Much higher interest for foreign savers at british banks?

JESS_2

I was in HSBC earlier and they were talking to an Italian man about
savings. I was depositing money into my savings account with some paltry interest rate when I overheard them say to the man that as he was an Italian he could get a much higher rate of 6% on an instant access savings account. If you hold a foreign passport can you get much higher interest rates as a matter of course? And if so why? I took the man to be living and working in the uk.

opinions4u

Sounds like you've got about a tenth of the story there.

HappyMJ

JESS wrote: »

I was in HSBC earlier and they were talking to an Italian man about
savings. I was depositing money into my savings account with some paltry interest rate when I overheard them say to the man that as he was an Italian he could get a much higher rate of 6% on an instant access savings account. If you hold a foreign passport can you get much higher interest rates as a matter of course? And if so why? I took the man to be living and working in the uk.

and the rest of the story is...everyone can get that same rate....

innovate

HappyMJ wrote: »

and the rest of the story is...everyone can get that same rate....

There's one more bit to it: nobody gets 6% these days in an HSBC instant access savings account. Or in any other bank in the western hemisphere, for that matter.

HappyMJ

innovate wrote: »

There's one more bit to it: nobody gets 6% these days in an HSBC instant access savings account. Or in any other bank in the western hemisphere, for that matter.

I bet the OP only heard bits of the conversation. HSBC does pay 6% on it's regular saver account...yes it's not a instant access account but I really don't think the OP overheard every single word mentioned and the cashier may have said something like you can get 6% interest on this account.

innovate

HappyMJ wrote: »

HSBC does pay 6% on it's regular saver account

Only for existing customers, or premier customers now. But as you said before, any UK resident can get that rate if they qualify.

This makes sense now - the OP assumed that a "regular" savings account is an instant access one.

grey_gym_sock

never mind whether it's true. somebody should tell the daily mail.

innovate

We could write the whole article for them.....

HSBC IN CAHOOTS WITH M-A-F-I-A

London, 28 December 2012

In an incredible development, witnessed by a British citizen today in a branch of HSBC, the much suffering british savers are now the target of the M-A-F-I-A.

A smartly dressed, middle aged italian, with slick black hair, sunglasses and a diamond-studded Rolex, was seen negotiating an unheard of interest rate for his instant access account. It is believed the italian wants to deposit millions of Euros, to save them from the impending re-introduction of the Lira in Italy. The italian, said to be associated with the Palermo M-A-F-I-A, will get 6% interest for his millions. The Palermo M-A-F-I-A is known for their uncompromising 'business' tactics and must be taken serious.

This is another blow to millions of British savers, amongst them many pensioners on low income. The move comes at a time when we haven't seen any sun in days, and is particularly cruel because we only just celebrated Christmas. British savers can get 2.5% at most for their instant access savings, whilst the M-A-F-I-A receives 6%. Downing Street has not been available for comment but David Trice, a 68-year old pensioner from Nottingham said: "I am disgusted. I was going to have a Pizza tonight, but I will tell my wife to cook bubble and squeak instead".

le_loup

C'mon, you've left out the words "hard earned", "scrimped & saved" and "EU".
Must try harder.

jimjames

Shame on you Innovate. That article is far too factual and accurate to be published in the Daily Mail!

innovate

Feeling a terrible failure now

No career for me at the Daily Mail then. I am inconsolable.