HSBC Cash ISA 2013

ANGLICANPAT

Dont relax too much pre 25th Marchers , Im betting it wont be too long before those cop a drop too. Soon as they think all the competition has given it's all

gulveal

I suspect the reason it hasn't dropped is that they guaranteed it.
Of course if you try and find the information about the old product, you can't. It is about this time that I wish I had saved all the Terms & Conditions etc. before.

rb10

gulveal wrote: »

I suspect the reason it hasn't dropped is that they guaranteed it.
Of course if you try and find the information about the old product, you can't. It is about this time that I wish I had saved all the Terms & Conditions etc. before.

As far as I know this account never had a guarantee. It was just a variable rate.

TheAlex

gulveal wrote: »

I am in a similar position, having opened a Cash e-ISA a few days ago and I am just waiting for my old ISA to transfer across.

I have been reassured by finding a PDF version of the interest rates on the Cash e-ISA interest rates page, which shows the old rates still being in force for Cash e-ISAs opened prior to 25th March 2013.

David:j

Mine was a Cash e-ISA and I was told by the adviser that my rate will have dropped. I opened the ISA last week.

gulveal

I am afraid that you might be right, in the medium term.

I have used the WayBackMachine to look at the HSBC site from the 16th Feb 2013. It clearly says that the e-ISA has a variable interest rate. No mentions of any kind of guarantee or bonus.

I think the important section from the Terms & Conditions are from clause 24, Reasons for making Changes:

We may make any change to the Terms under clauses 21 to 23 for all
or any of the reasons set out in this clause 24 that apply:
To respond to our internal policies on competitiveness, market share and/ or the profitability of our business as a whole, where we
are not acting dishonestly, for an improper purpose, in a manner
which inappropriately discriminates against a particular customer or as
an unreasonable financial institution would.

I think they might just be letting us down gently by having this in the current intrest rate PDF:

For accounts opened prior to 25 March 2013
,,,,,,,,,,,,,,,,,,,,,,,,,,,Gross AER
£15,000 + ,,,,,,,,,, 2.72% 2.75%
£9,000 + ,,,,,,,,,,,,,2.08% 2.10%
Under £9,000 ,,,,,,1.74% 1.75%

plj831

In HSBC branch today, was told that the 2.75% is ONLY for Premier account holders, even if ISA was opened before 25th March. They apologised that website info is misleading.

gulveal

The archive of the website says this about the Cash e-ISA:

Open an account in minutes and watch your savings grow with variable tiered interest rates of up to 2.75% AER (2.72% tax-free) variable. The Cash e-ISA is exclusively for HSBC current account customers.

I think your branch are getting confused with the Variable Rate Cash ISA which is currently promoted as:

HSBC Premier Customers Earn 2.75% AER (2.72% tax-free) variable on balances of £15,000 or more and 2.25% AER (2.23% tax-free) variable for balances under £15,000. These rates include a 2.0% AER bonus (1.98% tax-free)* for new accounts for 12 months after the account opens.

I thought about asking the staff in my branch to explain the current state of things, then I decided that they probably wouldn't know any better than me!

martint123

I just phoned today and found that my application was received after the deadline and was 1.7% (cough, spit). Anyway, managed to get them to cancel the transfer from natwest.
They were unsure how long the higher rate was going to be with those opening before the 25th.

Quartermass

plj831 wrote: »

In HSBC branch today, was told that the 2.75% is ONLY for Premier account holders, even if ISA was opened before 25th March. They apologised that website info is misleading.

This is wrong. The 2.75% AER Premier rate is for the Variable Rate Cash ISA not the E-ISA.

the E-ISA interest rate top tier is still 2.75% AER for customers who opened before the rate dropped - but it is a variable rate so may change in future.

The rate has dropped for new customers rather than for existing customers.

bellies-gunna-getcha

hi all.wondering if anyone else having same problems -
i tried moving money in this morning however no facility to do so.spoke to tel banking who advised i had to reinstate account due to being new tax yr.fobbed off with 'i have to confirm to hsbc this will be my only isa subscription for new tax year"'
never heard that before.account was opened prior to 25th mar so still get 2.75% (for now) so asked if this was affected.not convinced by the response.am i a one off?