HSBC: The world's local money launderer

Same here, to cover the cost of Jenson, Jessica and Rory I guess!

You also get 3 month interest free overdraft as long as you move your direct debits/standing orders from your current account when you switch.

You can't have a flexone or flexbasic to claim the £100

Set up a standing order, or transfer the amount from your account to the hsbc account.

Offer says you have to switch and open a new account. to get the £120 - no free dosh if you are just opening a new account

T&Cs

HSBC £120
Switching Offer
Terms and Conditions
2
1. These Offer Terms and Conditions (the “Offer Terms”) are an agreement between you
and us. They apply when you switch your current account to either an HSBC Premier Bank
Account, HSBC Advance Bank Account or HSBC Bank Account (each an “Eligible Account”),
in the UK, the Channel Islands or the Isle of Man*. These Offer Terms apply in addition to
and should be read together with the terms and conditions that apply to the HSBC account
to which you switch contained within our “Personal Banking Terms and Conditions and
Charges” booklet

2. In these Offer Terms “we, us or our” means HSBC Bank plc.
Eligibility Criteria for this offer

3. We will make the Offer Payment described below if you comply with all the following
requirements, namely:
a) if you apply for an Eligible Account in the UK, the Channel Islands or the Isle of Man
during the Offer Period. The Offer Period is 29 December 2015 until 28 February 2016.
Any applications received after the expiry of the Offer Period will not qualify for the Offer
Payment. We may withdraw this offer before the end of the Offer Period. We will in
advance of doing so, put a notice on our website.

b) if the Eligible Account for which you applied is successfully opened;

c) if you are not (and have not within the previous 6 months been) an existing HSBC current
account holder when you apply for an Eligible Account (you may however hold a first
direct and/or M&S Bank current account and still qualify). If you are opening a joint Eligible
Account , this requirement must be met by at least one account holder;

d) if you complete a full switch of a current account to your Eligible Account using the Current
Account Switch Service (CASS) within 30 days of the date of your Eligible Account being
opened. If you are opening a joint Eligible Account both account holders must do this; and

e) provided you continue to hold an Eligible Account on the date we make the Offer Payment.
The Offer Payment

4. If you meet the requirements to qualify for the offer as described above, we will make one
Offer Payment of £120 within 70 days of your Eligible Account being opened. The payment
will be made by a direct credit into your Eligible Account.

5. We will make one Offer Payment per Eligible Account opened in accordance with this offer
(if this is a joint account we will not make an Offer Payment per account holder).


General Terms
6. You can only take advantage of this offer once. This means that if you open more than one
Eligible Account (whether in your sole name, joint names or in a combination of accounts in
your sole name and accounts in joint names), we will only make an Offer Payment the first
time you switch an account to us using CASS and will not accept further applications from
you for this offer.

7. This offer is not transferable.

8. We may refuse any application for a product or service.

9. This offer is only available to UK residents and residents of the Channel Islands and the Isle
of Man*.

10. This offer is not available if the account you are switching to is an HSBC Staff Premier Bank
Account, HSBC Staff Advance Bank Account or a HSBC Staff Bank Account.

3
What happens to any debit card
transactions that I have asked
my old bank to stop?
The Current Account Switch Service should
not interfere with this process and any
debit card transactions that you have asked
your bank to stop should remain so after
your switch.
Can I prevent my new account details
being given to someone who sends
one-off payments to my old account?

You may be able to transfer your payments to your new bank without redirecting payments from your old account, and you should discuss this requirement with your new bank.

Oops, here is the important bits:

Important Information - £120 when you switch to an HSBC Bank Account
To be eligible for the HSBC Bank Account you must be over 18 and pay in at least £500 per month into the account each month. (If you are under the age of 24, the qualification criteria will not apply.) Applications are subject to status and internal checks.
£120 switching offer applies to successful applications received between 29 December 2015 and 28 February 2016, limited to one per customer or joint relationship on eligible HSBC Bank Accounts. You must switch using Current Account Switch Service within 30 days of opening your account. To qualify you must not already hold an existing HSBC current account or have held one in the last 6 months. We will make one Offer Payment of £120 within 70 days of your HSBC Bank Account being opened.
We reserve the right to withdraw this offer at any time. Offer available to UK residents and residents of the Channel Islands and the Isle of Man.

