HSBC savings account at 8%

building

I read this morning that they offer savings account for a year at 8% so thinking of looking this. however they say you need to have other accounts with them. questions:
1) has anyone any experience of this savings account?

i have a credit card with Abbey cannot remember if run by HSBC or MBNA. if run by HSBC would this count as account with them.

KTF

The Abbey card is run by MBNA I believe and I think you can only get the 8% account if you also have one of their current accounts as that is the only means to move money to/from the savings account.

It is also a regular savings account so has to be drip fed with up to £250 max a month rather than allowing you to deposit one lump sum.

System

If you do a search you will find several HSBC savings threads. I did a quick search and found this one which may be of use to you.

Nick_C_4

I think you have to have a current account with HSBC to get 8% on the regular saver.

Nick_C_4

In fact you have to have your salary paid into an HSBC current account to be eligible for the regular saver:

http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/regular-saver

Former_MSE_Dan

Martins comments are in this article, in the blue box a short scroll down

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1108401263,93536,

ManAtHome

Summary is that it's a good deal if you already have a HSBC current account, maximum is £250 a month for a year, will get you around £130 odd in interest (before tax). Not worth switching accounts just to open the regular saver.

building

figures really help to work it out. it would be a good idea if Martin added that type of info into his articles....? just in case martin reads this or his colleagues.

ManAtHome wrote:

Summary is that it's a good deal if you already have a HSBC current account, maximum is £250 a month for a year, will get you around £130 odd in interest (before tax). Not worth switching accounts just to open the regular saver.

grumbler

building wrote:

figures really help to work it out. it would be a good idea if Martin added that type of info into his articles....?

The following is from Martin's article:

... the difference over the Halifax is only £16 a year, and it’s likely you'd be losing a lot more by having an HSBC current account. So unless you are an existing HSBC current account customer, and have some pressing reason to stay there at its poor rates, I simply wouldn’t bother.

Isn't it clear enough?

lottie$_2

I opened one of these regular savings accounts about 6 months ago. I have a HSBC current account (from when I was a student, that I don't use any more) which I am using to feed the account. However, I don't have my salary paid in to it, and they haven't said anything. I just transfer the money over each month from my smile account...

worried_and_confused

lottie$ wrote:

I opened one of these regular savings accounts about 6 months ago. I have a HSBC current account (from when I was a student, that I don't use any more) which I am using to feed the account. However, I don't have my salary paid in to it, and they haven't said anything. I just transfer the money over each month from my smile account...

Yes I have heard of other people doing this, when they have had a dormant HSBC current account sitting around for a while. If you are already a HSBC customer you can just apply the Reg saver when you are logged into Internet banking. If however, someone was to try and open a new current account in order to get the regular saver they might be a bit stricter on the main current account rule.

On the other hand, there would be no point in opening a new HSBC current account in order to get this deal as Alliance and Leicester are offering a much better current account and a 10% regular saver from Monday.