HSBC Online Saver - Vs - Bonus Saver - Which is better?

Jonbvn

WilliamB wrote: »

Thanks, now I see that you cannot open an Online Saver account any more ,

Any thoughts on the following ...

I have just made a withdrawal from my HSBC online saver account, if I want to make a second withdrawal in this same Month , do you think there would be a further penalty of any kind for making Two withdrawals in One Month ..?

Does any one know the current interest % paid for the online saver account and the online Bonus saver account .? , so I can compare them both -- sorry for the questions but where I live I only have a short time internet access option Thanks

If you have the online saver account and make a withdrawal, you will not get any interest on the whole amount for that month. If you have the Online Bonus saver, you get the reduced interest rate for any month when you make one or more withdrawals.

See my previous post above about interest rates.

Soot2006

I have both because of the reasons stated above . I know they're not competitive savings accounts compared to other banks, but I still feel some confidence with HSBC (although watching the Asian markets yesterady - maybe no longer!) ... I had an online saver and they phoning me and pestering me to open a bonus saver so I did .

WilliamB

Thanks every one its appreciated , can any one please comment on this ..

I have just made a withdrawal from my HSBC online saver account, if I want to make a second withdrawal in this same Month , do you think there would be a further penalty of any kind for making Two withdrawals in One Month ..?


Thanks

Soot2006

WilliamB wrote: »

Thanks every one its appreciated , can any one please comment on this ..

I have just made a withdrawal from my HSBC online saver account, if I want to make a second withdrawal in this same Month , do you think there would be a further penalty of any kind for making Two withdrawals in One Month ..?


Thanks

I don't think there's anything else they can do, seeing as you've already lost the interest for the month ...

skyjumper

williamB

there won't be any additional penalty as you have made 1 withdrawal already. you will be getting the reduced interest rate for this month. but as mentioned earlier, if you want to withdraw in a certain mont, it's better to take the whole money out and leave it in your online saver on the first of that month and then make the necessary withdrawal as and when needed. make sure to put them back to te BONUS saver towards the last date of that month so that you get the full benefit for the next month

WilliamB

skyjumper wrote: »

williamB

there won't be any additional penalty as you have made 1 withdrawal already. you will be getting the reduced interest rate for this month. but as mentioned earlier, if you want to withdraw in a certain mont, it's better to take the whole money out and leave it in your online saver on the first of that month and then make the necessary withdrawal as and when needed. make sure to put them back to te BONUS saver towards the last date of that month so that you get the full benefit for the next month

Thanks for your comment, so Have I got this right .. Ive just made a with a withdrawal from my HSBC online saver account, and I will not receive any interest payment what so ever for this Month ( October )
and now I want to make a second withdrawal from the same account
this Month ( October ) , but in your above comment you say .. ( see bold text above ) you will be getting the reduced interest rate for this month.

I am not too sure that if I am alreday not going to receive any interest this Month , how could I on my second withdrawal receive some interest at a reduced rate ? or am I reading it wrong some where - Thanks .

Jonbvn

WilliamB wrote: »

Thanks for your comment, so Have I got this right .. Ive just made a with a withdrawal from my HSBC online saver account, and I will not receive any interest payment what so ever for this Month ( October )
and now I want to make a second withdrawal from the same account
this Month ( October ) , but in your above comment you say .. ( see bold text above ) you will be getting the reduced interest rate for this month.

I am not too sure that if I am alreday not going to receive any interest this Month , how could I on my second withdrawal receive some interest at a reduced rate ? or am I reading it wrong some where - Thanks .

If you withdraw from the (plain) online saver then you get no interest for October. They cannot penalise you further for more withdrawals. However, it would be madness to keep a large sum in this account paying no interest. Therefore, I would suggest you move it to another HSBC account that pays at least some interest.

There is a way you can game these online accounts, to maximise your return (assuming you want to keep the money within HSBC):

1. Keep your current online saver (A) and open new online bonus saver (B).
2. Put your cash into best paying account (B).
3. When you withdraw any money from the online account (B), withdraw it all on the 1st day of the month.
4. Assuming you will not use all the withdawn funds, move balance of savings into the other online saver account (A).
5. On 1st day of next month move all savings from (A) to (B).

WilliamB

Thanks for your comments , any thoughts on this ...

Is it allowed for some one to have both a HSBC online account running and a HSBC online Bonus at the same time .

thanks

Baldur

WilliamB wrote: »

Is it allowed for some one to have both a HSBC online account running and a HSBC online Bonus at the same time .

At least two posters above have already said so.

Jonbvn

WilliamB wrote: »

Is it allowed for some one to have both a HSBC online account running and a HSBC online Bonus at the same time .

Of course it is!

Did you think I just made up my previous post about channelling money between the two different accounts to deliberately confuse you?