hsbc high int dep bond, any1 got 1???

allan673

im thinking of this as im unable to transfer my hsbc isa into their cash e isa.??? hsbc suggested this bond.
i can fix for 3 or 6 month, or 1 or 2 years.

how do they work?
-does it appear on my internet banking page?
-where is monthly interest paid to? can it be paid to say my current account?
-what happens when the terms expired? where does my money go to?

thanks in advance

Aegis

Don't leave an ISA for a tax-paying account. Just transfer your existing ISA elsewhere if you can't get someone to transfer your accounts within the same bank.

D1zzy

Money facts now lists this as 5.12% 1 yr fixed from 01/06/09 (see below) - although HSBC website is still showing 2.75% as of 22/05/09. Am I missing something (except that its not yet 1st june)?
HSBC
High Interest Deposit Bd

HSBC - High Interest Deposit Bd

• • With Effect From:01/06/2009
  • Notice:-
  • Account Type:Fixed

ACCOUNT OPERATION

• Account Operation:
  • Branch
• Services Available:
  • Passbook
  • Cash Card
  • Cheque Guarantee Card
  • Cheque Book
  • Debit Card
  • Direct Debit
  • BACS
  • Standing Order
• Min Account Holder Age:7 Years

ACCESS

• Notice:-
• Fixed Term:1 Year Bond
• Withdrawals Allowed?
• Early Access Allowed?:
• Further Additions Allowed?:

RATES

• Account Option:Single Option
• Interest Paid:Monthly
• Min Investment:£10K
• Max Investment:£100K
• Minimum Relationship RequiredNone
• Minimum Operating Balance:£10K
• RateAER5.00% paid at £10K5.12% paid at £10K

opinions4u

Money facts now lists this as 5.12% 1 yr fixed from 01/06/09 (see below) - although HSBC website is still showing 2.75% as of 22/05/09. Am I missing something (except that its not yet 1st june)?

Jeez that would blow the savings world apart!

D1zzy

Be a good home for the ex Tesco savings if its true - HSBC cannot confirm

Baldur

See the Moneyfacts Analysis - https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=186149

Investors must be aware that they must invest an equal amount into a qualifying HSBC investment product, therefore they will require a minimum of £20K to open the account.

Aegis

Baldur wrote: »

See the Moneyfacts Analysis - https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=186149

One advantage to this is that the investment can be in a variety of stuff that doesn't have a tie-in period. However, it's still going to be an expensive distribution channel for most people.

Jonbvn

Investors must be aware that they must invest an equal amount into a qualifying HSBC investment product, therefore they will require a minimum of £20K to open the account.

In simple terms AVOID like the plague!

D1zzy

Baldur wrote: »

See the Moneyfacts Analysis - https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=186149

Thanks - knew I must be missing something - though I don't think it was mentioned on the search results page as with the Santander equivalents. Can't check as the page is now down - maybe they are updating

Jonbvn

-does it appear on my internet banking page?
A: Yes.

-where is monthly interest paid to? can it be paid to say my current account?
A: There is no monthly interest. Interest is only paid at the end of the fixed term.

-what happens when the terms expired? where does my money go to?
A: You ask them to pay it into another HSBC account.