We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
HSBC wrongly calculated AER - Online Bonus Saver
Secret_Wookie_2
Posts: 54 Forumite
Looks like HSBC have calcuated their AER wrong on this product.
If the combined gross rate is 5.92 the AER should be 6.08% not 6% and the net 4.74%.
Kinda ruins their 3% and 6% symmetry.
If the combined gross rate is 5.92 the AER should be 6.08% not 6% and the net 4.74%.
Kinda ruins their 3% and 6% symmetry.
0
Comments
-
Secret_Wookie_2 wrote: »Looks like HSBC have calcuated their AER wrong on this product.
If the combined gross rate is 5.92 the AER should be 6.08% not 6% and the net 4.74%.
Kinda ruins their 3% and 6% symmetry.
You are quite right when you use the combined 3% plus 3% bonus the aer would be 6.08%.
What HSBC have done is added the 2.96% gross to the 2.96% bonus to get the 5.92% (2.96*2=5.92). For the 6% they have added the two 3% (rate plus bonus). The calculation 2.96% and 3% for gross and aer are correct, the mistake is made in doubling this.Change is here to stay0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards