HSBC's New £120 Switch Offer

colsten

Dird wrote: »

My ISA switch just became more painful :F Lloyds have said they won't pay any interest up to now as it's paid annually. As it stands that's £74~ down the drain

How did you manage to lose £74? What exactly did you do, i.e. what ISA do/did you have at Lloyds (link to T&Cs would be helpful), how much of it did you transfer to HSBC, how was the transfer made?

It's also useful to stick with the right terminology: there's no such thing as an "ISA switch". If you ask another provider to move some or all of the funds from another ISA, that's an "ISA transfer".

Dird

colsten wrote: »

How did you manage to lose £74? What exactly did you do, i.e. what ISA do/did you have at Lloyds (link to T&Cs would be helpful), how much of it did you transfer to HSBC, how was the transfer made?

I've not done it yet. The woman said she'll send the transfer forms should arrive in the next couple days.

£74 is accrued interest in this tax year. T&Cs: http://www.lloydsbank.com/assets/media/pdfs/savings/instant_cash_isa_conditions.pdf
Interest is paid in April, the guy on the phone said it wouldn't be paid pro-rata but he sounded foreign & may not have totally understood my question fully.
I assume that when you do an ISA transfer the previous account is closed like with current accounts? If not then I should still get the interest next April by re-directing the interest payment to HSBC

colsten

It sounds as if you have a Cash ISA Saver that pays you the princely sum of 0.8% AER. If so, you should most definitely get that ISA transferred asap, or may be even move all bar £300 of your money to current accounts, or - if you are into it for the longer term - an S&S ISA. Why do you have a cash ISA? Outside the HSBC deal, there's presently little point for most people to keep more than £300 in a cash ISA.

Whatever you end up doing, the person at Lloyds who told you that you wouldn't get interest if you transferred now was totally wrong, or you totally misunderstood them. The Lloyds ISA T&Cs are wooly about it but you can be certain that you will receive interest up to the day of transferring your ISA, and you will get it as part of the transfer if you transfer out the entire balance. Interest is always calculated on a daily basis, and you do not lose a penny on an instant access account if you close or transfer the account before the regular interest payment date.

In no case have you lost £74.

Dird

The only reason the ISA is so high is because I only discovered this site after they offered to upgrade my current account (which lead to me comparing current accounts etc). Most my savings will be wiped once the mortgage has been approved so no need for a S&S ISA any time soon.

Do you know if the previous ISA gets closed? I'll only be transferring £300 so it will be easy to see if they include the interest with it.

That 0.8% must be a new customers deal. Mine says 0.55% :f

colsten

Are you serious? You would leave money in a 0.55% account? Why? Even one of the miserable standard savings accounts would pay you over double that.

dazbrad

Applied initally over a week ago. No response. No email confirmation.

Just a confirmation screen with a green tick. Should here in 7 working days.

Rang up tonight. No record of my application. Advised to try again and ring back in 20 minutes or so to check its gone through.
Got the confirmation screen again. Green tick. No email.

Rang back spoke to someone else. No record of my application. But could i ring back in 24 hours?

Has anyone successfully applied and got this account?

Don't think i'll bother again......

Dird

colsten wrote: »

Are you serious? You would leave money in a 0.55% account? Why? Even one of the miserable standard savings accounts would pay you over double that.

As said I only started to read about current accounts etc recently. Before that my view was:
- Keep as little in CA in case someone gets the details (clone/Amazon theft etc)
- Fill ISA then go to eSaver after (to keep it out of CA)

Pre-merger I was with TSB. Since then I've been with Lloyds & will keep my main account there for simplicity & the fact I can say oldest account = 8 years old

colsten

You could do (and it sounds as if you are doing) worse than following the MSE savings fountain. Not sure where your fears about "clone/Amazon theft etc" come from - - any account is safe as long as you keep it safe.

Dird

colsten wrote: »

You could do (and it sounds as if you are doing) worse than following the MSE savings fountain.

I am. I switched an account to TSB Today & filled that with (almost) £2k. Club Lloyds is above the threshold. Currently in the process of opening accounts to HSBC, M&S, Halifax, Nationwide & Co-op.

colsten wrote: »

Not sure where your fears about "clone/Amazon theft etc" come from - - any account is safe as long as you keep it safe.

At uni I worked part time at Primark. One of the days police came in for a colleague who apparently had been card skimming. I wouldn't know what this looks like compared to normally taking payments. Although someone on here posted about being a victim of it & said the bank refunded the losses.

colsten

Dird wrote: »

At uni I worked part time at Primark. One of the days police came in for a colleague who apparently had been card skimming. I wouldn't know what this looks like compared to normally taking payments. Although someone on here posted about being a victim of it & said the bank refunded the losses.

If you keep your savings in a current account, you don't have to take the debit card for that account with you when you leave the house. Keep your unused cards in a safe, or cut them up (although some accounts need you to use the card in a card reader at times). My 20-odd debit cards all bar one live in a safe 99.99% of the time.