HSBC Flexible Saver

Beate

I was looking up my interest rates the other day and came across a very interesting sentence when I looked up the Flexible Saver page on the HSBC website. They are currently advertising for new customers by saying they would get 1% more than the current rate for a year if they sign up until end of January (their "Green Sale" period). And then it says "Existing customers must contact us in January 2007 to take advantage of this offer." Of course they wouldn't stick that on automatically, that would be too easy, trust us silly existing customers not to check, right.
So if you have an HSBC Flexible Saver, contact your bank for that extra 1% interest before 31 January! We can't let them get away with it! The rates for that Saver are paltry enough.
Here is the link: http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/high-interest

james10999

Beate wrote:

I was looking up my interest rates the other day and came across a very interesting sentence when I looked up the Flexible Saver page on the HSBC website. They are currently advertising for new customers by saying they would get 1% more than the current rate for a year if they sign up until end of January (their "Green Sale" period). And then it says "Existing customers must contact us in January 2007 to take advantage of this offer." Of course they wouldn't stick that on automatically, that would be too easy, trust us silly existing customers not to check, right.
So if you have an HSBC Flexible Saver, contact your bank for that extra 1% interest before 31 January! We can't let them get away with it! The rates for that Saver are paltry enough.
Here is the link: http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/high-interest

This is not as easy as just "contacting them"
They stated on the phone that exisiting customers must transfer funds in from a non HSBC account to take advantage of the increase of 1%
I questioned them to ask would this effect my full balance for the year, and could I only transfer £1 from a non HSBC account, to which they replied yes.

Double check with them once you have transferred to get your increase of 1% though

Beate

When do they ever make it easy. So, could I ask my boyfriend for example to transfer me £1 directly into the Flexible Saver from his account with another bank?

Beate

Right, I just had an interesting visit to my local HSBC branch. Basically, I sat down, said "I have a Flexible Saver and I want the extra 1%" and he logged into my account, said "okay" and did it there and then. No transfer needed. I asked him about it and he said yes, normally that's what I would have to do.
"£1?" "Oh no, more than that, £2,000 or so, but I have done it anyway". So I thanked him and skipped away.
Aren't bank people weird? Maybe he is freshly in love or something...

Madiba_2

You only get the bonus on the amount you transfer in, so there isnt much point in using £1

gt94sss2

I was going to post about this HSBC offer but I wanted to wait until HSBC had changed my existing account to make sure there were no catches.

If you open a new Flexible Savings Account you get 1% extra for a year.

If you have an existing HSBC Flexible Savings account, if you call HSBC or go to a branch, they will change your account and also pay the extra 1% for a year.

There is no need to transfer any money into your account from another institution to accept this offer - though I was told on the telephone that HSBC's briefing materials for staff had originally said there was - this has now been updated and they no longer require this. If you are asked for this, ask them to check or call back (it took me 2/3 goes before I found someone but this was last week and they said their briefing material had only changed that day)

One point to note though - like the offer INGdirect ran last year - for existing customers, the T&C state that:

We will pay an extra 1% bonus interest per annum on any additional money paid into your account for 365 days from the conversion date (the existing customer bonus period); and
We will not pay bonus interest on the balance of your Savings Account as at the day before the conversion date (the starting balance) or if your balance falls below your starting balance during the existing customer bonus period until your balance goes over the starting balance again.

This means for maximum benefit, you should empty your Flexible Savings Account - wait 48 hours and then ask HSBC to convert your account under this offer.

HSBC have now sent me a letter confirming that my account will now receive this extra 1%.

The only thing that hasn't happened is that in my internet banking , the account is still listed as 'FLEX SAVER' and I thought that the account name would change slightly - has it for anyone else?

Regards
Sunil

james10999

OH MY GOD HOW BAD ARE HSBC!

Have just got off the phone after a 45 minute conversation with the customer service team.

Firstly, I phoned up on the 4th of January for this offer. I was told I would have to transfer money into this account from an non HSBC account. They did not tell me any minimum requirements and checked if £1 was OK. I got told it was and that the 1% increase will be applied automatically.

After these posts, I phoned up just to confirm that the 1% has been increased, and got told it hasn't and i'll have to add £2,000 from a non HSBC account. I kept referring to the telephone call I had with one of their agents at the beginning of January however they didn't want to know. They threatened to cut me off at one point as they stated I was getting no-where with them, wouldn't listen, and wouldn't be getting 1% increase unless I transfered £2,000 to them.
I then stated that I had heard of other people going into branches and having this added straight away. I got laughed at and told that there is no way I could validate what I was saying.
As a final attempt, I stated the phone conversation I had with them on the 4th of January, how all phone calls are kept and recorded on there systems, and they should listen into it to prove that I am telling the truth. The person was reluctant by eventually agreed to listen to the phone calls and get back to me in 2 days. However pointed out at the end of the call it is very unlikely they would be able to do something.

WHAT A FUSS FOR JUST A 1% INCREASE!!

What should I do if they refuse to honour it including my initial phone call with them stating it would be added if I transfered only £1?

HELP!

gelato_cat

Move all your cash to Icesave

Suze

james10999 wrote:

What should I do if they refuse to honour it including my initial phone call with them stating it would be added if I transfered only £1?

HELP!

gt94sss2

james10999 wrote:

What should I do if they refuse to honour it including my initial phone call with them stating it would be added if I transfered only £1?

As I posted, there is no need to transfer any money at all for existing customers under this offer - and HSBC told me that their briefing materials were updated last week to reflect this fact..

You could either:

a) (the easy way) open a new Flexible Saver account (in addition to your current one), get the extra 1% for a year and move your current balance to your new account.

b) (the proper way which may help HSBC realise their staff are not fully aware of this offer) complain to HSBC stating how difficult you found to have your existing account converted under this offer and how disappointed you are..

Regards
Sunil

gelato_cat

Maybe I'm having a blonde moment, but I'm wondering why everyone's fighting HSBC for a rate of 4%-something on new money into the account (ie you have £5k in there, add £1, you only get the higher rate on the £1) when they can get 5%+ on ALL money in the account by moving the cash to another provider :cool:

Suze

gt94sss2

Suzey wrote:

Maybe I'm having a blonde moment, but I'm wondering why everyone's fighting HSBC for a rate of 4%-something on new money into the account (ie you have £5k in there, add £1, you only get the higher rate on the £1) when they can get 5%+ on ALL money in the account by moving the cash to another provider :cool:

1) As its extra interest and every little bit helps

2) If you follow my advice to empty your Flexible Savings Account - wait 48 hours and then ask HSBC to convert your account under this offer - you will get the extra interest on all your balance.

3) The account is useful to 'sweep up' any excess balance on your current account (HSBC do this automatically for me) before I decide to transfer it somewhere else.

4) It also means money can sit there if I am expecting to need it soon rather than spend 3 days sending it to another bank and another 3 days sending it back (also Icesave don't allow you to withdraw anything you have paid in until 7 days have passed)

Regards
Sunil