HSBC fixed rate cash ISA transfer

ian-d

Just in case it is of any use to anyone with a poor performing HSBC cash ISA. I have successfully had HSBC transfer my cash ISA at 0.45% to their fixed rate cash ISA at 3.1%.

I appreciate it is a fixed rate for 1 year whilst others are not, but it is still a high rate and given that I suspect most don't intend taking funds out of their ISA, being fixed with no withdraws is fine.

All I did was send HSBC a message through Internet banking requesting transfer otherwise I'd transfer the money out to another bank. They called the same day and made arrangements. :beer:

soulsaver

The hsbc webby says you must pay in your whole years allowance of £3600... and transfers in aren't allowed. So a bit more detail would be helpful to make a case for anything else:
Was it 09/10 isa you were transfering into the fix? And was it £3600?
If not ex 09/10 isa, are they allowing 09/10 allowance to be paid in as well?

ian-d

I had already paid in my £3,600 to the standard cash-ISA for 09/10. I contacted HSBC advising them that I would be transferring my whole ISA out to another bank for a better rate unless they could put my whole allocation (not just 09/10) on the 3.1% fixed rate deal. They promptly organised this for me no problems. The only downside for me is that it is not an online account, so don't have visability of my money on online banking, but as you can't touch it for a year, that doesn't matter too much.

1618

Hi i recently had a meeting with my HSBC premiere Manager who advised we could not transfer in funds from other HSBC ISA,s to there 3.1% fixed rate ISA,i duly removed some 60k to a competitor and if this is correct i want some answers given all the hassle in the transfer i have had.

1618

I have now just received confirmation from HSBC they are accepting transfers into their fixed rate ISA from my manager,they advised me it was not possible so they have lost my custom

Old_Slaphead

HSBC ownes First Direct which also offers a one year 3.1% FR Cash Isa. Benefit of this one is that transfers out are allowed without penalty.

Not sure whether existing HSBC Isas can be transferred in though.

ian-d

I was told that this deal is available to Premier and Plus customers but they naturally are not advertising it if the customer is already on a lower rate; which whilst isn't great customer service, it is to be expected. If anyone is looking to transfer, it is possible and is worth pursuing. I have a long standing account with HSBC with very positive finances but shouldn't make a massive difference whether they allow it or not.

soulsaver

Old_Slaphead wrote: »

HSBC ownes First Direct which also offers a one year 3.1% FR Cash Isa. Benefit of this one is that transfers out are allowed without penalty.

Not sure whether existing HSBC Isas can be transferred in though.

Yep I've seen this and tried to coerce them to transfer in my FirstDirect prior year isa (0.2%!) into the 3.1 fix...FirstDirect say 'NO'.

I threaten:
'If not, I'll tranny it out to the Halifax ISA offering 3.0...'
She says 'I'll check with the ISA team & ring you back'. 20mins later: 'I've checked with the team.... and sorry but...NO'
So I've downloaded a Halifax transfer pdf... and FD can kiss good bye to my ISA account.
BTW In their favour, it was all done very efficiently & politely by FD in their usual customer centred style.

1618

i am a premier customer with a six figure sum invested and they refused to allow me to transfer our ISAS to the fixed rate one from the other poor paying ISAS with HSBC,needles to say they have now lost my account for good

sagalout1954

That's ridiculous! First Direct allowed us to open hubbies 3.1% fixed rate/term ISA purely with transferred in funds (from Alliance & L). So stupid not to allow existing customers to shift sideways from within themselves into the better paying ISA. All that happens is they lose your custom altogether, and I can't say I blame you.

ian-d

1618 wrote: »

i am a premier customer with a six figure sum invested and they refused to allow me to transfer our ISAS to the fixed rate one from the other poor paying ISAS with HSBC,needles to say they have now lost my account for good

My letter of confirmation of the transfer came from the Premier department even though I have no intention of joining that scheme!!! Doesn't offer me any benefits that I don't already have.