSBC Advance (or Premier) account though, so you may as well switch to get the extra £120.



I don't have £1,750 coming in a month to swap the current account, though. So, is that a no on swapping to the ISA on its own?

Original Poster

blabbity

CommentI don't have £1,750 coming in a month to swap the current account, … CommentI don't have £1,750 coming in a month to swap the current account, though. So, is that a no on swapping to the ISA on its own?


The £1750 can come from any source and can be immediately withdrawn from the HSBC account; it only has to appear on the statement.

However, if you don't have £1750 to do this with, you can just open the HSBC Advance account without going for the switching offer, then open the ISA.

do you have to pay anything per month to HSBC for their HSBC Advance Bank Account? thanks

Original Poster

urinthematrix

do you have to pay anything per month to HSBC for their HSBC Advance Bank … do you have to pay anything per month to HSBC for their HSBC Advance Bank Account? thanks


No, just £1750/mo for 2 months if you take advantage of the switch offer.

this isn't related to this offer but have they changed their requirements for upgrading? Used to be min of £1,750 per month for three months before consideration for the advance account, but now it's 'will you be paying in at least £1,750 per month'.

Does anyone know if you get an overdraft with this account? This would be tempting to move from FirstDirect to this, but I find the £500 o/d with FD handy when my credit cards etc. come out before payday. Saves me having to do temporary transfers from savings.

jhyt89

this isn't related to this offer but have they changed their requirements … this isn't related to this offer but have they changed their requirements for upgrading? Used to be min of £1,750 per month for three months before consideration for the advance account, but now it's 'will you be paying in at least £1,750 per month'.


It wouldn't matter how you paid the £1750 into the account each month. You could, for example, move 500 into it and then out, and then move it back in again and out, and so on until the totals of the separate deposits added up to £1750.

Southy1983

Does anyone know if you get an overdraft with this account? This would be … Does anyone know if you get an overdraft with this account? This would be tempting to move from FirstDirect to this, but I find the £500 o/d with FD handy when my credit cards etc. come out before payday. Saves me having to do temporary transfers from savings.


hsbc.co.uk/1/2/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gDd-NQv1BDg2AXA1-PEE_zoLAAAwgAykeaxTu7O3qYmPsA-WGergaeJk4mBqa-boYGnsYEdBfkhioCAGGGzaM!/

zerocrop

It wouldn't matter how you paid the £1750 into the account each month. … It wouldn't matter how you paid the £1750 into the account each month. You could, for example, move 500 into it and then out, and then move it back in again and out, and so on until the totals of the separate deposits added up to £1750.



Not from my experience. I went in branch to apply and they said because my salary isn't going into HSBC, the offer wasn't available to me on their system, even though I technically qualified. Also, the previous requirement was that you deposit at least for 2 months, £1,750. However these new terms don't mention that.

Edited by: "jhyt89" 29th Jun 2015

You dont need to pay £1750 in one go you could transfer back and forth for example 10 times £175 same £175. Electronically this is wasy just setup 10 payment on 10 separate (al least every other day ignoring weekends ) on any none hsbc current account and same on the hsbc account on the other alternative days.

I have HSBC advance account already - but ISA with Natwest - can I switch the ISA and get the offer £10/month

whok1844

You dont need to pay £1750 in one go you could transfer back and forth … You dont need to pay £1750 in one go you could transfer back and forth for example 10 times £175 same £175. Electronically this is wasy just setup 10 payment on 10 separate (al least every other day ignoring weekends ) on any none hsbc current account and same on the hsbc account on the other alternative days.



I get that, but I got rejected for some reason for doing this?

jhyt89

Not from my experience. I went in branch to apply and they said because … Not from my experience. I went in branch to apply and they said because my salary isn't going into HSBC, the offer wasn't available to me on their system, even though I technically qualified. Also, the previous requirement was that you deposit at least for 2 months, £1,750. However these new terms don't mention that.


There is no term that states that funds have to come from "salary". Therefore the bank staff have proffered incorrect information to you.
The terms of the old deal are not relevant, so you should put that aside. This account needs funding with £1750 each month and that's what you should consider

jhyt89

I get that, but I got rejected for some reason for doing this?


How do you mean you get "rejected"?
Edited by: "zerocrop" 29th Jun 2015

kipikachuko

I have HSBC advance account already - but ISA with Natwest - can I switch … I have HSBC advance account already - but ISA with Natwest - can I switch the ISA and get the offer £10/month


It looks to me as if you can.

zerocrop

How do you mean you get "rejected"?




As in, I went in branch having booked an appointment, sat down with a member of staff, applied, and was told that the product was not offered on my account. He even said it was strange but he couldn't give me what was not offered.

jhyt89

As in, I went in branch having booked an appointment, sat down with a … As in, I went in branch having booked an appointment, sat down with a member of staff, applied, and was told that the product was not offered on my account. He even said it was strange but he couldn't give me what was not offered.


Your response seems somewhat jumbled. You say that you went into branch and they told you that the "product was not offered on your account". Yet that cannot be so since you do not have an account with HSBC, do you?However, I think what you are saying is that you cannot open an account in branch, not that they won't allow you to input the £1750 from a source other than your salary?

