HSBC to launch new 8% regular savings account

Fatboy_NSS

Just a rumour at the moment, but on our intranet article about the HSBC account it mentionned that a competing account will be launched by Abbey on Frlday. Probably worth waiting to see what we come up with before moving current accounts over to HSBC.

BenL

I saw that as well on AbbeyNet today.

I'm off to MK Head Quarters tomorrow so i'll see if I can get any details from Customer Propositions.

mgr1970

This account is a nightmare to open, i am self employed and my businnes account is with HSBC they will not allow me to open an account as i dont pay myself with a bacs transfer from one account to the other.

This is because i can go online and transfer at once between both accounts when i want to pay myself,but HSBC wont have it at all.

isasmurf

I found this rather amusing in the T&Cs

You must already have a sterling HSBC Bank Account, Basic Bank
Account or Amanah Bank Account (Bank Account) with us into which
your salary or regular retirement income is paid before you can apply
for a RS

If someone has an Amanah Bank Account there hardly likely to be applying for a 8% Regular Saver!

Kazza242

Fatboy_NSS wrote:

Just a rumour at the moment, but on our intranet article about the HSBC account it mentionned that a competing account will be launched by Abbey on Frlday. Probably worth waiting to see what we come up with before moving current accounts over to HSBC.

I wouldn't be surprised if Halifax raised the interest rate on their regular savings account in the coming weeks. I shall wait for a couple of weeks in case a better deal is launched.

Fatboy_NSS and BenL - Would you let us know what you find out about the new Abbey account. Will customers who already hold the Abbey 7% regular savings account be eligible to apply for this other account?

bert

"will be transferred to that account:
• Instant Access Savings;
• High Interest Savings Account;
• HSBC Premier Savings Account;
• any account that we have replaced any of the above with"

Seems a bit crap that their online saver is not included in that list

Fatboy_NSS

bert wrote:

Seems a bit crap that their online saver is not included in that list

True but you can always transfer the balance manually the day that the money is credited.

I will let you know what I find out but Abbey will work quickly. When they launched the Fixed Rate Monthly Saver we had about an hours notice, got told at 9am on a Weds morning and it went on sale when the branch opened at 10am! BenL sounds like he's a bit more senior than me, so hopefully can find out some more.

Walletwatch

Fixed up an appointment with HSBC for Wednesday to open a current account - my wife is moving her salary account there, and we're going in for a joint account (don't want to transfer my salary acct just yet), and we have confirmed that a joint acct would mean both of us can have a regular saver each, being funded out of the joint acct.

Already have an Abbey and a Hfx regular saver, so I doubt even if they do launch a new product, that existing RS holders will be eligible to open one. Hope the higher interest rate, if there is one, will apply to existing Reg Savers as well ;-)

Someone makes a good point of the current acct @ 0.1% not making the HSBC Reg Saver worth all the hassle. True, but thankfully, I work at Canary Wharf, and have a branch of each (Abbey, Halifax and HSBC) within a stone's throw. Plan to empty the acct as soon as the salary comes in and move it to higher interest savings acct. Also will fund the acct just in time for the Reg Saver debit.

Know it might be overkill, but have been doing it for four months now for our Abbey and Halifax reg savers without any hiccups (touch wood)

lipidicman

Fatboy_NSS wrote:

When they launched the Fixed Rate Monthly Saver we had about an hours notice, got told at 9am on a Weds morning and it went on sale when the branch opened at 10am!

So abbey staff had a whole hour to prepare to sell what is quite a complicated product with a number of rules that must be adhered to? Pretty Bad, but honestly I reckon some staff had only a few minutes preparation. I was told the other day that I could change the account my standing order came from. I'm glad I asked they check before I did it, as it turns out the opposite is true. This is a bit of a pain if you move current accounts, but you just have to live with it

On the upside abbey did raise their rates for existing customers before, so they might do it again. Halifax on the other hand, did not. I'm still on 6% there

Fatboy_NSS

Looks like someone at the company which provides our news feed put 2 + 2 = 5. They saw that HSBC were offering a new 8% account and saw that we're making an announcement on Friday so assumed we'd be matching their deal. If fact the announcment is going to be our annual results! Sorry guys, looks like you'll have to stick with HSBC for 8% reg savings.