HSBC Advance Save Together

Cweb

HSBC for Advance account holders have released a new product called Save Together - which Account holders have received an e-mail for today.

For those who are not going to use their ISA wrappers, I can't see how it's not a free £120 for tying up £300.

Details: https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/44444_A5_Save_Together_Terms.pdf

Summary:

Our Save Together offer is:
• Make a single payment of £25 or more per month into your HSBC Loyalty Cash ISA and, for every month you do so, we’ll make an additional interest payment of £10 into your HSBC Loyalty Cash ISA. We’ll do this for a maximum period of 12 months from the date of your first single payment of £25 or more; or
• Make one lump sum payment of £300 or more into your HSBC Loyalty Cash ISA and we’ll make an additional interest payment of £10 a month into your HSBC Loyalty Cash ISA, every month, for up to 12 months.

It just seems too easy...

eastcorkram

I have an advance account. I have not had this email.

Lokolo

I like that.

Doshwaster

eastcorkram wrote: »

I have an advance account. I have not had this email.

I'm sure it will be on its way. I only got mine an hour ago.

I'll have to look at this in detail but it looks attractive at first sight. The T&Cs say that it accepts transfers in.

Lokolo

You can pay £300 in once and get the bonus for 12 months. Does this £300 deposit count if its a transfer?

The offer isn't valid until 1st March anyway so plenty of time yet.

Ed-1

Lokolo wrote: »

You can pay £300 in once and get the bonus for 12 months. Does this £300 deposit count if its a transfer?

The offer isn't valid until 1st March anyway so plenty of time yet.

Yes, as per T&Cs.

MARTYM8`

I just received this in the last half hour. I am an advance customer and have a loyalty isa already - so maybe they are starting with those but it seems to be available to all advance customers.

Further details will be available at this link - which is in the email but isnt live yet - although the terms and conditions have already been linked above.

http://www.hsbc.co.uk/1/2/savetogether


What I find slightly odd is the wording (i.e. 'up to' 12 months) - why not say you get the payment for exactly 12 months providing you keep both your advance and ISA open. It implies they could stop the £10 payment at any time?

"Make a single payment of £25 or more per month into your HSBC Loyalty Cash ISA and, for every month you do so, we'll make an additional interest payment of £10 into your HSBC Loyalty Cash ISA. We'll do this for a maximum period of 12 months from the date of your first single payment of £25 or more; or

Make one lump sum payment of £300 or more into your HSBC Loyalty Cash ISA and we'll make an additional interest payment of £10 a month into your HSBC Loyalty Cash ISA, every month, for up to 12 months."

Ed-1

MARTYM8` wrote: »

It implies they could stop the £10 payment at any time?

They can. The T&Cs say that they can decide to withdraw the offer upon provision of 2 months notice and change it on the provision of 30 days notice.

colsten

Has the 2015-16 ISA season started early? Looks a good deal if you want to make it a good deal. Even if you deposited your entire £15,240 2015-16 allowance into the HSBC ISA, it looks a half decent deal, as it would effectively pay you some 2.26% AER.

The "catch" is that you can only pay into one cash ISA per financial year and that they can stop this offer, or change the AER on their ISA at short notice. But that shouldn't be an issue and you should be able to make more of it - you can

• pay £300 (or alternatively, 12 x £25) into the HSBC cash ISA and the rest of your 2015-16 ISA allowance into an S&S ISA with a provider of your choice. Or
  
  
• pay £300 (or alternatively, 12 x £25) into the HSBC cash ISA, and save the rest of your money in regular savings or current accounts. Then just before the end of the FY 2015/16, tip the rest of up to your ISA allowance into the HSBC cash ISA, just to make use of your entire 2015/16 ISA allowance.
  
  
• split your ISA allowance some other way between an HSBC cash ISA and an S&S ISA, or between an HSBC cash ISA and savings in regular savers / current accounts

Did I hear anyone mention HSBC in the context of tax avoidance?

MARTYM8`

Ed-1 wrote: »

They can. The T&Cs say that they can decide to withdraw the offer upon provision of 2 months notice.

I can understand withdrawing the offer to new applicants. But why suggest you will get £10 for 12 months but design terms which mean they could get away with giving you only £20 (i.e. 2 months x £10) or potentially only 1 lot of £10 even if you keep your advance account and loyalty ISA for the whole 12 months?

"12 We may change this offer. If we make changes to this offer we will tell you personally at least 30 days in advance if the change is not favourable to you. For other changes we will tell you within 30 days of the change.
13. We may withdraw this offer. If we withdraw this offer we will tell you personally at least two months in advance of the date this offer ends. If you make a single payment or a lump sum payment in the month this offer ends, we will pay any outstanding additional interest payment for that month only to your HSBC Loyalty Cash ISA. All additional interest payments will cease thereafter."

eastcorkram

Doshwaster wrote: »

I'm sure it will be on its way. I only got mine an hour ago.

I'll have to look at this in detail but it looks attractive at first sight. The T&Cs say that it accepts transfers in.

You were correct! Have it now. I'll be in.