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HSBC ups Online Saver rate to 5.75%
Kazza242
Posts: 2,199 Forumite
HSBC is increasing the rate it pays on it's Online saver to 5.75%. It is available to new and existing customers who open an account from Monday 5th February.
HSBC have removed the tiered interest rates so that the account will pay the same high rate of interest on the entire balance. The minimum opening balance has been reduced from £500 to just £1. The maximum account balance is £50,000. Monthly interest is paid.
I expect that, like the standard Online saver, this account doesn't pay any interest on the entire balance for any calendar month in which a withdrawal is made. Therefore, if you wish to make a withdrawal do so on the 1st of the month and withdraw the entire account balance.
More details here.
HSBC have removed the tiered interest rates so that the account will pay the same high rate of interest on the entire balance. The minimum opening balance has been reduced from £500 to just £1. The maximum account balance is £50,000. Monthly interest is paid.
I expect that, like the standard Online saver, this account doesn't pay any interest on the entire balance for any calendar month in which a withdrawal is made. Therefore, if you wish to make a withdrawal do so on the 1st of the month and withdraw the entire account balance.
More details here.
Please call me 'Kazza'.
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Comments
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Kazza242 wrote:HSBC is increasing the rate it pays on it's Online saver to 5.75%. It is available to new and existing customers who open an account from Monday 5th February.
HSBC have removed the tiered interest rates so that the account will pay the same high rate of interest on the entire balance. The minimum opening balance has been reduced from £500 to just £1. The maximum account balance is £50,000. Monthly interest is paid.
I expect that, like the standard Online saver, this account doesn't pay any interest on the entire balance for any calendar month in which a withdrawal is made. Therefore, if you wish to make a withdrawal do so on the 1st of the month and withdraw the entire account balance.
More details here.
Hmm.... not sure how that works.
Why do existing customers only get 5.25% AER? Is the extra 0.50% like a temporary bonus rate for new accounts?0 -
intalex wrote:Hmm.... not sure how that works.
Why do existing customers only get 5.25% AER? Is the extra 0.50% like a temporary bonus rate for new accounts?
In the article it doesn't mention any bonus. I think it is just a new 'issue' that they are promoting from Monday. New and existing customers can apply for it according to the article.
More info will be available on HSBC's website from Monday.Please call me 'Kazza'.0 -
That article is a wee bit contradictory. First it says "available to new and existing customers", then in the last paragraph it says "existing savers will benefit from the base rate rise as the bank increases interest on its Standard Online Saver to 5.25 % AER variable." I got the info about the increase to 5.25% in an e-message from HSBC yesterday, so are the 5.75% now available to existing customers or not? Well, I have to pay a visit to my local branch shortly anyway to close my matured Regular Saver2, so I will ask the question then. Last time I visited, the person I spoke to added the additional 1% interest to my existing Flexible Saver straight away without asking me do deposit anything first. Here's hoping...Reclaimed thanks to this site:
£175 Abbey Mortgage Repayment Fee, £170.03 Capital One Bank Charges £418.07 Lloyds TSB Bank Charges, £2,671.55 Mis-sold Endowment Policy, all for OH0 -
Beate wrote:That article is a wee bit contradictory. First it says "available to new and existing customers", then in the last paragraph it says "existing savers will benefit from the base rate rise as the bank increases interest on its Standard Online Saver to 5.25 % AER variable." I got the info about the increase to 5.25% in an e-message from HSBC yesterday, so are the 5.75% now available to existing customers or not? Well, I have to pay a visit to my local branch shortly anyway to close my matured Regular Saver2, so I will ask the question then.
I came across this a little while ago but see that Kazza has beaten me to posting it here
Like you I was also suprised, having also received the 5.25% secure message for my existing Online Saver account (and the free £20 vouchers!).
Along with Kazza, I suspect it will be a new issue/version of the account - also their T&C state you can only have 1 of the current Online Saver account..
A bit like the 'Regular Saver2' actually - that appeared overnight one day last year and the original 'Regular Saver' disappeared..
Regards
Sunil0 -
Wot free £20 vouchers??????Reclaimed thanks to this site:
£175 Abbey Mortgage Repayment Fee, £170.03 Capital One Bank Charges £418.07 Lloyds TSB Bank Charges, £2,671.55 Mis-sold Endowment Policy, all for OH0 -
The John Lewis ones I got last week, to add to the M&S ones I had and the £20 cashback the time before.
Last year, HSBC regularly ran offers saying that if you opened an Online Saver account during a particular period (normally bank holidays) - they would give you £20 in cash/vouchers..
Regards
Sunil0 -
I seem to have terrible timing when it comes to opening up accounts! ! !DarnitReclaimed thanks to this site:
£175 Abbey Mortgage Repayment Fee, £170.03 Capital One Bank Charges £418.07 Lloyds TSB Bank Charges, £2,671.55 Mis-sold Endowment Policy, all for OH0
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