HSBC Online Saver: What is new to HSBC money?

intalex

BUSPBP wrote: »

You will never get your interest if you've made a withdrawal during the month, even for a penny. That's a tricky clause which I've just learned from HSBC T&Cs.

They've stolen my money this way. My fund is being transferred to another lower-rate bank but who is honest paying me interests for all my daily balances.

BUSPBP

Welcome to the forum.

The tricky clause is something they make clear in large-print rather than something that is hiding in the T&C's.

I'm sorry to hear you did not notice this, but I don't think HSBC can be blamed for this, as you have indicated.

I suggest checking the "Best Instant Access Savings" article before choosing a new destination for your savings. There are similar rates out there to HSBC, along with penalty-free withdrawals. The top rated ones are ICICI HiSave and the Icesave.

GCH888

BUSPBP wrote: »

You will never get your interest if you've made a withdrawal during the month, even for a penny. That's a tricky clause which I've just learned from HSBC T&Cs.

They've stolen my money this way. My fund is being transferred to another lower-rate bank but who is honest paying me interests for all my daily balances.

BUSPBP

"Stolen" may be a trifle harsh as HSBC does clearly state that "no interest is payable on the full balance in any calendar month in which a withdrawal is made".

I've also got an HSBC online saver account ready to be used once I've reached the limit to my A&L Directsaver savings account. The problem however is that I just don't find it competitive right now with easy access no penalty accounts like ICESAVE and ICICI offering rates of 5.95% and 6.05% respectively.

BUSPBP

It's fair to say that it's my fault not having noticed that clause. But I don't think the policy is fair if I'd be forfeited with all interests on a thousands balance just only because I withdrew few quids. I still think that their offer of the Online Saver account is tricky this way.

BUSPBP

ED

5.25% gross interest is offered by Lloyds TSB with their Online Saver account - instant access - minimum balance £250. £10 extra interest is currently offered for customers not previously having an OS with Lloyds. (Requires £1,000 deposit within 7 days of opening.) Limited offer until end-June. In my experience, online application was quickest on the market - no form-filling or posting, just log-in, click, click, done.