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HSBC - £200 to join and stay if you switch to the advance account. UPDATE: Ends on the 25th Nov
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HSBC - £200 to join and stay if you switch to the advance account. UPDATE: Ends on the 25th Nov

108
Posted 13th Oct 2018Available: NationalEdited by:"Anon32"
£200 when you switch and stay with HSBC Advance. You must switch by 25th Nov 2018.If you’re new to HSBC, get £150 by opening an Advance Bank Account through the Current Account Switch Service (CASS) and get a further £50 if you stay with us for 12 months.

Instruct us to start a full switch of a current account with at least 2 Direct Debits/Standing Orders using CASS within 30 days of your Advance account being opened.

If your application is successful, you’ll receive the £150 within 30 days of the switch completion date. Register for mobile or online banking and continue to meet our eligibility to qualify for the extra £50. (Payable after 12 months).

To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months.

Why join Advance?
  • No monthly account fee
  • 5% AER/Gross with our Regular Saver1
  • Exclusive access to discounts and offers through Advance Members

I have used this account and does exactly what it says. There are no cash machine fees abroad but you still pay a 2.75% conversion charge. This can be beaten by fairfx that charge 1.4% or a curve or revolut card that charge 0%.

Be warned HSBC are slow. The account might take ten days to open or more. The CASS will be 7 days and you now need to transfer 2 Direct Debits. The £150 came quick and the £50 was paid before my 12 months. T&C’s found here. Credit to stormz95 for posting previously but still on. In all not a bad bank.
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Do customers who have been with them since it was the Midland bank days get anything? No didn't think so loyalty means nothing these days ......
You can now bank a cheque with the HSBC app.
108 Comments
Thanks might be tempted by this, I take I could just set up a standing order to pay in the £1750 each month and then just switch 2 direct debits..

Like I have 5 direct debits from my account, if I do a full switch theyll move all 5. I wonder can I change 2 of those DD to a redundant account on my main bank then switch that to HSBC
Edited by: "sterankin" 13th Oct 2018
could i just get 150 for switching then switching to another bank, or will this badly damage my credit score
You can now bank a cheque with the HSBC app.
sterankin28 m ago

Thanks might be tempted by this, I take I could just set up a standing …Thanks might be tempted by this, I take I could just set up a standing order to pay in the £1750 each month and then just switch 2 direct debits..Like I have 5 direct debits from my account, if I do a full switch theyll move all 5. I wonder can I change 2 of those DD to a redundant account on my main bank then switch that to HSBC


Says it can be standing orders so you could maybe setup a 2 standing orders that pay into your own accounts
sterankin13/10/2018 09:31

Thanks might be tempted by this, I take I could just set up a standing …Thanks might be tempted by this, I take I could just set up a standing order to pay in the £1750 each month and then just switch 2 direct debits..Like I have 5 direct debits from my account, if I do a full switch theyll move all 5. I wonder can I change 2 of those DD to a redundant account on my main bank then switch that to HSBC


You could in theory use standing orders to meet the pay in and switch out the direct debits before the account switch takes place.

However, I recently applied and was asked to provide proof of my income to meet the minimum monthly pay in. Not sure if they would approve an application if you didn't meet this (even if you planned to fund the pay in from other accounts etc.)

Don't expect it to move quickly either, it's been about a month since I applied and a couple of weeks since I provided proof of income.
Do customers who have been with them since it was the Midland bank days get anything? No didn't think so loyalty means nothing these days ......
OoEliteoO13/10/2018 10:06

Do customers who have been with them since it was the Midland bank days …Do customers who have been with them since it was the Midland bank days get anything? No didn't think so loyalty means nothing these days ......


Couldn’t agree more. NatWest for 18years. You get nothing.

Had a first direct account 8years ago.
Just as bad if you leave and come back... Just applied for a mortgage as a new customer & told no freebie (they have Bose wireless headphones so worthwhile) because I’ve been a customer before.
I switched from Halifax because they dropped their reward again (from £5 to £3 and now £2 a month). HSBC account was opened within days and the transfer is in process.
ahenners1 h, 12 m ago

You could in theory use standing orders to meet the pay in and switch out …You could in theory use standing orders to meet the pay in and switch out the direct debits before the account switch takes place.However, I recently applied and was asked to provide proof of my income to meet the minimum monthly pay in. Not sure if they would approve an application if you didn't meet this (even if you planned to fund the pay in from other accounts etc.)Don't expect it to move quickly either, it's been about a month since I applied and a couple of weeks since I provided proof of income.


