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Original poster

HSBC Advance accounts

17 replies

spydie · 08/08/2015 09:54

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!

OP posts:
aliciagardner · 08/08/2015 09:59

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.

Original poster
spydie · 08/08/2015 12:05

Yes mortgage all agreed and in place, just waiting for exchange and completion to happen. I'll get three months full pay so don't technically need to worry until next spring, but pays to be prepared Wink

OP posts:
AmIReadingThisCorrectly · 08/08/2015 12:15

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?

Original poster
spydie · 08/08/2015 12:40

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 Smile

OP posts:
Cindy34 · 08/08/2015 19:04

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.

PervyMuskrat · 08/08/2015 22:00

I do similar to Cindy34 but don't even bother keeping it for a couple of days -you can do a faster payment in and a faster payment out within 5 minutes Wink

KenDoddsDadsDog · 08/08/2015 22:02

They were fine when I was on mat leave as the smp was paid into the account.

bangersmashandbeans · 08/08/2015 22:15

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

justjuanmorebeer · 09/08/2015 01:50

I have this account as they just upgraded me to it for no reason. How is it better and why do you not want to lose it? I have been told nothing.

KenDoddsDadsDog · 09/08/2015 07:03

It's a packaged account so includes things like preferential savings rates , free withdrawals abroad , worldwide travel insurance etc.

KenDoddsDadsDog · 09/08/2015 07:06

Sorry you have to pay now for all the insurance elements as they took away the monthly fee.

bangersmashandbeans · 09/08/2015 08:00

It's cheaper though now - £9.99 a month for family travel insurance, break down cover and mobile phone insurance

AmIReadingThisCorrectly · 09/08/2015 08:01

You also have access to better rates for loans and mortgages

KenDoddsDadsDog · 09/08/2015 10:07

The insurance pack is only available to those that had advance when it was payable .

Original poster
spydie · 09/08/2015 15:56

Thanks for all the replies! Good to know others are moving money around to tick the box!

KenDoddsDadsDog oh that's interesting, did it not matter that the SMP was less than there limit?

bangersmashandbeans that's a good point, I could see if if they could swap it over to the joint.

I was upgraded a while ago too.... I think the perks are marginal but for us the conditions of our new mortgage state that I have to keep the account to keep the mortgage.

I will give them a call once we actually move and find out where I stand. Have to move first and that all depends on our buyers becoming reasonable people... HmmConfused

OP posts:
Original poster
spydie · 09/08/2015 15:57

Sorry, their instead of there!!

OP posts:
ProjectPerfect · 11/08/2015 12:22

I have a premier account which also has an income threshold and they have been fine when there have been periodic changes in circumstances

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