Seems like a decent offer, in that they don't appear to insist on the usual two Direct Debits with the switching service...

ah well, won't be able to meet the minimum payment requirements. might still give it a punt though.

£500 a month ,but for how many months? ?

Sadly cannot switch my M&S account as its part of HSBC :disappointed:

i probably can't even do that with the income i get, but we'll see - just completed my application and it didn't confirm anything there and then, just said it needed to review it and write to me in a few days - experience tells me it'll be a rejection, but I'll see what happens.

Switching my Santander account as they are increasing the account fee to £5 a month.

Thanks OP

I was making more than the £5 but not anymore so I had been looking for a new account anyway. Would have stayed if it was staying at the current price

What do you get for staying with bank these days :disappointed:

Of all the banks that I have accounts with, the HSBC one was by far the worst opening experience, they wanted me to take proof of all my income and ID even though I had accounts with First Direct and M&S Bank - and then they lost it all! A bit of a hassle, but if you can blag £120 it's just about about worth it!

Is this a free account or is there a monthly fee?
I cannot seen to see any mention of monthly fees.

Ahh yes the last time they did a similar offer alongside their savings account I remember so many people being denied of the bank account despite many having a perfect credit history , but good look if you go through with it and if it's a different story this time I may take the offer up .

HSBC: The world's local money launderer

Great thanks can see another switch coming

Thanks can see another account switch coming

HSBC are fussy gits

They are not having my pennies

No doubt you'll be chasing them for opening the account and the cash back like their previous offer

its not open OR switch

it's open AND switch

I noticed that too

does switching effect your credit score?

Switch and Open or Switch or Open? That's the question...!

​I'd argue this is the case for a lot of large bureaucratic corporations.

The account-opening process will be needlessly protracted by their unnecessary insistence that you spend ages on the phone to them and/or attending a branch and they want you to fill in paper forms and post them back with documentary evidençe such as old bank statements as well. Halifax is all onlinr and I think Nationwide. But if you've done them already I suppose its worth a go.

Terrible customer service but went to NatWest and they are just as bad.

Did the Halifax Switch last October - got £125 Cashback and £5 monthly for a year if the Account stays in the black - £185 in total. Sweet deal.

RE the £5 santander price increase. I downgraded to a basic current account free of charge and no monthly payment. £2 to £5 no thank you.

Long term the accounts are not great to put it politely, 0.00% interest rate on the Advance account - so you're effectively losing money after inflation.

The 6% saver might be worth it if you can save each month, and lock away the cash for a year.

The £120 is compensation for them being utterly rubbish.

I ditched them a year or so ago after over 20 years of custom. No regrets.

Good bank for laundering your drug money

ahh i recently switched to hsbc to take advantage of mortgage. it was horrible exp. they took 4 weeks to open account plus i had to go to branch four times. they never tell clearly what they want and were asking same docs as mortgage like pay slips of both joint holders. sadly it was too late for me as i had no other option for mortgage because of delay otherwise i had to pay variable rate to old lender.

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

No good for me as my local superdrug closed a while ago :man:

they don't have much discretion and for them (including all banks) you and i are just a number.

You got the best outcome then! Far better to be mortgage free than have savings in the bank. Get rid of the risk and then build the savings up again with no payments to make. Congrats on being mortgage free!

Is there anyway to do this and keep your old account open and just move £500 every month?

