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Why has HSBC's Regular 8% Saver only paid 3ish%?

567 Posts


Hi all.
Last year, I set up a regular account with HSBC, the account where you get paid 8% interest for amounts you lock away. The maximum amount you can invest is £250 per month, and so £3000 p/a. I invested the maximum amount every month, so £3000 for the year.
The funds matured a few days ago, but instead of expecting £240 in interest (8%), I received £103. Setting it up was very easy as I remember and so I'm really unsure why I have not received the interest I was otherwise expecting.
Does anyone know why this is or have HSBC shafted me on this one?
Last year, I set up a regular account with HSBC, the account where you get paid 8% interest for amounts you lock away. The maximum amount you can invest is £250 per month, and so £3000 p/a. I invested the maximum amount every month, so £3000 for the year.
The funds matured a few days ago, but instead of expecting £240 in interest (8%), I received £103. Setting it up was very easy as I remember and so I'm really unsure why I have not received the interest I was otherwise expecting.
Does anyone know why this is or have HSBC shafted me on this one?
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Months before that obviously had less invested, so therefore 8% on £2750 the previous month.
So on till first month £250 invested, so 8% on £250. Probably calculated daily but same principle.
No it doesn't...
Now I feel very stupid. Thanks for the help.
Others would be using words like "scam" and "rip-off" by now, rather than choosing to understand it.
So credit to you.
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth
It wasn't the OP who said that the interest didn't have to be taxed.
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed