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HSBC 8% interest savings account
andrewbrittain
Posts: 6 Forumite
HSBC are offering a savings account paying an apparently staggering 8% interest. I don't believe for one second that this can be for real, without any catches. What's to stop me just taking out the maximum loan I possible can with 6.5% interest - and just sticking it in the 8% HSBC savings account and earning myself 1.5% on it for doing absolutely nothing?
There must be a catch with this HSBC account. You don't make their sort of profits by offering rates like that without a pretty big catch. But can anyone tell me what it is??
There must be a catch with this HSBC account. You don't make their sort of profits by offering rates like that without a pretty big catch. But can anyone tell me what it is??
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Loads of catches. The interest rate is not fixed, it's variable. You have to open a current account and pay in your salary. You can only make a withdrawal by closing the account. It is a regular savings account, maximum £250 per month. And so on. Good as part of the money fountain thing, though.0
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cheerfulcat wrote:Loads of catches. The interest rate is not fixed, it's variable. You have to open a current account and pay in your salary. You can only make a withdrawal by closing the account. It is a regular savings account, maximum £250 per month. And so on. Good as part of the money fountain thing, though.
Agreed. This account has loads of catches and is not worth it unless you already have an HSBC current account. However, the 8% rate is fixed for one year. Here's a link to the HSBC 8% regular savings account page.Please call me 'Kazza'.0 -
Hi kazza,
I stand corrected. The odd thing is that I could swear that the first time I looked at the t and cs the rate was variable...my mistake.0 -
I think it's a fantasitc deal. I've head my HSBC current since about 12 years old.
It's actually a load of rubbish about the salery thing - student account holders can open it and they generally earn nothing.0 -
ohit wrote:I think it's a fantasitc deal. I've head my HSBC current since about 12 years old.
It's actually a load of rubbish about the salery thing - student account holders can open it and they generally earn nothing.
If you don't already have an HSBC current account and you open one ( which you are required to by the t and cs of the Regular Saver account ) you must pay in your salary or pension.0 -
I guess that's the real catch then.
So if you don't have a HSBC account already - oh well - otherwise, great interest rate!0 -
ohit wrote:I think it's a fantasitc deal. I've head my HSBC current since about 12 years old.
It's actually a load of rubbish about the salery thing - student account holders can open it and they generally earn nothing.
The student does have to have the student loan credited to their HSBC student account though.
The bank is selling this product to try and gain new and further business in other areas - switchers in to the bank especially.
Os`
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And a student can just say that he/she will not be entitled to any loan or grant or anything, and all income will be parental contributions. That could be anything.0
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Warning - HSBC staff in my family's experience make mistakes setting up Internal Standing Order to feed Regular Saver account from HSBC current a/c.
eg. Regular Saver successfully applied for a week prior to end of February - first transfer done OK by them
They set up first ISO to occur not in March, but in April! Just found out. Reported this lunch-time to Complaints Manager. Response nil, so far.
HSBC could learn much from Halifax about facilitating online data availability to the customer. HSBC's online banking doesn't even enable the customer to see what date an ISO is set to transfer, let alone be able to change it online.0
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