Is HSBC about to slash its regular saver to 1%? Fears sparked after customers sent wrong emails

Former_MSE_Naomi

HSBC has raised fresh fears that it could be about to slash the interest rate on its regular savings account after accidentally sending emails to customers showing a reduced rate of just 1%, MoneySavingExpert.com can reveal...

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'Is HSBC about to slash its regular saver to 1%? Fears sparked after customers sent wrong welcome packs'

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Thrugelmir

Fears?  Wouldn't be a great surprise. 

stephenadarglas

Another overhyped piece of financial journalism

ZeroSum

M&S scrapped theirs so the expectation that HSBC & fd would follow 

sschandoo

Former_MSE_Naomi said:

HSBC has raised fresh fears that it could be about to slash the interest rate on its regular savings account after accidentally sending emails to customers showing a reduced rate of just 1%, MoneySavingExpert.com can reveal...

Read the full story:

'Is HSBC about to slash its regular saver to 1%? Fears sparked after customers sent wrong welcome packs'

Click reply below to discuss. If you haven’t already, join the forum to reply.

My regular saver account with hsbc commenced in Sept 2020. I was under the impression the interest rate was 2.75% and was therefore expecting £82 or so being paid to me in September this year, when the account matured. Instead i've been given half of that only. Do i have any recourse here?

ColdIron

No. You have calculated that you would receive 2.75% on the whole £3,000 balance. But you drip fed £250 per month so only had the full balance in the final month. Your average balance throughout the year was about half that so the interest would be about half that as well

No one will pay you interest on money that has not been, and may never be, deposited. Don't forget that the cash that you hadn't deposited yet would be earning interest elsewhere

You are not the first, and won't be the last, to misunderstand the terms of regular savings accounts