The terms do not state whether the income has to be from your salary. However, the implication is that it does need to be the total income from your salary, pension and savings/investments. So, in order for you to get the (Advance) account you will need to be demonstrating that your income as described is £26k before tax. In my experience it is unlikely that they will let you have the Advance account if you cannot demonstrate that your income is as I've said. In which case they may offer the basic bank account but that attracts only £75 in switching bonus.
nakis7613/10/2018 11:14

I switched from Halifax because they dropped their reward again (from £5 …I switched from Halifax because they dropped their reward again (from £5 to £3 and now £2 a month). HSBC account was opened within days and the transfer is in process.


Not a particularly good reason to swap, since £2 per month is more than nowt per month!
Edited by: "zerocrop" 13th Oct 2018
stave8449 m ago

Couldn’t agree more. NatWest for 18years. You get nothing.Had a first d …Couldn’t agree more. NatWest for 18years. You get nothing.Had a first direct account 8years ago.Just as bad if you leave and come back... Just applied for a mortgage as a new customer & told no freebie (they have Bose wireless headphones so worthwhile) because I’ve been a customer before.


There's always Marks & Spencer's current account to switch to for an incentive, also administered by HSBC.
Pricklerickle13/10/2018 09:51

could i just get 150 for switching then switching to another bank, or will …could i just get 150 for switching then switching to another bank, or will this badly damage my credit score


You could do that, but you would need to hold the account until the switching bonus had been paid into it. Regarding damage to your credit score, nobody knows the state of your score but you. If your score is good then it is unlikely to affect you. If your score is dire you probably wouldn't get the account in the first place. If you are middling credit score wise, then you may be slightly affected for a few months.

However, you may want to consider staying with them for the extra £50, payable after 12 months. In addition to that there is the very attractive 5% interest bearing Regular Saver account that comes with the Advance/Premier accounts.
Edited by: "zerocrop" 13th Oct 2018
zerocrop13/10/2018 11:26

You could do that, but you would need to hold the account until the …You could do that, but you would need to hold the account until the switching bonus had been paid into it. Regarding damage to your credit score, nobody knows the state of your score but you. If your score is good then it is unlikely to affect you. If your score is dire you probably wouldn't get the account in the first place. If you are middling credit score wise, then you may be slightly affected for a few months.However, you may want to consider staying with them for the extra £50, payable after 12 months. In addition to that there is the very attractive 5% interest bearing Regular Saver account that comes with the Advance/Premier accounts.


credit score pretty good, i don't have enough too stay with for full time, 800 a month i am 😁😁
Pricklerickle13/10/2018 11:55

credit score pretty good, i don't have enough too stay with for full time, …credit score pretty good, i don't have enough too stay with for full time, 800 a month i am 😁😁


i wanna move to lyolds but there just not offering nothing ,
zerocrop13/10/2018 11:16

Not a particularly good reason to swap, since £2 per month is more than …Not a particularly good reason to swap, since £2 per month is more than nowt per month!


You get 5% reg saver so am getting around £6 a month on average. But I got the £200 for being with them for a year. With Halifax it would take more than 8 years to receive that! Gone are the days of £5 a month. They just put it from £3 to £2 despite interest rates going up. That is unforgivable. If you eanna stay with them thats exactly what these banks rely on customer inertia.
Anon3257 m ago

You get 5% reg saver so am getting around £6 a month on average. But I got …You get 5% reg saver so am getting around £6 a month on average. But I got the £200 for being with them for a year. With Halifax it would take more than 8 years to receive that! Gone are the days of £5 a month. They just put it from £3 to £2 despite interest rates going up. That is unforgivable. If you eanna stay with them thats exactly what these banks rely on customer inertia.


My thinking was that you retain the HBOS account and use another account as donor account for the switch to HSBC. In other words you have you cake and eat it!
Edited by: "zerocrop" 13th Oct 2018
Pricklerickle13/10/2018 11:55

i wanna move to lyolds but there just not offering nothing ,


Which begs the question as to why you would want to move to Lloyds?

There are in fact some benefits to moving to Lloyds Club Account. You can choose a Free monthly magazine, have six cinema tickets each year, or, you can have membership of the Gourmet Society that entitles you to various discount levels at participating restaurants.
zerocrop13/10/2018 13:01

Which begs the question as to why you would want to move to Lloyds?There …Which begs the question as to why you would want to move to Lloyds?There are in fact some benefits to moving to Lloyds Club Account. You can choose a Free monthly magazine, have six cinema tickets each year, or, you can have membership of the Gourmet Society that entitles you to various discount levels at participating restaurants.


its local, i like how quickly there showing pending stuff as available, there have a money saving feature on account i like,

i am coming from tsb so lyold is better Bank 😁
Pricklerickle13/10/2018 14:51

its local, i like how quickly there showing pending stuff as available, …its local, i like how quickly there showing pending stuff as available, there have a money saving feature on account i like, i am coming from tsb so lyold is better Bank 😁


