Ok folks, random question alert! Have an advance account with HSBC and know one of the conditions of it is having monthly payments into it of 1500 or more. So what happens once I'm on Mat leave and getting SMP and then nothing? Do they revert you back to a standard account?
It's a sudden concern since our new mortgage for place we are buying is linked to me having an advance account so don't want them to take it away!
Wondering if I'm going to have to do some jiggery pokery with our finances to keep the 1500 amount paid into it each month!
Is your new mortgage all in place and agreed now? If so, just call HSBC and explain that you'll be on mat leave for x months and therefore, salary will be less than £1500 for a bit. I doubt they'll really care/ notice but that way you've informed them.
I may be mistaken but with some accounts, the minimum monthly income doesn't have to be from one payment so some people advise that if your income is say £1000, you can then withdraw £500 in cash and then put it back into the account. I think that unfortunately HSBC is one of the banks which has rules in place to prevent that, i.e. they stipulate it has to be your wage and can't be cash payments etc but it may be worth checking out I case you can do a bit of "juggling" with your money and still meet the criteria?
It looks likes it's actually 1750 a month (no idea where 1500 came from, baby brain!), and not to come from another hsbc account in my name or joint. So in theory could move money from husbands account which is with Barclays. We have a joint account with HSBC for paying mortgage, bills etc, so we could just use my account for a while to pay everything from (to save moving money around more than necessary).
Shall give them a call to enquire though and fine out exactly where we stand
Jiggery pokery wise, I move money out from the account to another bank account for a couple of days and then transfer it back again... that then counts as part of the amount paid in to qualify for Advance Account.
We had exactly this and switched the advance account to be the joint account and my account is now just a standard one. DH puts money into joint account for bills etc I transfer money from there into my account