Stupid me! Be careful with HSBC online saving though!

a_gwtw

After two months not seeing any interests coming to my new HSBC online saving account, I messaged them to inquire about it, only to know that if I make any withdrawal, I won't be paid interest in that month. That's ludicrous!

The people at the bank never told me about that, though at the end of the day, it's my fault not to read their conditions carefully.

Anyway, I just moved all my money back to ING, though now in the search for a better online saving. Before that, I've saved money in Lloyds, A&L once, and ING and never encountered that ridiculous term 'cause at the end of the day, you should be able to manage your money flexibly without being ripped off the interests you deserve for the amount still in the saving account. Grrhhh!!! :mad:

ad44downey

their subsidiary First Direct pull this crooked stunt too. They should both be boycottted for these devious practices

masonic

I'll not recommend A&L's Direct Saver to you then.

Froglet

It may have it's disadvantages but there are a couple of plus points,well for me anyway.The transfer from current account to this high rate of interest account is instant and so you do not lose 2/3 days whilst transferring to an external one.Secondly,knowing you will lose if you withdraw,it is handy as a long term savings account so you are not tempted to take out small sums here and there.I intend to use it after I have used up our Isa allowance and put the max into a regular savings account.HSBC may have it's flaws but their website is so easy to use i would never ditch them.

emkay_2

Has anyone managed to get them to pay the interest into a different account without penalty.

The terms and conditions say you can pay it to another HSBC account, but customer services say it is not possible.

Might close the account and stick the money in A&L instead.

thanks,
Em Kay

gt94sss2

emkay wrote: »

Has anyone managed to get them to pay the interest into a different account without penalty.

The terms and conditions say you can pay it to another HSBC account, but customer services say it is not possible.

Yes - I have done this.

When setting up the account online you are asked if you want to have the interest credited to your HSBC Online Saver or another account.

I automatically get the interest credited to another HSBC account each month (and this does not count towards the "make 1 withdrawal lose your interest for that month")

Regards
Sunil

ManAtHome

I have mine set up to pay interest into my (HSBC) current account as well.

No way that this is a scam - the "no interest in any month where you make a withdrawal" is in reasonably large print in the "key features" (2nd of 6 bullet-points). It's a specific type of account which is useful in some circumstances, not a general-purpose savings account.

emkay_2

I wonder why the customer services insist it is not possible then, perhaps I should close the account and reopen it.

I'm not worried about loosing interest if I make a withdrawal, but I would like the interest to be paid into a different account rather than into the savings account.

thanks,
Em Kay

ManAtHome

Just had a look, and I can't see any way to change the settings so maybe you will have to close/re-open. Obviously close it on the 1st of the month - saw on another thread you should be ok to open another one on the 4th (haven't tried it myself so not guaranteed). You may wish to open a standard saver to move the cash into rather than leave it in the current (although probably only a couple of quid difference for 4 days).

Surprised it can't be changed, I've generally been impressed with HSBC online banking.