HSBC Loyalty ISA rate error on recently upgraded HSBC Advance

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
16 replies 3.1K views
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Replies

  • SimonM_2SimonM_2 Forumite
    114 Posts
    colsten wrote: »
    you most certainly have the right to get all the interest due on your ISA paid into your ISA account.

    Thank you, that's certainly what I'm going to expect HSBC to do, and what I expected on account opening.
  • SimonM_2SimonM_2 Forumite
    114 Posts
    masonic wrote: »
    I also applied for a regular saver on the same day I applied for the ISA and the regular saver application failed. Three days later I applied again and the account opened fine.

    Interestingly I applied for a regular saver the same day as my ISA too, after the ISA application, and it took over a week to be processed despite the website saying it'd be open within 2 working days. Only just had the paperwork through for that today, 16 days after applying online.
  • SimonM_2SimonM_2 Forumite
    114 Posts
    HSBC say they've now fixed this for me, and I've also now had my first monthly Save Together payment go in (a few days ago) from my initial April payment, and a confirmation letter arrive (which I was told they don't send out...)

    However today I've also had notification about the Loyalty Rate being reduced from July. I'm not at all impressed with their switching me to a higher account with a higher rate (yes I know it's variable) and then the next month telling me the 12 month Loyalty Rate is dropping, especially after all the faff I had to go through when they messed up the opening of the account.
  • redmalcredmalc Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    I am sorry but these things happen when you chase the higher rates,stick to a lower fixed rate,works out better in the long run.
    I had a meeting with HSBC Premier manager last week and they tried to sell me this product because i withdrew £140K in two cash Isa,late last year and fixed at 1.4%
  • PincherPincher
    6.6K Posts
    ✭✭✭✭
    Just got a letter.


    With effect from 29th July 2015.




    HSBC Premier Loyalty Cash ISA 1.60% AER down to 1.50% AER


    HSBC Advance Loyalty Cash ISA 1.50% AER down to 1.40% AER


    Other HSBC Loyalty Cash ISA 1.40% AER down to 1.30% AER


    I'm going to start transferring some into a S&S ISA, and hope to get some decent dividends.


    I was really looking forward to having £40k earning 2.0% in a First Direct Cash ISA, last year, but the slide continues.
    It's like Noah's Ark time. The HSBC Loyalty Cash ISA was the last place to keep your cash, and now that is sinking into the sea as well.
  • Pincher wrote: »
    Just got a letter.


    With effect from 29th July 2015.




    HSBC Premier Loyalty Cash ISA 1.60% AER down to 1.50% AER


    HSBC Advance Loyalty Cash ISA 1.50% AER down to 1.40% AER


    Other HSBC Loyalty Cash ISA 1.40% AER down to 1.30% AER


    I'm going to start transferring some into a S&S ISA, and hope to get some decent dividends.


    I was really looking forward to having £40k earning 2.0% in a First Direct Cash ISA, last year, but the slide continues.
    It's like Noah's Ark time. The HSBC Loyalty Cash ISA was the last place to keep your cash, and now that is sinking into the sea as well.



    I have the same letter today. Loyalty my !!!!!


    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £68285
    Daily interest £4.28
    2017
    MFW #14 £3746.90/£10,000
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