HSBC Online Bonus Saver

gt94sss2

HSBC have withdrawn their HSBC Online Saver account- though existing customers will continue to get 6.25% AER.

Instead they have introduced a new account called HSBC Online Bonus Saver.

With this account, HSBC will pay 6% AER and in any month you make a withdrawal they will pay you a reduced rate of 3% (unlike the Online Saver account where you got no interest that month)

As such it seems to make sense for everyone who has a Flexible Saver account or a Premier Savings account to open a Online Bonus Saver account instead and use that. Then in any month where you make a withdrawal move the money back to the Flexible Saver account or Premier Savings account to maximise your interest.

Regards
Sunil

happyhunter

Better still, customers who already have an Online Save account can open the Online Bonus Saver as well. Which means if you need to make a withdrawal, do it on 1st of the month and transfer remaining balance to the other Online Saver without losing any interest. Similar to the way you can transfer from HSBC accounts to First Direct on the same day.

Secret_Wookie_2

happyhunter wrote: »

Better still, customers who already have an Online Save account can open the Online Bonus Saver as well. Which means if you need to make a withdrawal, do it on 1st of the month and transfer remaining balance to the other Online Saver without losing any interest. Similar to the way you can transfer from HSBC accounts to First Direct on the same day.

Good idea - no need to transfer money externally or in to a rubbish Flexible Saver any more.

caveman38

I have one and am pleased to hear that I shall continue to get 6.25% at least for now. How can I keep up to date with it's interest rate since it has now been withdrawn and not listed on HSBC site.
I was told by CS that I would have to ring up periodically to check. Is there an easier way?

YorkshireBoy

caveman38 wrote: »

I was told by CS that I would have to ring up periodically to check. Is there an easier way?

http://www.hsbc.co.uk/1/2/interest-rates/savings-investments;jsessionid=0000wmnnB-2aS7QihP9-JN8Kbo4:12c58sh8k

Secret_Wookie_2

With Online Saver you always get an email informing you when the rate changes. Highly likely they will cut the rate at some point now that it is offsale.

Jonbvn

caveman38 wrote: »

I was told by CS that I would have to ring up periodically to check. Is there an easier way?

Try this link.

http://www.hsbc.co.uk/1/2/personal/savings;jsessionid=0000JLcHp-UYmGHSiGn2jRerh5j:11j77hvaa

Check under interest rates (opens in new window) and products no longer sold.

capstain411

How many times in a month can you withdraw from Online bonus saver and still get the lower interest rate.

I have online bonus and online saver with HSBC. I want to transfer half of my net salary into online saver and half into online bonus saver. And as and when i need money, I want to transfer from online bonus saver ( roughly around 15 withdrawals).

Steve_xx

capstain411 wrote: »

How many times in a month can you withdraw from Online bonus saver and still get the lower interest rate.

I have online bonus and online saver with HSBC. I want to transfer half of my net salary into online saver and half into online bonus saver. And as and when i need money, I want to transfer from online bonus saver ( roughly around 15 withdrawals).

You can make as many withdrawals as you wish and still get the lower rate.

McSaver

capstain411 wrote: »

How many times in a month can you withdraw from Online bonus saver and still get the lower interest rate.

I have online bonus and online saver with HSBC. I want to transfer half of my net salary into online saver and half into online bonus saver. And as and when i need money, I want to transfer from online bonus saver ( roughly around 15 withdrawals).

You can make as many withdrawls as you want from your HSBC bonus saver in a month and still recieve the lower amount of interest which is a poor 2.75%. Get yourself an Icesave account 6.3% with no penalties for withdrawing any cash.

capstain411

McSaver wrote: »

You can make as many withdrawls as you want from your HSBC bonus saver in a month and still recieve the lower amount of interest which is a poor 2.75%. Get yourself an Icesave account 6.3% with no penalties for withdrawing any cash.

Thanks for your reply. I did think about Hisave and Icesave. But do you think I will be having instant access to my money? Will Icesave issue me a atm card? and moreover transfer to nominated bank account will take around 3 days I would assume.