HSBC online saver: close or keep with £1?

pepsi_max2k

Hi, I've just opened a HSBC online saver account but have decided I'd be better off with an ISA (BMW's) and a seperate savings account (sainsbury's internet one). Would there be any point in me keeping the HSBC one open at all, and just leaving £1 or so in there in case I wanted to use it in future, or would it be better to close it altogether as I'm still within the 14 days get-out-of-contract limit (not that there seems to be any downside to keeping it open)? I guess it mainly comes down to whether there's anything weird in the contract that I haven't spotted yet Thanks.

efunc

I have this account and it's not bad at 6.25% apr but the loss of a month's interest if you withdraw funds is a disadvantage. I only pay into it (£1000 a month) so it's not been an issue yet. However I also have a usless 5.5% HSBC ISA and I agree that the BMW offer looks excellent. just a shame I can't transfer the HSBC one to it. I don't see any particular reason to close your online saver account since there are no charges. what you might want to do however is look at HSBC's Regular Saver which offers about 8% I think and lasts a max 12 months. After that term your funds would have to transfer to another account - which in your case could be the Online Saver! I do this myself and put the maximum £250 into Regular Saver every month until maturity when it'll default to my Online Saver. Otherwise you're wise to grab the BMW ISA.

PBA

Close it. HSBC have done occasional offers in the past of free cash/vouchers when you open a new account. You wouldn't be able to go for this offer if you're an existing HSBC customer at the time. As you have no need for the account at the moment, close it and then open another one next time they have an offer on.