Has anyone successfully moved from the old HSBC Online Saver to the new one.....

intalex

... with a minimum loss of interest?

If so, a step-by-step guide would be most appreciated.

gt94sss2

1. Empty your existing account on the 1st and move it to another HSBC/Savings account.

2. Tell HSBC you want to close your empty Online Saver account.

3. Once, this is done open a new Online Saver account and move your money back..

Regards
Sunil

InMyDreams

Have you successfully done this Sunil?

I emptied on the first of this month making sure interest had been credited and requested to close via secure message (which is the only way you can do it) on the 2nd. Had a secure message back on the 3rd to say that it was closed, and it had indeed dissappeard from my accounts list when I checked. On the 3rd or possibly 4th I applied for the new saver with £1 from my HSBC current account. Waited and waited and was about to contact them as my £1 had not even left my current account. Yesterday (10th) I recieved a letter dated the 4th to say that they were unable to open the account as requested because I already had an online saver open. Phoned the (0845) number to try to sort it out, was passed from pillar to post and was eventually told that it would be all sorted and opened for me. Still not showing though and £1 yet to leave my current account. Wonder how much that call cost me?

Also, in light of the latest interest rise, I probably wouldn't bother with the new HSBC saver now. Just close the old one on the first of next month and decide then where to put your money. I'm tempted not to bother putting anything in it now anyway.

intalex

gt94sss2 wrote: »

1. Empty your existing account on the 1st and move it to another HSBC/Savings account.

2. Tell HSBC you want to close your empty Online Saver account.

3. Once, this is done open a new Online Saver account and move your money back..

Regards
Sunil

Ok, I better wait till 1st June to do that.

If I move it to my HSBC current a/c, and then move it to the new account, will it qualify as "new to HSBC" money?

Anyway, for all "non-new to HSBC" money, how much interest does the account pay?

intalex

InMyDreams wrote: »

Have you successfully done this Sunil?

I emptied on the first of this month making sure interest had been credited and requested to close via secure message (which is the only way you can do it) on the 2nd. Had a secure message back on the 3rd to say that it was closed, and it had indeed dissappeard from my accounts list when I checked. On the 3rd or possibly 4th I applied for the new saver with £1 from my HSBC current account. Waited and waited and was about to contact them as my £1 had not even left my current account. Yesterday (10th) I recieved a letter dated the 4th to say that they were unable to open the account as requested because I already had an online saver open. Phoned the (0845) number to try to sort it out, was passed from pillar to post and was eventually told that it would be all sorted and opened for me. Still not showing though and £1 yet to leave my current account. Wonder how much that call cost me?

Also, in light of the latest interest rise, I probably wouldn't bother with the new HSBC saver now. Just close the old one on the first of next month and decide then where to put your money. I'm tempted not to bother putting anything in it now anyway.

I guess the trick is to wait a few days after closing the old one, so that all traces of the old one are gone/deactivated from their systems.

Anyway, keep us posted with what happens.

Edit: Just saw this reply from HSBC to a simple question "how do i upgrade to the new online saver?" It suggests waiting 4 working days between closure of one account and opening of another.

*********
I confirm that your Online Saver interest rate applied for the above account is 5.25% AER. Please note that the interest was increased from 5.00% AER on 5 February 2007.

Further to your query, in order to enjoy the new interest rate, you will need to close your current Online Saver and apply for a new Online Saver after 4 working days to receive the new interest rate. You can request to close your Online Saver via this e-messaging system.

However, please note that the new interest is a limited offer, while stock last.

*********

KTF

intalex wrote: »

Ok, I better wait till 1st June to do that.

For what its worth, June 1 is a Friday so you will lose more interest as the transfer will take place over a weekend.

intalex

KTF wrote: »

For what its worth, June 1 is a Friday so you will lose more interest as the transfer will take place over a weekend.

I earn no interest in June whether I close it on 1st or 30th. But the sooner I do it, the better, as the sooner I can open the new one before they withdraw the product altogether.

I can't see how they will withdraw the new version so soon, when they have just discontinued the old one (5.25% AER).

Unless they plan to come up with a completely new one with the same rates but no penalties for withdrawals (probably just wishful thinking).

gt94sss2

InMyDreams wrote: »

Have you successfully done this Sunil?

Yes.

intalex wrote:

If I move it to my HSBC current a/c, and then move it to the new account, will it qualify as "new to HSBC" money?

Anyway, for all "non-new to HSBC" money, how much interest does the account pay?

AFAIK - HSBC have considered all money into the account as 'new to HSBC' money, regardless of the source and what their T&C state.

Also, transfers/withdrawals from the HSBC Online Saver to other HSBC accounts are instant. My advice is to empty the account before you ask HSBC to close it.

I've noticed that HSBC currently seem to adjust their savings rates about 3 weeks after a base rate change - so I expect their interest rates to update about the 4th June - and we will probably find out a couple of days before that if HSBC are increasing the interest rate, releasing a new issue or going back to 5.25% for new Online Saver accounts. (the current 5.75% is supposed to be a 'limited' special offer)

I see no harm in closing the old 5.25% Online Savers on the 1st June and see what HSBC come up with - remembering that ICICI will be offering 6.05% and IceSave 5.95%.. before deciding to open a new one..

Regards
Sunil

intalex

InMyDreams wrote: »

Have you successfully done this Sunil?

I emptied on the first of this month making sure interest had been credited and requested to close via secure message (which is the only way you can do it) on the 2nd. Had a secure message back on the 3rd to say that it was closed, and it had indeed dissappeard from my accounts list when I checked. On the 3rd or possibly 4th I applied for the new saver with £1 from my HSBC current account. Waited and waited and was about to contact them as my £1 had not even left my current account. Yesterday (10th) I recieved a letter dated the 4th to say that they were unable to open the account as requested because I already had an online saver open. Phoned the (0845) number to try to sort it out, was passed from pillar to post and was eventually told that it would be all sorted and opened for me. Still not showing though and £1 yet to leave my current account. Wonder how much that call cost me?

Also, in light of the latest interest rise, I probably wouldn't bother with the new HSBC saver now. Just close the old one on the first of next month and decide then where to put your money. I'm tempted not to bother putting anything in it now anyway.

Did you get your new account created in the end? How long did you have to wait before you could create a new account online?

I've closed my old version today and it's disappeared from my accounts list. I'm told to wait 4 working days before opening the new one, but has anyone succeeded in doing this in less than 4 working days?

InMyDreams

Hi,
Not been around online much but just logged in tonight and saw this!
No, I never managed to get my account opened, but only because I changed my mind before they managed to sort it out. Interest rate just not competitive enough any more. I'm still very loyal to HSBC and they grovelled suitably so this minor blip has been forgiven ;-) It was me who made the first !!!!-up after all, by not waiting the 4 days.

intalex

i guess i'll wait 4 working days then. i take it that means i can apply online for my new account on thursday 7th june.

by the way, where did u put ur money if not into a new HSBC online saver? u heard the rate on this special offer online saver is going up to 6% effective monday 4th june?