HSBC 200£ bribe for CASS switching - possible with Monzo?


(Andre Borie) #1

HSBC are currently offering a 200£ bribe if you switch to their “Advance” current account using CASS. :money_mouth_face:

Does anyone know if this will work with Monzo? I don’t actually want to switch away & close my Monzo, but 200£ for filling in a bunch of forms seems tempting. What would happen if I did try CASS on my :monzo: account?

I’m asking because CASS is not supported by Monzo at the moment, so I’m especially curious what would happen. My hopes is that it would silently fail (:monzo: would just ignore the request), and as such I would get the bribe without having to do anything. :joy:


Monzo vs. HSBC
(Simon B) #2

T’s and C’s vary, but in many cases the “bribe” is dependent on having an incoming salary credit and at least one or two direct debits, and sometimes this must be happening for at least a few months before they give you the bribe.

As for the first part, my understanding is that the work we are currently doing on CASS is for both inbound and outbound switches, so it wouldn’t work.


#3

HSBC will try to perform a manual switch if CASS isnt available

Either way you’ll only be paid x days after the switch completes, so if it never completes you are never paid.


(Andre Borie) #4

Yeah I do understand that and it wouldn’t be an issue, I can always just transfer the salary back to :monzo: the next day leaving just enough for DD’s. :wink:


#5

Read the t and c mate. They are pretty clear in that instance: if you do that you get at most £150,probably not even that.


(Change Works) #6

I think the best idea (which I haven’t tried yet) is to set up an account with a bank which doesn’t have a switching bribe, and then to start switching from that.

So open an account with bank A (no bribe)
Switch to bank B (with bribe). When the bribe is paid, then switch that account to the next on your list.

Rinse

Repeat.


#7

For the last two that I’ve done, you need two active Direct Debits and pay in a minimum amount each month. It does not need to be “salary”.

Active DDMs can be brand new ones that you set up. Try RNLI, for instance.

Like you say, T&Cs vary, so always check the small print.


#8

What you suggest is exactly what I have done.


(Simon B) #9

I’ve never actually done one myself, but I meant an incoming credit amount above a certain value :grinning:


#10

Yep. I suppose they can’t really say salary from an employer since so many people are self employed these days.


#11

I believe, (but I’m not sure) that for this particular one you need to transfer 2 direct debits, and pay in 1k per month for 9 of the following 12 months, to be eligible for the full £200. But that’s by memory, as I checked the full details a few day ago, and am too lazy to read the full terms again. But still: if you want to make use of any bribe, always read the full terms, not just the summary!