Get £120 when you switch to HSBC
Open a new HSBC Bank Account and get £120 for switching using the Current Account Switch Service when you switch within 30 days of opening your account. Offer applies to successful applications received between 29 December 2015 and 28 February 2016.

its not for new accounts

when I applied for my mortgate with them a couple of years ago, I had to have the same amount pass through monthly to qualify as a current account was a pre-requiste, they were pressurising me to switch. Having read their paperwork no where did it say it must be your 'only' account so I pay my mortgage through the basic current account via a DD which is over the minimum and they could not argue with that :smile:

Applied, accepted, switch requested, hello bank switch number ........... 10 I think of 2014. :smile:

£120 cashback in exchange for your conscience. I'm sticking with an ethical bank that wont be funding dictatorships and the arms trade. Thanks anyway!

So do we need to open a new account? Or switch account?
Also is there any monthly fee?
Thanks

You also get 3 month interest free overdraft as long as you move your direct debits/standing orders from your current account when you switch.

You can't have a flexone or flexbasic to claim the £100

Might switch from first direct. They're crap. First they didn't give me the switch bonus despite going through switch process, and then they lost £900 from my regular saver and they still haven't sorted it. If they're the best bank, God help us all.

I wonder how many will be encouraged by this.

I think that means you can still hold an account from a bank within the group as long as you transfer in an account from a bank outside of the group

I should be elegable for the 100 quid 1st direct "satisfaction" payout if I move to HSBC- maybe a £220 payout. Think I will need to do that as it was so easy moving account last time.

Going to interject here and say switch to First Direct as you get £125 for switching an account to them. I switched last month. They are part of HSBC but obviously you avoid the stigma and the customer service is far better. You get £125 cashback the month after switching providing you've paid in a £1000.

It took almost 365 days for them to approve your account? Seems to be about right judging by others comments in this thread about the slow approval process :smile:

stupid bank is closing up all branches in small towns.

these lot are sub human scum

can you switch from first direct

pretty stupid having over 85k (75k soon) in one account anyway so they probably did you a favour

Good point. Might do coop or Yorkshire first

i have a joint account with hsbc but no single account, so would i qualify for this offer anyone know?

​no because u r an existing cst

Seems I'm living a year behind! 2015 I meant. :smile:

Instant :smiley: although I've yet to receive any confirmation emails. Should have taken note of the unique ID it gave me :O

Hello over £1,000 so far.

Ditto

Why would you switch from Santander 123 account because of monthly fee rise from £2 to £5 with money back on your utility bills should cover fee not to mention 3% interest on a £20,000 savings as a non taxpayer this is of benefit to myself and my husband who also benefits from the same interest on his account as oap this interest almost covers our yearly council tax.
%

Not everyone is lucky enough to have a spare £20k on their bank account. I did at one point but it is now being invested in a property. I don't have any utility bills coming out if my Santander account. For £2 a month it was fine but for £5 I will take my business else where

small minded huh, business that deals with cash need to deposit and get change, makes it inconvenience to do so if there are no branches.

What a long-winded way of applying for an account,

Applied for an account online and received a letter a week later addressed to me but named wrongly stating that I was not successful in applying for an account,

Phoned up and was advised to apply again,

Applied again and then received a letter telling me that they couldn't confirm my address and to go to a branch with my driving licence or passport,

Went to branch who couldn't find any details of me applying for an account, it was late so they advised me to apply online again,

Applied for the third time and received a letter a week later stating that I had been successful with a form included asking me for my signature,

Signed the form and sent it back and received another form today asking for some security details for telephone banking,

I am now awaiting whatever they require next.

Another letter today thanking me for my interest and including an application form?

Mark , i had a similar story to yours .... They are messing people up ....first they sent me a letter at a previous address than they ask for signature than they want me in the bank to confirm identity awkward experience ....i gave up

I just spoke to someone on the phone who said you don't need to pay in £500 for the incentive. If u don't pay in £500 they might downgrade your account to basic, but that has nothing to do with the incentive.

Well switch went through okay, and £120 was added to my account within an hour. I'm pleasantly surprised!

I thought it was 70 days until the £120 credit? I'm still waiting anyway.

Terrible switching service-didn't do it within the seven day guaranteed period I had to chase them up with phone calls