HSBC Changing all Bank accounts

ahai1

Thanks for telling us.

ahai1

Not at the credit union as they don't give interest but instead a divident and my new ISA provider will give 30 days notice so I am lucky.

starshaped_2

Guys,

I'm a little tired and foggy this morning so please forgive me if this question has already been answered in the thread and I've skimmed past it... but...

with the interest rate cuts announced today, does this mean the new savings account HSBC are offering will no longer pay 8% interest? I pay more than £500 a month into my HSBC current account so I gather this means I'm eligible for the saver rates that they announced in the letters last month. Now that HSBC have dangled the 8% rate in front of us in this letter, can they now renege on that given the interest rate cut?

I *was* holding out until 1st December to apply for one of these savings accounts, but if it turns out I can possibly get a better rate elsewhere, I'd rather know now so I can start applying before all the good rates are gone!

Thanks in advance...

ahai1

From what I understand the banks need your money so the rates are not going to fall fast but they are going to fall. not sure by what level. You should contact HSBC to find out as I was told by someone at a bank once the rates sometimes change and the staff get very little notice.

Froglet

The rate of 8% has been unchanged for a good long time,i have had 3 regular savers all at the same rate and was hoping to open another next month when the current one matures.So it will be annoying if they do reduce it,especially as you say it is one of the best rewards for having the higher current account.

Just wondering now whether i can open another before this one becomes accessible.The person who posts on here and works for HSBC,perhaps i could ask this question?

ahai1

Sorry there has been talk about the 8% account but what is it?

gt94sss2

ahai1 wrote: »

Sorry there has been talk about the 8% account but what is it?

The HSBC Regular Saver account - depending on the type of current account you have with HSBC, it pays either 8% or 10%

Regards
Sunil

ahai1

Thank you. I am going on the assumption that it is still 8% as the website has not changed.

newfoundglory

"activate new card"... has appeared next to my hsbc current account on internet banking? does this have to do with the account changes?

i've already got a letter from hsbc telling me my account is being changed to the advance one... but my meastro card doesnt expire for another year! why is it being replaced!

ShelfStacker_3

Froglet wrote: »

Just wondering now whether i can open another before this one becomes accessible.The person who posts on here and works for HSBC,perhaps i could ask this question?

You could, but I'm not entirely sure of the answer. Sorry.