8% interest from HSBC regular saver/ current account

sabretoothtigger

Just thought I'd post on this before I forget. Sounds like a very good offer


http://www.hsbc.co.uk/1/2/personal/savings/regular-saver

Fix your interest rate for 12 months by applying for our Regular Saver Account. Current Account Advance customers can earn 8% AER/gross. HSBC Premier, HSBC Plus and Passport customers can receive a preferential rate of 10% AER/gross.
The essentials

• Rate is fixed for 12 months.
• Interest is calculated on daily cleared balance and paid on first anniversary of account opening.
• Save between £25 and £250 in the first month, then make regular payments every month by standing order from your HSBC current account of at least £25 up to the maximum monthly balance.
• The maximum balance starts at £250 in month one and then increases by £250 each month thereafter.
• For example: If you invest £250 per month, a total of £3,000 will be paid into your account during the 12 month term. At 10% interest, you will earn approximately £163 interest (gross).
• One Regular Saver account per customer only.
• Available only to customers who have their monthly salary or retirement income paid to an HSBC Premier Bank Account, HSBC Plus Bank Account, Passport Bank Account or Current Account Advance.
• If you close your account before the end of the 12 month term you will receive interest at our Flexible Saver rate.
• No withdrawals allowed within 12 months. At the end of 12 months, the account balance will be swept into a Flexible Saver, Preferential Flexible Saver or HSBC Premier Savings account.
• Manage your account at your branch or by phone.

paulw19

I think this has been posted before. I went for either this or a similar deal myself, and there is £50 on offer from TopCashBack and £40 for switching bank accounts (pay, debits etc) using HSBC's switching service. All things considered its a very good deal, I think I calculated the interest to be around 12.5% with the £90 additional added, not factoring the interest that could also be gained by reinvesting the £90 bonus.

bristolleedsfan

paulw19 wrote: »

I think this has been posted before. £40 for switching bank accounts (pay, debits etc) using HSBC's switching service. QUOTE]

I believe that it has been posted before that the 40.00 switching incentive ended on 31 March. :cool:

sabretoothtigger

I saw 40 mentioned as a bonus for switching, ends 15th june

nzseries1

If only I didn't have to go into the HSBC branch to open it... I'd be there.

Can I be bothered going to HSBC to wait in a queue for 45 minutes for an account where you can only save such a small amount each month? I'm not sure I can.

paulw19

Pretty sure its still going, they only recently offered it to me - there was a delay in getting my account opened because I lost the paperwork! I'll check the literature they sent when I get in from work.

paulw19

To nzseries1, I opened my account online, has to be done this way to get the £50 from TopCashBack.

Dinah93

Surely to have a current account you have to pay a fee on negates the benifit of such a great interest rate as you can only save a small amount per month?

bristolleedsfan

Dinah93 wrote: »

Surely to have a current account you have to pay a fee on negates the benifit of such a great interest rate as you can only save a small amount per month?

50.00 Cashback Site incentive is for a fee free HSBC Current Account.

To O/P : It was stated in another thread that the 40.00 switching incentive was finishing on 31 March 2009. I was unaware of that offer and applied online on 1 April as I wanted the CB to feature within my April TCB transactions. I saw no mention of the 40.00 switch incentive, perhaps a new switch incentive offer was launched.

Baldur

paulw19 wrote: »

To nzseries1, I opened my account online, has to be done this way to get the £50 from TopCashBack.

While the current account can be opened online, the Regular Saver (which is what I read nzseries to mean) can't.

Aegis

This account won't be available past June, neither will the 10% bigger brother of this account.