So to get over the problem of them not opening an account in branch, simply apply online.

zerocrop

Your response seems somewhat jumbled. You say that you went into branch … Your response seems somewhat jumbled. You say that you went into branch and they told you that the "product was not offered on your account". Yet that cannot be so since you do not have an account with HSBC, do you?However, I think what you are saying is that you cannot open an account in branch, not that they won't allow you to input the £1750 from a source other than your salary?So to get over the problem of them not opening an account in branch, simply apply online.




sorry should have been clearer. I have a current account and was looking to upgrade.

jhyt89

sorry should have been clearer. I have a current account and was looking … sorry should have been clearer. I have a current account and was looking to upgrade.



So you already have an account with HSBC, and now you want to upgrade it to the Advance Account? Therefore you cannot qualify for the switching incentive.

blabbity

CommentI don't have £1,750 coming in a month to swap the current account, … CommentI don't have £1,750 coming in a month to swap the current account, though. So, is that a no on swapping to the ISA on its own?



You don't have to earn £1,750 per month to get this offer. You can can send 2 x £875 payments yourself or 7 x £250 payments within a month and still be eligible for the offer.

Great offer OP.

£120 for 45 minutes work, 41% interest on this year's ISA and access to a 6% regular saver.

Ta.
Edited by: "karlie88" 29th Jun 2015

Original Poster

karlie88

Great offer OP.£120 for 45 minutes work, 41% interest on this year's ISA … Great offer OP.£120 for 45 minutes work, 41% interest on this year's ISA and access to a 6% regular saver.Ta.


Did you apply over the phone? Apparently applying online means you have to wait 5 working days for a decision. Also it seems that the switch process can only be started over the phone and not online.

zerocrop

So you already have an account with HSBC, and now you want to upgrade it … So you already have an account with HSBC, and now you want to upgrade it to the Advance Account? Therefore you cannot qualify for the switching incentive.




I know that, which is why I said my question was not related to the switching incentive, but rather the eligibility for the advance account

Any direct debits needed as well ?edit no cheers op

Original Poster

the porter

Any direct debits needed as well ?edit no cheers op


Yeah this is one of the rare switching offers that doesn't require any direct debits and/or standing orders. However, you must use the switching service so any direct debits/standing orders you DO have will be moved.

DragonQ

Yeah this is one of the rare switching offers that doesn't require any … Yeah this is one of the rare switching offers that doesn't require any direct debits and/or standing orders. However, you must use the switching service so any direct debits/standing orders you DO have will be moved.


Nope it's my dormant Yorkshire account from the last switch £6 in it just for incentives

queried this over the weekend. needs to be £1750 per month from a regular source of income to upgrade to an advance account. currently got my ISA with them so they would upgrade that after.

PhoenixRoar

queried this over the weekend. needs to be £1750 per month from a regular … queried this over the weekend. needs to be £1750 per month from a regular source of income to upgrade to an advance account. currently got my ISA with them so they would upgrade that after.


There is no mention in their terms and conditions that the £1750 has to come from "income" or otherwise. It merely states that you need to deposit £1750 each month. "Regular" can be ambiguous too as it can mean daily, two-weekly, monthly, annually, etc.

PhoenixRoar

queried this over the weekend. needs to be £1750 per month from a regular … queried this over the weekend. needs to be £1750 per month from a regular source of income to upgrade to an advance account. currently got my ISA with them so they would upgrade that after.



surely a regular source of income would be a transfer from another personal bank account that you own that has your salary/regular income paid into. This is a regular source of income allbeit paid in via another account ..... no terms regarding this offer to say you cannot do this. If there was a criteria to have them paid in directly and not transferred by yourself then fairplay , but this offer does not have any such criteria applied to it.

Original Poster

rooney10

surely a regular source of income would be a transfer from another … surely a regular source of income would be a transfer from another personal bank account that you own that has your salary/regular income paid into. This is a regular source of income allbeit paid in via another account ..... no terms regarding this offer to say you cannot do this. If there was a criteria to have them paid in directly and not transferred by yourself then fairplay , but this offer does not have any such criteria applied to it.


Generally it's best to just ignore what advisors tell you and just stick to the terms & conditions. Transferring the £1750 from another bank account of yours is fine.

I am with HSBC for 13 years, basically I got no benefit or freebies from that bank at all except my salary going in there.

Original Poster

kingpete

I am with HSBC for 13 years, basically I got no benefit or freebies from … I am with HSBC for 13 years, basically I got no benefit or freebies from that bank at all except my salary going in there.


HSBC and Barclays are the only two major banks I've never been with because they haven't offered any decent rewards/incentive. With this new offer and Barclays Blue Rewards, it seems that both have decided they don't want to be left behind in the current account arena.

DragonQ

HSBC and Barclays are the only two major banks I've never been with … HSBC and Barclays are the only two major banks I've never been with because they haven't offered any decent rewards/incentive. With this new offer and Barclays Blue Rewards, it seems that both have decided they don't want to be left behind in the current account arena.



I've got the following on my radar:

- RBS
- Natwest
- Virgin Money
- Sainsbury's Bank
- Post Office

and many more...

Comment

kingpete

I am with HSBC for 13 years, basically I got no benefit or freebies from … I am with HSBC for 13 years, basically I got no benefit or freebies from that bank at all except my salary going in there.



I have been with them for 7 years wothout any benefits either. The thing is; i might need to make a mortgage application soon and not sure this 'switching' having a few bank accounts will affect it. Otherwise i would start woth firat direct

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