HSBC: 6% (fixed) on Current Accounts for new **and existing** customers

Milarky

10_66 wrote: »

Does anyone know if you can cancel any of the switched standing orders once the account has started to earn the 6% interest? Logic would say that you can cancel the standing orders, but I don't want to lose the 6% interest on the account now that it's earning interest.

There appears to be no sanction where you manually cancel payments yourself or where you switch payments away to a different bank. But if you switch to a different HSBC account you lose the rate

http://www.hsbc.co.uk/1/PA_1_5_S5/content/pws/content/personal/pdfs/39780-sale-personal-tac.pdf

4. Incentives
4.1 Credit interest for New Accounts and
Qualifying Accounts..
a) We will pay 6% AER (fixed) promotional credit
interest on balances in your New Account or your
Qualifying Account of up to £2,500 for 12 months;
b) You will start to earn the promotional credit
interest within one calendar month of the date that
we receive the correctly completed and signed
‘Switching your personal account to HSBC’ form;
c) We will calculate interest daily and pay it into
your account monthly;
d) If your New Account or your Qualifying
Account is a Bank Account, we will only pay
promotional credit interest, where applicable, if
you pay at least £500 a month into your New
Account or your Qualifying Account. If you fail
to do this then we will stop paying promotional
credit interest;
e) We will only pay the credit interest incentive on
one account you have with us and this may be an
account in your sole name or an account you hold
jointly with someone else;
f) If you switch from your New Account or
Qualifying Account to a different HSBC account
we will not pay the credit interest incentive on the
account you switch to;
g) If there is exceptional demand for this offer
then we reserve the right to withdraw it before
31 January 2012

adindas

10_66 wrote: »

Does anyone know if you can cancel any of the switched standing orders once the account has started to earn the 6% interest? Logic would say that you can cancel the standing orders, but I don't want to lose the 6% interest on the account now that it's earning interest, and going on the terrible lack of response from their secure message service, I don't think I can bring myself to go through that (mind you it has earned me £50 of compensation for lack of contact, so maybe I should go for my 3rd lot of £25 ).

Why you do not just change the date of last payment of SO say early next month. If you do that it will automatically disappear in the following month.

dreamingnarnia7

This Account will pay me almost £120 over the year and I opened it easily by visiting the late night opening at shopping centre. I had to transfer 2 direct debits from Lloyds and could keep my lloyds vantage account so I can get 3% from lloyds and 6% from hsbc. I also have the halifax regular saver which gives me £5 per month for switching £1000 in and out each month. These three equate to £180 per year which is pretty good income for no outlay.

dreamingnarnia7

Sorry it's not £180 it's £240 which is even better.

MoneySaverLog

This is a old thread this incentive no longer appears to be available.

gt94sss2

For anyone who took this offer up, a reminder that your 6%/12 month period is now coming to an end.

I don't see any way to find out the exact date it will finish on a specific account - apart from sending them a secure message.

You may also want to do so - as I presume you won't want (upto) £2,500 sitting in their current account otherwise!

Regards
Sunil

redkenny

I got the 6% deal over a year ago now and almost emptied the account when I thought the deal period was up. However, it seems I'm still being paid 6% 13 months after I started receiving interest.

First interest paid Feb 2012 still being paid at 6% Mar 2013.

I was also getting paid up to £12.40 per month, which by my calculations is more than should be possible given the 2,500 limit on balances on which interest is paid. I also still have the text below showing on my online banking.

Credit Interest Rates
Balance
AER Variable

up to 2,500 6.00%

over 2,500 0.00%
anyone experienced something similar? I don't know if I should transfer a couple of k back in as it is effectively my best interest paying savings account, but am worried I may lose the interest once they realize they have carried on paying interest longer than the 12 months that was originally on offer.

guli

Redkenny,

Where do you see the text below in your HSBC online banking?

Thanks

redkenny wrote: »

I got the 6% deal over a year ago now and almost emptied the account when I thought the deal period was up. However, it seems I'm still being paid 6% 13 months after I started receiving interest.

First interest paid Feb 2012 still being paid at 6% Mar 2013.

I was also getting paid up to £12.40 per month, which by my calculations is more than should be possible given the 2,500 limit on balances on which interest is paid. I also still have the text below showing on my online banking.

Credit Interest Rates
Balance
AER Variable

up to 2,500 6.00%

over 2,500 0.00%
anyone experienced something similar? I don't know if I should transfer a couple of k back in as it is effectively my best interest paying savings account, but am worried I may lose the interest once they realize they have carried on paying interest longer than the 12 months that was originally on offer.

dougz_2

guli wrote: »

Where do you see the text below in your HSBC online banking?

Seems you have to call up a previous months statement, and then at the bottom of that page click on the words "Please click here for more information including charges and interest rates applicable to your account." It does vary depending which month you look at, and I notice when I do the statement the month before I got my first interest I get an error.

I have also had my 13th interest payment. I suspect they may be letting it run long enough that new customers switching their salary will get the full 12 months benefit, rather than risk them getting even more annoyed about how long switching takes. After all this offer was mostly aimed at attracting new customers.

Also they were late starting, I didnt get my first interest payment until last March, and because they couldnt say exactly when it would start I ended up having funds sitting there getting 0% for a while.

To redkenny, I wouldnt worry about them taking the interest back because I think we would have cause for formal complaint given that their statements told you that the 6% was due, and they have never said exactly when they started the 12months so how can they expect us to know when it ends.

redkenny

yes as dougz says that is where the details of the interest I posted came from.

Annoyingly I just took out a flexdirect account for the 5% and don't have enough to fill both accounts due to having put nearly everything into a house deposit recently.

As the interest on the hsbc account could stop at any time I think I'll leave £100 in there and if I get a 14th payment will starting using the account for savings again.