HSBC Advance Save Together

KTF

Just to check, there is no monthly fee for the advance account. You just have to transfer in £1750 a month?

No details of this on their site yet.

Archi_Bald

KTF wrote: »

Just to check, there is no monthly fee for the advance account. You just have to transfer in £1750 a month?

Correct.

Advance account also gives you access to their 6% Regular Saver (max £250/mth).

MrsWenger

I got an email late afternoon and i don't have a HSBC ISA product so i guess it is being sent out in no partucular order of existing products.

Given it starts on 1st March, and can be a lump sum, does section 11 of the terms and conditions mean it counts as 2014/15 ISA money and 2015/16 can be used elsewhere if you choose to do so?
It says -
11. The additional interest payments made by us are not ISA subscriptions and do not count towards your annual ISA subscription limit.

MARTYM8`

MrsWenger wrote: »

I got an email late afternoon and i don't have a HSBC ISA product so i guess it is being sent out in no partucular order of existing products.

Given it starts on 1st March, and can be a lump sum, does section 11 of the terms and conditions mean it counts as 2014/15 ISA money and 2015/16 can be used elsewhere if you choose to do so?
It says -
11. The additional interest payments made by us are not ISA subscriptions and do not count towards your annual ISA subscription limit.

If you invest new funds it will by definition be a 2014-15 ISA - and you can only hold one of these. However the offer also includes transfers (full or partial). So in theory you could transfer in only £300 from another cash isa you have from previous tax years and get 1.5% interest plus potentially £120 on top of that over 12 months. That's an effective interest rate of over 40% - assuming they keep the offer going for the full 12 months!

karie

Hi all

Sorry I always find ISAs a bit confusing so bear with me if these are stupid questions!

I have already put some funds into a regular saver ISA with nationwide for the 2014/15 year.

To take advantage of the HSBC offer would it be worthwhile transferring in a previous years ISA, eg 2013/14 year, after 1 March?
Or waiting until April and just use it for 2015/16 allowance?

Thanks a lot

colsten

karie wrote: »

Hi all

Sorry I always find ISAs a bit confusing so bear with me if these are stupid questions!

I have already put some funds into a regular saver ISA with nationwide for the 2014/15 year.

To take advantage of the HSBC offer would it be worthwhile transferring in a previous years ISA, eg 2013/14 year, after 1 March?
Or waiting until April and just use it for 2015/16 allowance?

Thanks a lot

The offer depends on you making deposits into the HSBC ISA. As you have already made deposits into the Nationwide ISA in 2014-15, you will

• either have to wait until at least April 6 2015 before you can make deposits into an HSBC ISA,
  
  
• or have to ask HSBC to transfer your Nationwide ISA and start paying into the transferred ISA

MARTYM8`

colsten wrote: »

The offer depends on you making deposits into the HSBC ISA. As you have already made deposits into the Nationwide ISA in 2014-15, you will

• either have to wait until at least April 6 2015 before you can make deposits into an HSBC ISA,
  
  
• or have to ask HSBC to transfer your Nationwide ISA and start paying into the transferred ISA

But transfers in are permitted - and it says nothing about them having to relate to your 2014-15 ISA. So on the basis of the terms you could transfer £300 (or however much you want) from a previous years ISA.

"Single payments and lump sum payments can include transfers from another ISA "

enomis

I currently have HSBC advace and the loyality Cash ISA. As I haven't used up all of my ISA limit for 2014/2015, if I was to withdraw £300 from it on 28th Feb and deposit £300 on 1st of March do you think that would count as the £300 lump sum and secure me the offer...?

Alisha2008

Does anyone know what qualifies as a loyalty ISA? I have an E-ISA with them which I opened about 7 years ago, and was about to switch accounts because of the poor interest, but this offer changes everything...

KTF

Alisha2008 wrote: »

Does anyone know what qualifies as a loyalty ISA? I have an E-ISA with them which I opened about 7 years ago, and was about to switch accounts because of the poor interest, but this offer changes everything...

I imagine you have to open one of these: http://www.hsbc.co.uk/1/2/savings-accounts/cash-isa/details