HSBC customers have reported long delays in transferring their Isas, with one savor losing £20,000 savings for two weeks. The bank's cash incentives for new customers, including a £1,000 bonus for opening a Premier current account and transferring a large Isa balance, have overwhelmed the bank, leading to a rush of applications.
HSBC customers have complained of long delays transferring their Isas, with one telling how her £20,000 savings 'disappeared' for two weeks. At the start of the new tax year, HSBC launched a double whammy of cash incentives for new customers, meaning they could get up to £1,000 in free money.
To do this, they needed to open a Premier current account and transfer a large Isa balance from another bank or building society to HSBC. This led to a rush of applications - and it appears this has overwhelmed the bank, leaving some customers waiting well beyond the 15-day period in which banks should normally complete a transfer.
One frustrated customer told This is Money how she has waited for six weeks and counting for her £52,000 life savings to be transferred, with another telling how her money 'disappeared' for two weeks, not showing up in either her old account, or the new one with HSBC. Delays: Savers trying to transfer Isas to HSBC have reported waits of several weeks. The deadline for doing so is usually 15 days and transfers often happen quicker.
Mass emails have been sent to customers waiting on Isa transfers saying that 'Our competitive rates have been very popular, so we're currently receiving more transfer requests than usual.
'This means some transfers are taking a little longer to complete. ' Customers who contacted This is Money had all applied for the one-year fixed rate Isa. This was an especially good deal, as it had a competitive interest rate of 4.5 per cent - compared to the easy access Isa at 3 per cent.
One told This is Money how her £20,000 Isa cash effectively went missing for two weeks with no explanation - while a further £40,000 transfer from a separate account was also delayed. Suzanne, 53, from Lancashire, who didn't want her surname to be published, applied to transfer a £20,000 Isa balance from Lloyds to HSBC on 3 April via the app, keen to take advantage of the 4.5 per cent rate and £150 bonus.
The cash carrot offered by the bank at the start of the 2026-27 Isa season was a tasty one. Those opening its Premier current account, which requires a £100,000 salary or £100,000 in savings or investments to apply, could get a cash bonus of £500, up from £250 previously.
Meanwhile, those opening its Loyalty Cash Isa, Fixed Rate Cash Isa or Global Investment Centre Stocks and Shares Isa and transferring in a balance from a rival bank could also get hundreds of pounds in free cash. The maximum bonus was £500, paid to those who transferred an Isa balance of at least £100,000. Customers were awarded £150 if they had between £20,000 and £49,999.99 to transfer, and £250 if they had between £50,000 and £99,999.99.
Opening a new Premier account and transferring a £100,000 Isa balance could therefore net someone £100,000, as well as a competitive 4.5 per cent interest rate if they chose the one-year fixed Isa, giving them £4,500 at the end of it. This deal ended on 11 May. But the money did not appear within the promised 15 working day period. While this is the maximum time banks promise to transfer Isas in, many in reality can complete it more quickly.
On 27 April, Suzanne opened a complaint. Shortly after, the money left her Lloyds account - but it didn't show up in the HSBC one. Her life savings had effectively 'disappeared'. When she complained to HSBC, she was met with an automatic reply saying the bank could take six weeks to respond.
It was not until 11 May, five weeks after she first applied for the transfer and two after the money left her Lloyds account, that it finally landed with HSBC to Suzanne's great relief. To not be kept informed of our life savings is disgraceful Suzanne, a HSBC customer from Lancashire 'To not be kept informed of our life savings is disgraceful,' Suzanne said.
'I believe that by offering a leading cash Isa interest rate that HSBC have not been prepared for the response to their offering. ' She is so disappointed in HSBC she is now 'looking into her options' regarding moving the money out of the account, even though exiting the fixed deal early will come with a penalty. But this was not the end of the story.
Also on 3 April, Suzanne had initiated a separate transfer of £40,000 from a Santander Isa to HSBC, though this would not be initiated until 1 May when the Santander one-year fixed account matured. When no money had been taken from that account within the 15-day time frame, and given the trouble she had with the other account, Suzanne cancelled the transfer and moved the money to an account with another bank instead.
Altogether, she estimates she will lose out on £200 in interest because of the delay.
'I lost all faith with them so decided to cut my losses,' Suzanne told This is Money. 'I am looking into my options regarding the funds they did manage to move as I am concerned the serious delays will occur again in one year when the HSBC Isa mature
HSBC Isa Transfer Delays Cash Incentives Premier Current Account
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