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HSBC Online Bonus Saver - increased from 3% to 3.25% on first £10,000

https://www.hsbc.co.uk/savings/products/online-bonus-saver/

happybagger

dcs34 said:

Newbury Existing Member ... if I've paid £4000 in this year, and then I withdraw £2000 at the start of 2023/24. Can I return the £2000 and pay an additional £4000 for that year (taking the total to £8000), or am I limited to to paying in £4000 only (taking the total to £6000)?

You can't pay back in the amount withdrawn AND deposit another 4k in the same year (which is aligned with the tax year)

If you put 4k in on 6 April 2023 for example, you can't deposit any more until 6 April 2024, even if you have withdrawn.

pecunianonolet

mebu60 said:

pecunianonolet said:

2010 said:

muffinhead said:

2010 said:

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

What happens to the interest from the old account in this instance?

Whenever you close any account the interest is paid along with the capital.

Same here, got 0.01 in interest transferred over to issue 12. However, on Cynergy it never gets transferred for me, only added to the expected interest forecast you can see. 

Be sure to select 'transfer and close' from the picking list on Cynergy. You have to scroll down, it is not visible initially. 

Yes, I used this option twice this year and have only £1 in there due to the annual interest payment and to max out my £500 PSA this year with monthly payments. At the first closure it showed me that so far I earned £0.01 in interest. After I selected transfer and close only the £1 balance was moved and the 0.01 showed up again. Today the same, £1 was moved and forecasted interest was shown as £0.03. Seems to me the balance remains unchainged but the interest earned with previous accounts is just moved but not paid yet and I will only be able to access is whrn I definetly close or at maturity.

BestSeagull

pecunianonolet said:

mebu60 said:

pecunianonolet said:

2010 said:

muffinhead said:

2010 said:

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

What happens to the interest from the old account in this instance?

Whenever you close any account the interest is paid along with the capital.

Same here, got 0.01 in interest transferred over to issue 12. However, on Cynergy it never gets transferred for me, only added to the expected interest forecast you can see. 

Be sure to select 'transfer and close' from the picking list on Cynergy. You have to scroll down, it is not visible initially. 

Yes, I used this option twice this year and have only £1 in there due to the annual interest payment and to max out my £500 PSA this year with monthly payments. At the first closure it showed me that so far I earned £0.01 in interest. After I selected transfer and close only the £1 balance was moved and the 0.01 showed up again. Today the same, £1 was moved and forecasted interest was shown as £0.03. Seems to me the balance remains unchainged but the interest earned with previous accounts is just moved but not paid yet and I will only be able to access is whrn I definetly close or at maturity.

When you do select transfer and close, any interest due is transferred to the newly opened account along with the original deposit. You can see how much the interest is going to be before you make the transfer to the new account.
Once the new account is opened (which happened right away for me) you can then withdraw the interest if you want to.

SirHugo

Just opened a Chip Instant Savings account - all seemed to go smoothly. I linked a new Halifax Reward account which I opened Monday and made a deposit using the debit card that I received today.

Happy to report though that contrary to the reports I'd read the autosave feature wasn't automatically activated  

allegro120

SirHugo said:

Just opened a Chip Instant Savings account - all seemed to go smoothly. I linked a new Halifax Reward account which I opened Monday and made a deposit using the debit card that I received today.

Happy to report though that contrary to the reports I'd read the autosave feature wasn't automatically activated  

Perhaps they have identified "autosave by default" as one of the features that put new customers off?  Offering a leading IA rate they are dealing with different type of customers from what they used to have before.

Band7

SirHugo said:

Just opened a Chip Instant Savings account - all seemed to go smoothly. I linked a new Halifax Reward account which I opened Monday and made a deposit using the debit card that I received today.

Happy to report though that contrary to the reports I'd read the autosave feature wasn't automatically activated  

@SirHugo: whilst the debit card deposit facility might come in handy, are you aware that clearing of such deposits takes 3 working days, you won't get interest until the deposit is cleared, and your deposit is not FSCS protected until cleared? The  NS&I Direct Saver is safer for those debit card deposits and probably a better choice overall for them.

SirHugo

Band7 said:

@SirHugo: whilst the debit card deposit facility might come in handy, are you aware that clearing of such deposits takes 3 working days, you won't get interest until the deposit is cleared, and your deposit is not FSCS protected until cleared? The  NS&I Direct Saver is safer for those debit card deposits and probably a better choice overall for them.

Hi @Band7. I appreciate your concern, but yes, I am aware of all the things you mentioned about the debit card deposits with Chip. However I did only deposit £500 - and this was purely done to satisfy the conditions of my newly opened Halifax Reward account to enable me to receive my monthly reward. Any further deposits will be by direct transfer from my linked current account. I did look at the NS&I account and the Family BS 3.2% Saver (before it was pulled) but decided to open the Skipton tracker as well as Chip for Debit card deposits. (I planned to open the Chip Instant Savings anyway irrespective of the Debit card payment facility).

I'm not too bothered about losing 3 days interest on my £500 - I've been losing far more on the £5k I've been tied in to keeping in my original Rewards account this last year. Luckily I'll be able to change that next month.

pecunianonolet

BestSeagull said:

pecunianonolet said:

mebu60 said:

pecunianonolet said:

2010 said:

muffinhead said:

2010 said:

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

What happens to the interest from the old account in this instance?

Whenever you close any account the interest is paid along with the capital.

Same here, got 0.01 in interest transferred over to issue 12. However, on Cynergy it never gets transferred for me, only added to the expected interest forecast you can see. 

Be sure to select 'transfer and close' from the picking list on Cynergy. You have to scroll down, it is not visible initially. 

Yes, I used this option twice this year and have only £1 in there due to the annual interest payment and to max out my £500 PSA this year with monthly payments. At the first closure it showed me that so far I earned £0.01 in interest. After I selected transfer and close only the £1 balance was moved and the 0.01 showed up again. Today the same, £1 was moved and forecasted interest was shown as £0.03. Seems to me the balance remains unchainged but the interest earned with previous accounts is just moved but not paid yet and I will only be able to access is whrn I definetly close or at maturity.

When you do select transfer and close, any interest due is transferred to the newly opened account along with the original deposit. You can see how much the interest is going to be before you make the transfer to the new account.
Once the new account is opened (which happened right away for me) you can then withdraw the interest if you want to.

I wish it would be like that but it isn't. Old account was £1 and new account also has only a balance of £1

OceanSound

Swipe said:

HSBC Online Bonus Saver - increased from 3% to 3.25% on first £10,000

https://www.hsbc.co.uk/savings/products/online-bonus-saver/

I've had this account for a few months. On the link above we can see withdrawals are somewhat discouraged due to interest in the month of withdrawal reduced (due to the withdrawal): 

"Can I withdraw money?

Yes, you have instant access to your account. However if you do make a withdrawal, you’ll receive the standard rate of interest (currently 1.20% AER/ 1.19% gross) for that month."  **

Did attempt to make a withdrawal once and out popped a warning mentioning the reduced interest in that month. So didn't go ahead with it. 

Good that they at least warn us. 

Anyway, I'm using this account pretty much as a fixed deposit account with  £1000 in it (interest added monthly).

** - the quote feature on this MSE website is playing up. I tried using it but it dosen't work (both on Android device and on my Laptop), so I'm using the quotation marks instead.