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if anyone is interested if you do a full switch to the HSBC premier account and following the T&C you will get a welcome gift of a £500 Selfridges gift card if anyone is interested
Seems like they need a 100k salary, not even savings count? Those of us with limited companies are shut out, ha!
If you’re self-employed, will sending money to that account be sufficient?
Interesting offer (just looking into it out of curiosity as I am a HSBC Premier customer already.)
Just checking the Ts and Cs:
Does this mean that HSBC will be operating two versions of the Premier account? So, one where £100k savings or £100k earnings counts as eligibility, and the other where it is just £100k earnings that qualifies?
I’m just a bit confused as to why this HSBC offer is only targeted at those who receive their salary by BACs direct credit (or maybe it’s to stave off the ms peeps? (no offence @ms !))
My guess is that HSBC only want to pay customers who are moving their full financial affairs over rather than more opportunistic people.
They will have taken a decision that although there may well be some self-employed/ltd-co-owners who might make good customers it is much more difficult to identify them than it is for a salaried employee.
At the end of the day they want money from ISAs, pensions, mortgages, insurances etc.
As an example I have Barclays Premier where I qualify on the grounds of investments held and I pay a nominal sum in each month and have direct debits to pay two infrequently used credit cards. In exchange I get an upgrade voucher and Apple TV. I am a loss making customer for them. HSBC don’t want that.
@Skywalker – if you look at the comments under today’s article about the HSBC switch offer, you can see why they introduced this specific term.
Clearly there are people who are determined to attempt to game any generous offer (and others who cheer them on) and HSBC is attempting to anticipate that.
While many think it’s clever, these people damage the whole offer environment as Barclays has demonstrated.
Having been with Barclays since the wee old age of 11 (I think?!) and having a terrible time recently with their call centres as a Premier customer, after my current and Barclaycards were cloned… I am taking HSBC up on this offer and shifting my salary over to them. A few friends flip their current account banks every few years and tell me it isn’t too hard.
Doesn’t pay to be loyal to many brands these days particularly banks.
My guess is that HSBC only want to pay customers who are moving their full financial affairs over rather than more opportunistic people.
The problem with moving full financial affairs is that many credit reports look at the age of the oldest current account.
Won’t be a huge problem if you have no plans to borrow soon, but still..At the end of the day they want money from ISAs, pensions, mortgages, insurances etc.
Perhaps they could make their other products competitive then…
I was happy to shift across for £500, but they are making me sit in an a branch for an hour to do so, which makes it far less compelling.
I was happy to shift across for £500, but they are making me sit in an a branch for an hour to do so, which makes it far less compelling.
Your area has an HSBC branch to sit in?
Congrats! 😀
I just spoke with the Premier team who have confirmed that as long as the salary is paid to you direct from the business bank account of your employer then that’s fine, so Fast Payments work, it doesn’t have to be BACS credit. Just no intermediaries or transferring from another personal account.
I was happy to shift across for £500, but they are making me sit in an a branch for an hour to do so, which makes it far less compelling.
Could you clarify why they are calling you into the branch? Was tempted to switch my Barclays Premier current account over but this is putting me right off
I was happy to shift across for £500, but they are making me sit in an a branch for an hour to do so, which makes it far less compelling.
Could you clarify why they are calling you into the branch? Was tempted to switch my Barclays Premier current account over but this is putting me right off
Apply in app with an ID card. Takes 5 minutes.
Didnt realise Chase is now part of CASS. That should be eligible for a switch?
If you don’t have an existing relationship with HSBC online is fine apparently. For some reason because I have a mortgage with them (or if you have some other product) you have to do it in person. Utterly ridiculous given you would hope they are pretty comfortable KYC wise to have lent me what they did.
I just spoke with the Premier team who have confirmed that as long as the salary is paid to you direct from the business bank account of your employer then that’s fine, so Fast Payments work, it doesn’t have to be BACS credit. Just no intermediaries or transferring from another personal account.
Hi Danimal, I’m interested to know exactly what the Premier team told you as I called up and could only get confirmation that faster payments isn’t a problem for holding the account. They weren’t willing to confirm the same for the selfridges promotion. Any clarification from you would be much appreciated. Cheers!
I just spoke with the Premier team who have confirmed that as long as the salary is paid to you direct from the business bank account of your employer then that’s fine, so Fast Payments work, it doesn’t have to be BACS credit. Just no intermediaries or transferring from another personal account.
Was this for holding the account or the Selfridges promotion? I called up and they would only confirm faster payments is ok for the former, not the latter.
I applied over 1 week ago, filled forms, uploaded id etc, got a text msg next day saying they are reviewing, nothing since then.
I’ve just noticed that the T&Cs for this offer appear to have been updated, extending the gift card offer to those opening the account based on savings/investments: https://www.hsbc.co.uk/current-accounts/products/premier/?cid=HBUK:JE:D0:PR:06:2009:686:Premier_Selfridges_2025&dclid=&gad_campaignid=22258437747&gclid=Cj0KCQjwvajDBhCNARIsAEE29WoGlNzCu2hY-Q0GpcEkEDDWkrUGTpoR3IzgVL9U6TeaSq5_BupcWMoaAnevEALw_wcB#discover-how-premier-gives-you-more.
I’ve signed up to this. It wasn’t clear how they calculate the £100k salary as clearly after tax and deductions it won’t add up to this. It also wasn’t clear if the direct debits had to be in the switch or if you could just manually change some direct debits to the hsbc account. I’ve switched a chase burner account but have asked my employer to switch my salary over by the deadline.
I did call and was told they’d request a payslip at application to verify £100k (didn’t happen) plus yes you can manually switch direct debits over as long as it’s 2+ as per the terms.
Hopefully I’ll get the £500 voucher but if not I’ll go to the financial ombudsman. The only thing I don’t know about is the manual direct debit switching but the rest is as per the clear terms. They also don’t specify the full account switch itself must have 2+ direct debits, just that you need to switch 2.
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