HSBC Advance Save Together

LplateSaver

Helenbaybee wrote: »

At work this weekend so there is my job for Monday

Do let me know how it goes, if they accept you on the lower salary I'm going to try OH and me again. Maybe us opening a joint account will solve their requirement?

adindas

I currently have Regular Saver ISA 2014/2015 with Saffron which will mature on Mid-April 2015. I have been offered to put it in their fix rae cash ISA, but I have not seen any product which is attractive in term of interest rate.
By Maturity date, what I am thinking is to transfer it to HSBC loyalty Cash ISA – Save together for a temporary ISA wrapper as it is currently pay a decent interest of 1.5% + Instant access (my understanding ?) . Doing this I will also quality for 10x£12 (as it is a lump sum payment of £300+)

Q1) Is there any better option than this in term of interest of rate ?

While in HSBC I start researching the S&S ISA and as soon as I find the one which I think a good buy, I will transfer part of Loyalty Cash ISA to S&S (??) leave it with £300 for at least one year .

Q2) Could I do partial transfer with this HSBC loyalty cash ISA anytime to S&S ISA leaving it with just £300 in loyalty cash ISA but I still get the rest of 12x£10??

Thank you for your time

pauljoanss

I have a few questions,
1) Since this is an ISA I assume I cannot open it until April 5th since I have already used my 14/15 allowance.
2) if I open one and deposit the min £300, can I then open another ISA account (in 15/16) with another provider who is offering a better rate to make up my full 15/16 allowance.
(My income has now dropped well below the Advance requirement and the plug will probably be pulled fairly soon so not sure if it is worth opening this account with the min if it then prevents me opening another one with better rates)

Ed-1

pauljoanss wrote: »

I have a few questions,
1) Since this is an ISA I assume I cannot open it until April 5th since I have already used my 14/15 allowance.
2) if I open one and deposit the min £300, can I then open another ISA account (in 15/16) with another provider who is offering a better rate to make up my full 15/16 allowance.
(My income has now dropped well below the Advance requirement and the plug will probably be pulled fairly soon so not sure if it is worth opening this account with the min if it then prevents me opening another one with better rates)

You can open it now but you must keep all current ISA subscriptions in the same cash ISA so you can't deposit into it until 6th April (new tax year) unless you transfer ALL your current year subscriptions. If you then deposit £300 into it in 2015/16 tax year you can't then subscribe to another cash ISA in 2015/16 unless you: (a) transfer the ISA to another provider; or (b) withdraw all the current year funds and then deposit into a new cash ISA (i.e. a self-transfer) - this can only be done once at present, although new rules to make withdrawals more flexible are planned for Autumn 2015 so it may be possible to do self-transfers more often when they come into force. You cannot then make further deposits into the old ISA although it may still remain open and hold previous year ISA subscriptions.

Lokolo

adindas wrote: »

While in HSBC I start researching the S&S ISA and as soon as I find the one which I think a good buy, I will transfer part of Loyalty Cash ISA to S&S (??) leave it with £300 for at least one year .

Q2) Could I do partial transfer with this HSBC loyalty cash ISA anytime to S&S ISA leaving it with just £300 in loyalty cash ISA but I still get the rest of 12x£10??

Q2, Yes thats fine I believe.

masonic

pauljoanss wrote: »

I have a few questions,
1) Since this is an ISA I assume I cannot open it until April 5th since I have already used my 14/15 allowance.

If you can do a partial transfer using previous years subscriptions, then you could open it earlier and leave yourself open to subscribing to a different ISA for 2015/16.

blackaqua

Helenbaybee wrote: »

Has anyone tried to open an Advance account who doesn't earn £1750?
I'm not currently with HSBC so would be opening as a new customer so they wouldn't be able to check this information.
Would like to take advantage of this offer but I'm not sure I would be able to I can easily transfer wages & the excess to meet the £1750 criteria

Yes, I earn several hundred below this. I was up front at the start - I didn't want them, to do a credit check and then fail me on this "unrelated" criteria. I said that my partner pays rent into the account which pushes me over the limit and was accepted OK.

blackaqua

Can anyone clarify if you can make withdrawals and still get paid this? I can't see anything against the T&C.

I just transferred an old ISA which had £290 in - I want to withdraw and just pay in the £300 rather than bother keeping on top of £25 each month.

piker1957

blackaqua, if you have only transferred £290 from a prior year ISA you have not met the £300 lump sum criteria. As the £290 is prior year money you're not able to add to that, therefore in my opinion based upon what you have said your only option now is to use this year's ISA if not saved elsewhere, to avoid also tying up next year's cash ISA you need to pay in a lump sum of £300 now. There is nothing to stop you withdrawing £289 of the money transferred so you only need another £11, you can then withdraw most of the cash and you'll still get £10 per month for a maximum of 12 months.

However as I mention above you can only add the £300 now if you've not saved in a cash ISA elsewhere this year. If you have saved elsewhere this year your options are to transfer that whole account and if less than £300 top it up before you request the transfer, or if you don't want to do that then your only option will be to use next year's allowance when you could do the withdrawal and add the small amount to ensure you deposit £300 in one go. You can then withdraw most and still get your 12 x£10, but you won't be able to save in any other cash ISA

adindas

For blackaqua and other people who need this information.

I just called them today using the number 0800 130 130.

They confirmed the following.

- You could transfer your existing ISA to this LOY ISA ADV

- If you transfer say around £15,000 (e.g £300+) in one go, it will qualify the Lump sum of £300+ requirement to get £10 monthly up to 12 months.

- It has got to be £300+ to avoid a minimum £25 monthly top up. So if you just put £290 (e.g less than £300 like in blackaqua case) you will still need to top it up £25 monthly. In sort it needs to show £300+ in one go.

- As soon as is £300+ appear you COULD WITHDRAW it again Leaving it £300 (?) and still qualify to get for £10 monthly and interest of 1.5%

I am not quite sure if you withdraw it, whether you have to leave minimum of £300 to avoid £25 monthly top up. I was not asking as I will leave at least £300 in there anywhere.