HSBC Advance Save Together

Tabatha_Kitten

Has anyone had any confirmation yet that they have activated this offer ?

See below copied from their website:


How do I know when I have activated Save Together?

If you are eligible, Save Together will be activated automatically as soon as you make an eligible payment (a single payment of £25 or more per month or one lump sum payment of £300 or more). We will write to you, to confirm that you have activated the offer and it will be available to you for the next 12 months.

veryintrigued

I'm someone else here who has received a letter (today) from HSBC that they are upgrading me to Advance. However I've only held an account here for a month or so (for the R.S) and certainly havent cycled £1750 through it!

This ISA gives me a nice conundrum for the new tax year (fully subscribed for this year).

Frustratingly though it appears that my RS will be stuck on the 4% for its remaining 11 months.

So here's the, slightly off thread, question - has anyone (or can anyone see any issues with) closing this 4% RS and then immediately applying for another RS (at 6%).

Seems they can be closed with the following conditions: If you close your account early, you'll receive interest at our Flexible Saver rate

masonic

veryintrigued wrote: »

So here's the, slightly off thread, question - has anyone (or can anyone see any issues with) closing this 4% RS and then immediately applying for another RS (at 6%).

Seems they can be closed with the following conditions: If you close your account early, you'll receive interest at our Flexible Saver rate

I don't see any issue with doing that and was actually considering doing something similar with my First Direct RS in order to push the interest payment into the 2016/17 tax year so that it would qualify for gross interest if the budget proposals come to pass.

Vortigern

veryintrigued wrote: »

So here's the, slightly off thread, question - has anyone (or can anyone see any issues with) closing this 4% RS and then immediately applying for another RS (at 6%).

Seems they can be closed with the following conditions: If you close your account early, you'll receive interest at our Flexible Saver rate

I did it with a first direct regular saver when they increased the interest to 8%, but I was only 2 months in to the original reg saver so the loss of interest was negligible.

You need to do the maths.

veryintrigued

Vortigern wrote: »

I did it with a first direct regular saver when they increased the interest to 8%, but I was only 2 months in to the original reg saver so the loss of interest was negligible.

You need to do the maths.

Am in a better position than you - only one months deposit in it (but obviously only 6% RS now).

Appreciate the swift reply - ta

NottinghamRed

Hi there, is there anything stopping me from recycling the same £25 every month?

adindas

veryintrigued wrote: »

.......
Frustratingly though it appears that my RS will be stuck on the 4% for its remaining 11 months.

In my case I have also upgraded my current A/C to become advance A/C recently while I am already in the middle of one year of my RSA maturity. But I have got confirmation over the phone that my RSA will start earning 6% on the day my A/C was upgraded. Though It will not be applied retrospectively.

veryintrigued wrote: »

So here's the, slightly off thread, question - has anyone (or can anyone see any issues with) closing this 4% RS and then immediately applying for another RS (at 6%).

Seems they can be closed with the following conditions: If you close your account early, you'll receive interest at our Flexible Saver rate

"Partial withdrawals are not permitted. If you close your account early, you'll receive interest at our Flexible Saver rate"

The problem here if you have saved into your RSA for a few months by now. if you close it early you will only get the monthly interest 0.05%pm (e.g 0.6% pa) in stead of 4%. If you just started it this month you have very little to loose, just close and reopen a new one but different if you are already in the middle like me.

I think you will need to call them again and find out why your RSA will not start earning 6% on the day you upgrade your current A/C to become Advance A/C. People might help you if you write back what they say that.

veryintrigued

adindas wrote: »

In my case I have also upgraded my current A/C to become advance A/C recently while I am already in the middle of one year of my RSA maturity. But I have got confirmation over the phone that my RSA will start earning 6% on the day my A/C was upgraded. Though It will not be applied retrospectively.




"Partial withdrawals are not permitted. If you close your account early, you'll receive interest at our Flexible Saver rate"

The problem here if you have saved into your RSA for a few months by now. if you close it early you will only get the monthly interest 0.05%pm (e.g 0.6% pa) in stead of 4%. If you just started it this month you have very little to loose, just close and reopen a new one but different if you are already in the middle like me.

I think you will need to call them again and find out why your RSA will not start earning 6% on the day you upgrade your current A/C to become Advance A/C. People might help you if you write back what they say that.

Thanks for the reply.

Spoke to them today and they've upgraded me today to Advance rather than wait until April.

They've also closed my RS and returned the funds to my CA (no interest accrued as its not even been a month). They've advised me that I couldn't continue the RS and accrue the 6% rate but that. I should be able to apply tomorrow if the old CA disappers from my internet accounts.

They also (back on thread) were pushing this ISA hard.

Thanks for the responses.

Ifts

Received email from HSBC today about 'Your new Personal Banking Terms and Conditions and Charges' - which will be effective from 18 June 2015.

The summary for HSBC Advance Bank Account says:

We've added an alternative eligibility requirement. So instead of paying at least £1,750 into your account each month you can alternatively pay a minimum of £10,500 into your account every 6 months. Internal transfers from any other sole or joint personal accounts you hold with HSBC Bank won't count towards these amounts. HSBC Advance Bank Account applications are subject to status and internal checks.

norm_

Can I transfer this years ISA from Halifax (2014-2015) to HSBC and still take advantage of the offer? Whilst keeping my eligibility for the governments help to buy ISA (2015-2016)

Or is it too late?