Lloyds don't pay 5% interest on balances upto £1500 in their current account, whereas TSB do. Lloyds do pay 1.5% interest on balances upto £5000 in their Club Lloyds account.
Edited by: "zerocrop" 13th Oct 2018
zerocrop13/10/2018 15:12

Lloyds don't pay 5% interest on balances upto £1500 in their current …Lloyds don't pay 5% interest on balances upto £1500 in their current account, whereas TSB do. Lloyds do pay 1.5% interest on balances upto £5000 in their Blub Lloyds account.


yea put there text message format Which there's send are still messed up and text alert sometimes delayed, and now no local tsb near me, so when i have to pay in takes longer, tsb might have best interest but there computer system feels second rate.
32 month BT card at zero percent for advanced customers here
sterankin13/10/2018 09:31

Thanks might be tempted by this, I take I could just set up a standing …Thanks might be tempted by this, I take I could just set up a standing order to pay in the £1750 each month and then just switch 2 direct debits..Like I have 5 direct debits from my account, if I do a full switch theyll move all 5. I wonder can I change 2 of those DD to a redundant account on my main bank then switch that to HSBC


All of that hassle for £200? Not saying that isn’t a good deal if you anyway think of switching but everything else seems quite an effort.
It states:

To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months


So is it possible to pay in a one off lump sum of £10.5k then withdraw it straight away, to save the hassle of paying in and out every month for 12 months? :/
Dont quite understand why minimum per month is 1750. What about lower earners?
Edited by: "FunkiestMonkey" 13th Oct 2018
FunkiestMonkey12 m ago

Dont quite understand why minimum per month is 1750. What about lower …Dont quite understand why minimum per month is 1750. What about lower earners?



its simple, they are wanting people whose monthly take home pay is at least £1750 to bank with them and for banking with them you get some rewards

they not care about lower earners as much as they care about higher earners

lower earners can go with other banks that offer less generous rewards
FunkiestMonkey33 m ago

Dont quite understand why minimum per month is 1750. What about lower …Dont quite understand why minimum per month is 1750. What about lower earners?


It will be because they want to target a certain audience to aim other products at. You might have a person who is a low earner but in fact they might have income streams from pensions or savings, so it's not wholly based on income received from your job, but that's how a lot of people feel that they're assessed on.
steevieboy4u47 m ago

It states:To be eligible for HSBC Advance, customers will need to pay in a …It states:To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 monthsSo is it possible to pay in a one off lump sum of £10.5k then withdraw it straight away, to save the hassle of paying in and out every month for 12 months?


Those are the terms to be eligible to have the account and to keep it as such. In order to get the switch bonus of £150 you need only wait 30 days after switching is completed and HSBC should then credit your account with the £150. If you are not planning to stay long with the HSBC account then you need only to credit it with one £1750 deposit for each of the months that you hold it.

If you did acquire the account and you put 10.5k in it and then withdrew it, all in one go, I can guarantee you that they would block it, pending contacting you and wanting to verify it is you and that is what you want to do.
greg66656 m ago

All of that hassle for £200? Not saying that isn’t a good deal if you an …All of that hassle for £200? Not saying that isn’t a good deal if you anyway think of switching but everything else seems quite an effort.


The good thing is that you're not forced to have the account!
Interesting.
For anyone looking to move with an Android phone, these clowns only support Samsung and a couple of other providers when using biometrics on their app. For example Sony isn't one of them
HSBC are scum

Would trust them with my change jar
based on money earned per hour this is well worth it but they make you come in and sign 20 pages of paperwork which takes over an hour unlike lloyds banking group banks who let you do everything online. I signed up for a credit card for a bit of stoozing too, I went away to work the next day and a few weeks later they cancelled everything without warning because I had not yet made a deposit, if I wanted them back I had to do it all over again! I didn't switch right away becuase I needed to set up 2 direct debits, she said I had plenty of time for this.
Edited by: "eligh3121" 14th Oct 2018
I’ll be honest amount of fraud goes on at HSBC is just scandalous.
Does it work from first direct?
Thanks. A friend was telling me about this yesterday. Just opened an account with the switch from Halifax as others have mentioned.
If you have bills i believe natwest willl pip this with the 125 + 2% cashback, presuming you dont switch the account after getting the switch fee!
Edited by: "vickyboy123" 14th Oct 2018
Super offer snap it up !!!!! Free money for switching banks can’t be bad!!!
Seen it a million times this
Pricklerickle23 h, 5 m ago

could i just get 150 for switching then switching to another bank, or will …could i just get 150 for switching then switching to another bank, or will this badly damage my credit score


That would definitely not do your credit score any good
I cannot recommend this bank. Sorry!
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