HSBC Online Saver?

JackRS

Can anyone advise on the HSBC Online Saver? It seems the same rate (6.25%) as Sainsbury's Internet Saver. I'm looking to earn interest on around £6000 for one year and want an account I can manage online. I know the Sainsbury's one is recommended on here but not sure what the advantages are over HSBC?

I will also have mini cash ISA's to the maximum for the year.

influence

First thing to note that any withdrawal from the online account at HSBC will have no interest on the entire month regardless of how much remaining in the account.

I don't think there is such a thing in sainsbury's.

efunc

it's 6.08% gross i think which was pretty competitive a few months ago when i opened the account. I got it for convenience as I already have an HSBC current account, regular saver, isa and business account all of which I can manage online. (I don't recommend the isa btw which is only 5.5%). I dump £1000 a month into the Online Saver and just leave it to do it's thing. can't say there's anything to like or dislike about it particularly. If I was needing to dip into the fund occassionally I might get a bit annoyed about losing a month's interest. that's about it.

Froglet

Yes,like efunc says, it is a good account for instant transfer of cash but it does need to be a one way thing unless you intend drawing out all the money at the beginning of a month to either use or put the balance of what you don't use into another good rate account.If you are a member of HSBC then i would say it is worth it,easy to set up and use online etc.Otherwise there is no time saving over any other.Haven't used Sainsburys so don't know how efficient they are.Being over 50 :huh: i can use the Northern Rock's excellent account at 6.30% for in and out money.