is it worth me moving my isa away from hsbc?

snowqueen555

I know other places offer 3%... right now I am getting 1.75% at HSBC, but I like the convenience of having everything on one account to look at online which is why I've stuck to it.

My isa is currently very small as I only started last year, is it worth me moving this to a higher % rival, the way I see it, it is a pretty small balance so the saving would not be as big as someone who has several years saved up.

I also wanted to open a S&S ISA, should I stick with hsbc where everything is all in one place or opt for somewhere else?

Plus, is it possible to have a cash isa in one bank and a s&s in another bank?

Thanks

gt94sss2

snowqueen555 wrote: »

I know other places offer 3%... right now I am getting 1.75% at HSBC, but I like the convenience of having everything on one account to look at online which is why I've stuck to it.

My isa is currently very small as I only started last year, is it worth me moving this to a higher % rival, the way I see it, it is a pretty small balance so the saving would not be as big as someone who has several years saved up.

I also wanted to open a S&S ISA, should I stick with hsbc where everything is all in one place or opt for somewhere else?

For both these questions, you need to balance up the convenience you get from having everything in one place compared to:

- the extra interest you may get in an ISA elsewhere; and
- any difference in charges between HSBC and other brokers for S&S ISA's

There is no one right answer for everyone..

Plus, is it possible to have a cash isa in one bank and a s&s in another bank?

Yes.

Regards
Sunil

opinions4u

The answer is to work out what 3.00% minus 1.75% is on your balance to see how much this "convenience" is costing you.

On £5,000 it's £62.50 a year.

If a bank described their product as having a "£62.50 annual convenience fee" would you be prepared to pay it?

ses6jwg

banks love customers like you

Doshwaster

ses6jwg wrote: »

banks love customers like you

I have been having this argument with my parents for months. They have had their ISAs with HSBC or "Midland" as they still call it since they first came out but are now getting a pittance of interest. I have been trying to get them to move their savings but they are stubbornly refusing as "We've always banked with Midland" and "Ooohh... moving sounds so complicated" even though I've offered to fill in the forms for them.

They also haven't changed their house or car insurance in over 10 years.

atush

Dosh, put it all on papaer for them. The amt they are wasting each year and each month in GBP (on the difference in the savings). Get them new quotes on insurance, and write it down.

They may be stuck, but if you just tell them they will lose x% it will make much more impact if you have the figures ready and say you are wasting 3000 quid per year/250 quid per month they will take note and may allow you to help them change things.

Gromitt

My parents though about transferring when I informed them how much they were losing per year, then decided not to as they didn't want to post a form containing their name, address, sort codes, account numbers and signatures. Too insecure they said, prefer to keep our money safe rather than risking it all to get a few extra pounds per month. Plus they've always banked with TSB and want to keep all their money in one bank. End result is that they are getting 1% on all their savings.

redmalc

Snowqueen,i have been a Premier customer with HSBC for as long as i can remember,over the last year i have removed everything from them except my Isa,s because they are fixed till April, and then they will be going.
I am unable to accept their poor rates for savers,i will find it very difficult to find anyone else who can match their customer services,but i have calculated i will be in the region of £1800 better of ,sorry HSBC you are ripping of your savers.

Doshwaster

It really does make you wonder how many millions (and probably billions) of pounds that people, and especially the older generation, are losing out in low interest rates or expensive insurance products because of their "loyalty" to one bank or because they aren't savvy enough to get the best deals.

Nine_Lives

Doshwaster wrote: »

It really does make you wonder how many millions (and probably billions) people, and especially the older generation, are losing out in low interest rates or expensive insurance products because of their "loyalty" to one bank or because they aren't savvy enough to get the best deals.

Between...

1) Those who are too scared to do anything
2) Too 'loyal' to do anything
3) Too lazy to do anything

There will be a helluva-lotta money remaining in the bankers pockets. I'd love just a fraction of it.

calypso_rhapsody

I am surprised that no-one has yet advised you to avoid ANY high street bank for an S&S ISA - they are notoriously poor when it comes to equity investments and you will almost certainly be better off elsewhere. Lots of recommendations on other threads - a quick search should point you in the right direction (and there may also be some links at the top of the page)