Difference between HSBC Cash ISA and Cash e-ISA?

debtblue

ian-d wrote: »

Am I missing something, could I ask HSBC to transfer me over to achieve the better rate? They never mentioned this when I had a review a few weeks ago!

The only way round this is to upgrade you onto an PLUS account. It offers better rates on savings and other benefits.

Aegis

debtblue wrote: »

The only way round this is to upgrade you onto an PLUS account. It offers better rates on savings and other benefits.

True, but upgrading just for the rates is unlikely to work out. The charge of £12.95 per month means you need to be taking advantage of the travel insurance, the cheaper overdrafts or the lower mortgage rates.

ian-d

Not according to my calculations, I already have Bank account plus so benefit from better interest rates on both my ISA and Savings accounts. I've had an ISA from the beginning, putting in the max each year, so the difference in 0.5% is more than the cost of the Bank Account Plus per month.

tiptoe_mouse

johnaspley wrote: »

From what I remember they won't let you transfer your Cash ISA into an e-ISA. Daft I know but I think that's what they'll tell you. I had my ISA with them too but had to move it to a Barclays Cash Haven ISA as HSBC wouldn't transfer it for me into their own E-ISA, despite me being staff!

I thought the Barclays tax haven ISA was for new money only and didn't allow transfers in? That's how I understood it, anyway.

tiptoe

Aegis

ian-d wrote: »

Not according to my calculations, I already have Bank account plus so benefit from better interest rates on both my ISA and Savings accounts. I've had an ISA from the beginning, putting in the max each year, so the difference in 0.5% is more than the cost of the Bank Account Plus per month.

Ok, I guess if you have about £25k with HSBC and want to keep it there, the rates alone probably offset the cost and everything else is a bonus.

ian-d

Well, after much debate with HSBC and being forwarded to customer complaints, they've sent me a letter to confirm that they cannot transfer my funds over from the normal ISA to the e-ISA and benefit from the improved interest rate.

I made it very clear that I will place my money in an ISA elsewhere if they wouldn't transfer, yet showed absolutely no interest in this, even though I've been a customer for 15 years with healthy balances.

I've just moved a large sum of savings (non-ISA) from HSBC to Northern Rock (to lessen the risk) so another chunk will be going soon. Shame really as I've never had a problem with HSBC, but don't see why I should lose out on top interest for being a loyal customer.

A question if I may, whats stopping me carrying out a transfer to another bank, then transfering back into HSBC with the new e-ISA?

amiehall

the e-ISA won't accept transfers in from anywhere. HSBC or otherwise. it's for paying in this years allowance only.

genny

ian-d wrote: »

Well, after much debate with HSBC and being forwarded to customer complaints, they've sent me a letter to confirm that they cannot transfer my funds over from the normal ISA to the e-ISA and benefit from the improved interest rate.

I made it very clear that I will place my money in an ISA elsewhere if they wouldn't transfer, yet showed absolutely no interest in this, even though I've been a customer for 15 years with healthy balances.

I've just moved a large sum of savings (non-ISA) from HSBC to Northern Rock (to lessen the risk) so another chunk will be going soon. Shame really as I've never had a problem with HSBC, but don't see why I should lose out on top interest for being a loyal customer.

A question if I may, whats stopping me carrying out a transfer to another bank, then transfering back into HSBC with the new e-ISA?

I've just transfered my cash ISA out of the HSBC because of this farce. And I won't be returning. This trap people in via a good rate, then drop it, but prevent you from moving the money out to their better paying ISA is a scam. I've be a loyal customer for many years, but now I'll never bank with them again, another off my list.

You can't transfer out into anotehr company's ISA and then back to the eISA as they eISA doesn't accept transfers in.

Transfer out for better rates to a better provider in my opinion.

ian-d

Thanks guys, that's what I'm going to do. Its the best part of £20 per month I'm loosing, so its a no brainer to me :beer:

genny

I started my transfer a few days ago, so I'll let you know in 30 days how it's got on, and if HSBC have done it correctly!