Overview
- HSBC has confirmed it is handling unusually high ISA transfer volumes that have created a backlog and extended processing times beyond normal industry windows.
- Many customers who started transfers in early April, including cases begun on April 8 and April 9, report still waiting weeks for their money to appear in HSBC accounts.
- Industry rules expect cash ISA transfers to finish in 15 working days and other ISA transfers in up to 30 calendar days but customers say those limits have been breached.
- At least one previous provider, Tembo, told a customer it released funds on May 18 but the money had not yet shown in the recipient's HSBC account, and some customers have filed formal complaints and posted on social platforms and Trustpilot.
- The surge was driven by a tiered cashback switch promotion paying £150, £250 or £500 depending on deposit size and has raised questions about HSBC's resourcing and whether banks should close oversubscribed offers sooner.