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The Top Easy Access Savings Discussion Area
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Keep seeing Martin pushing the HSBC easy access bonus saver .. reading t&cs the interest drops to 0.5% in any month that the holder makes a withdrawal .. is that really easy access ?
why is ML pushing it so much ?1 -
No, it’s not really easy access at 3.0%; it can be once every 2 months access at that rate if you make a withdrawal no earlier than the 1st day of the month following a month with no withdrawals. It is true easy access if you are willing to accept a 0.5% interest rate more often than not.milton1970 said:Keep seeing Martin pushing the HSBC easy access bonus saver .. reading t&cs the interest drops to 0.5% in any month that the holder makes a withdrawal .. is that really easy access ?
why is ML pushing it so much ?
I personally didn’t know he was but, if so, it could only be because this account is with a very big bank indeed which many people will already know quite well and may already have (an) account(s) with. There are still an awful lot of people out there who, sadly, only trust very well known, big banks and building societies with any of their money and clearly this includes all of their savings deposits.0 -
Because it pays 3% and you can access your money when needed...milton1970 said:Keep seeing Martin pushing the HSBC easy access bonus saver .. reading t&cs the interest drops to 0.5% in any month that the holder makes a withdrawal .. is that really easy access ?
why is ML pushing it so much ?2 -
If you access your money it doesn’t …StevenGude said:Because it pays 3% and you can access your money when needed...2 -
It does, every full month you leave it untouched. If you need to make a withdrawal do the full balance on the 1st of the month only and if you want to use it again only do so from the 1st of the following month.milton1970 said:
If you access your money it doesn’t …StevenGude said:Because it pays 3% and you can access your money when needed...2 -
Do HSBC allow opening of 2 of these accounts? Just an idea, but could be a way to keep earning 3% with the ability to withdraw what you need once a month on the 1st of the month (immediately emptying the rest of the 1st account to the 2nd account, and vice versa next month).1
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What do the T&Cs say?intalex said:Do HSBC allow opening of 2 of these accounts? Just an idea, but could be a way to keep earning 3% with the ability to withdraw what you need once a month on the 1st of the month (immediately emptying the rest of the 1st account to the 2nd account, and vice versa next month).
"If you already have an Online Bonus Saver, you can’t apply for another."3 -
Anybody without an ISA or full yearly allowance in their ISA should surely look at the Virgin EA ISA rather than the HSBC account. It pays the same rate and is a true EA account without any penalties. Obviously you can only save 20k a yeat but still.3
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Just put the money you might not need access to in it, and the rest in another accountStevenGude said:
Because it pays 3% and you can access your money when needed...milton1970 said:Keep seeing Martin pushing the HSBC easy access bonus saver .. reading t&cs the interest drops to 0.5% in any month that the holder makes a withdrawal .. is that really easy access ?
why is ML pushing it so much ?
It's a nice compromise between not locking away in a fix but earning a little more interest2 -
Skipton Building Society are increasing rates from Monday 14th, e.g. Cash eISA Saver currently 2.1% will be 2.75%, and Easy Access Saver currently 1.9% will be 2.65%.
https://www.skipton.co.uk/-/media/skipton-co-uk/pdf/savings/Changes-to-Variable-Accounts.ashx
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