savings earning no interest - past mistake

w00519772

When I was saving for a house I had almost all my money in a hsbc current account earning 0% interest. I saved up about 30k between 2008 and 2014. HSBC offered 0% interest on this current account. I also had an Isa which offered about 0.6% interest. I am much wiser now with a Santander 123 3% account and a tsb 5% and the remainder in a hsbc account.


I chose hsbc because of the reputation of the bank and because of their customer service reviews. I guess this was a bit naive.


has anyone else done this ie had savings in an account earning no interest?

B_G_B

w00519772 wrote: »

has anyone else done this ie had savings in an account earning no interest?

Sadly yes. But not any more.

colsten

w00519772 wrote: »

I am much wiser now with a Santander 123 3% account and a tsb 5% and the remainder in a hsbc account.

Why do you still have any money in HSBC at all? Is it in their 6% Regular Saver?

gadgetmind

During that period, you could have had a Santander First Home Saver at 5% interest.

w00519772

colsten wrote: »

Why do you still have any money in HSBC at all? Is it in their 6% Regular Saver?

I earn 5% now from HSBC. I spoke to the Citizens Advice Bureau and they were quite helpful. They said it may be worth making a "complaint" to HSBC. However, I am debating whether or not it is worth it. I should of shopped around and favored the best deal over loyalty.

colsten

w00519772 wrote: »

I earn 5% now from HSBC.

How do you achieve that? What is the account called? What is the maximum you get the 5% on?

sofarbehind

It's a mistake I'm making right now..

kangoora

Yep, did the same, stuck with Barclays for years because I always had a Barclays account since I was 16. Now set up with TSB and Santander accounts (for ease) and looking into the other high interest paying ones also

Drumming it into my kids now that loyalty to any bank is rank stupidity.

EdGasket

My wife likes to leave money in old accounts earning no interest. She says she has more important things to worry about....like cooking my dinner I guess

w00519772

Is it worth writing a letter of complaint for being "deprived of money"? I guess not because I am not because I am at fault for not switching?

Freecall

WARNING : The following post could cause distress to MSE regulars.


As a young woman, shortly before she got married in 1949, my mother-in-law received an inheritance from an elderly aunt. Although the MIL was a private individual who did not disclose very much, she often spoke of her inheritance and how she considered it to be an important part of her security in life with which she was always careful.

It turns out that she had inherited £100 and when she died in 1998 she still had it, all £100 of it, securely tucked away in a separate bank account.