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HSBC Interest Rates.... REALLY?

I just requested interest rates for all the different accounts I have with HSBC, I've collated the results as below:

Account Net % Gross % AER %
Current Advance Account 0.00% 0.00% 0.00%
Cash ISA ? 0.20% 0.20%
Regular Saver 6.40% 8.00% ?
Flexible Saver 0.04% 0.05% 0.05%

Is this as bad as it looks??? They actually stated that "credit interest is not a feature on Current Advance Account". However if I was to go overdrawn they'd charge 19.9%!! :mad:

If I'm understanding the above correctly then I SERIOUSLY need to move my ISA???

Please help.... :confused:

Comments

  • agsnu
    agsnu Posts: 1,457 Forumite
    I don't really understand your question. Those are the rates.
  • Masomnia
    Masomnia Posts: 19,506 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You seriously need to move your ISA.

    And while you're at it, move your flexible saver too!
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
  • rb10
    rb10 Posts: 6,334 Forumite
    Transfer your ISA - you can easily get 3%+ at the moment from Halifax, Natwest or Barclays. Make sure you open the new ISA, and ask the new bank (not HSBC) to transfer it in. Don't just close the HSBC one and move it yourself.

    And close the Flexible Saver and current account as well, although instant access savings are way down on what they were, to be getting 0.04% after tax is pitiful.
  • On the subject of transfering ISAs. Strangely enough HSBC's fixed rate, 1 year ISA at 3.1% doesn't allow an existing ISA to be transferred in (whereas it does lock your money for a year), whereas First Direct's fixed rate ISA does allow you to transfer in, it is also 3.1% atm and allows withdrawals with no penalties, it is only the interest that is fixed at 3.1% for a year with seemly few other conditions.

    Very odd from 2 arms of the same banking institution!
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