Isn't HSBC regular saver better than Barclays?

sallytheteamonkey

Hi everyone, it's my first post here so excuse me if I'm not quite up to speed with everything.

I am looking at regular savings accounts and wondering if someone can tell me why Martin Lewis hasn't listed HSBC as better than Barclays regular savings? HSBC is 8%AER but linked to a current account. Barclays is 6%AER and not linked. Isn't the HSBC one better?

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=homefreegroup&value=14937

http://www2.hsbc.co.uk/1/2/personal/savings/regular-saver;jsessionid=0000AaBqPZKigBSeY5wxxRiBIPF:12ofl531i

I want to start saving but don't know whether to have an ISA or regular savings. The ISA rates seem rubbish....

Thank you so much for any help!!

Sally

nzseries1

You're probably right, if you do actually already have one of the HSBC current accounts required. I wouldn't think it's worth opening an HSBC account just to get this regular saver rate... but you may of course think differently.
I have a current account with them, but I'm not opening a regular saver because you have to go into the branch and do it, and I am just too lazy.

clairbear_3

You must have a current account and fund it with at least £500 a month
You can pay max £250 a month into rs
There is also a 10% regular saver which will be offered to you but the 'linked' current account charges a monthly fee
Cashbackkings were offering £50 to open the neccessary HSBC current account

sallytheteamonkey

thank you for the responses!!

Clairbear - sorry to be ignorant, but who are cashbackings?

antispam246

sallytheteamonkey wrote: »

thank you for the responses!!

Clairbear - sorry to be ignorant, but who are cashbackings?

Cashbackkings are a cashback site. Basically you earn cashback on online purchases/applications/click throughs etc.. by simply signing up with them and going through to sites, such as the hsbc current account application site, via the cashback site.

http://www.cashbackkings.com/hsbc-bank-account/bargains/m5970/

I would suggesting searching for cashback on MSE as there's a wealth of information regarding the subject.

Also thanks for highlighting CBK give £50 as I was about to do this with Quidco which offer only £20. xD

Edit: Actually, double checked and the £20 quidco offer is for basic current account whereas the £50 on CBK is for the advance current account which quidco also offer £50 for. Base difference between the 2 accounts is the advanced one requires you pay £500 monthly in, amongst other things. The advance account does also say something about further cahsback with hsbc when using their debit card, so may be worth looking into it.

I'm assuming the £500 monthly can simply be paid in then moved back out, which is what I've been doing with the A&L 8.5% account with no problems.

clairbear_3

Quidco pay £50 for the 'bank account plus' which charges a monthly fee
The £20 is for 'bank account' which I assume is the advance current account
If it is for the 'basic'bank account this is inelligable for the regular saver
Best route to go via cashbackkings I got £50 plus £5 for going green(online statements)Ive since had £50 credited by HSBC which I wasnt expecting
and 8% regular saver jobs a gud un:beer:

sallytheteamonkey

ah I see. I will definetely check that out. There is so much to learn about this stuff and it is very confusing at first. Thank you for clarrifying! I'm going to go with HSBC and try to get cashback to if I can!!