New santander savings account paying £10 pm plus interest??

SG27

I'm a little sceptical that I have been given incorrect information here but does any have any information.

A friend told me today that a friend of his has just opened a santander acount on the advice of his mother who works for santander. Apparently said account pays £10 per month if the minimum deposit is met. the amount of which my friend wasn't sure of. But a years worth could be paid 'upfront' to satisfy the requirements for the year. In addition to this the account also pays interest on the balance. My friend did not know what rate. My immediate response was that this was a santander 123 account and that he was earning cash back. My friend assures me it is not and that it is a new savings account from santander.

Now neither my friend or his friend are very financially savvy so some or all of the above information may be partly or entirely wrong. But it sounded so good that it warranted further investigation. I can't see anything on santander website. Any got any info?

ceredigion

HSBC advance, isa :cool:

ffacoffipawb

SG27 wrote: »

I'm a little sceptical that I have been given incorrect information here but does any have any information.

A friend told me today that a friend of his has just opened a santander acount on the advice of his mother who works for santander. Apparently said account pays £10 per month if the minimum deposit is met. the amount of which my friend wasn't sure of. But a years worth could be paid 'upfront' to satisfy the requirements for the year. In addition to this the account also pays interest on the balance. My friend did not know what rate. My immediate response was that this was a santander 123 account and that he was earning cash back. My friend assures me it is not and that it is a new savings account from santander.

Now neither my friend or his friend are very financially savvy so some or all of the above information may be partly or entirely wrong. But it sounded so good that it warranted further investigation. I can't see anything on santander website. Any got any info?

Sounds like the £10 a month bonus interest that HSBC pays on one of their cash ISAs, subject to eligibility conditions. HSBC Premier customers only I believe.

SG27

HSBC is rewarding its current account customers with a monthly bonus of £10 if they also take out its cash Isa, which pays 1.5pc

HSBC is offering its current account customers the chance to earn extra interest on money they tuck away in a cash Isa.

"Advance" bank account customers can get a rate of 1.5pc when they open a "Loyalty Cash Isa", plus an extra £10 every month for the first 12 months, if they pay at least £25 into the Isa each month.

Customers who would prefer to deposit a lump sum into the Isa can do so, and will still receive the £10 bonus each month so long as they maintain a balance of at least £300 over the 12 month term.

The £10 monthly payments will not contribute towards the customer's annual Isa allowance. Previous years' Isas are accepted.

That's sounds exactly it! Thanks guys. it's HSBC not santander.

badger09

ffacoffipawb wrote: »

Sounds like the £10 a month bonus interest that HSBC pays on one of their cash ISAs, subject to eligibility conditions. HSBC Premier customers only I believe.

No - it applies to HSBC Advance account holders

Turtle

Actually it's Advance only, not Premier.