HSBC Online Bonus Savings Account

nedwilsher

HSBC has launched its Online Bonus Savings [Easy Access] Account with 3% AER. However. you only get 0.5% in any month you make a withdrawal. Has anyone any expereince with this account? It seems to me that if I save £10k at 3% and withdraw £9,990 on the 1st of a month then I will still get the full 3% on the bulk of my savings for the preevious month and will only suffer the poultry 0.5% therafter on the small £10 balance. Does that sound correct?

wiseonesomeofthetime

That  is correct.

adindas

nedwilsher said:

HSBC has launched its Online Bonus Savings [Easy Access] Account with 3% AER. However. you only get 0.5% in any month you make a withdrawal. Has anyone any expereince with this account? It seems to me that if I save £10k at 3% and withdraw £9,990 on the 1st of a month then I will still get the full 3% on the bulk of my savings for the preevious month and will only suffer the poultry 0.5% therafter on the small £10 balance. Does that sound correct?

Yes this account is actually good to be used for 1 month fixed rate savings but the maximum amount you could put of £10k make it less attractive, if you still need to apply, considering the other alternative is 2.81% and less hassles as it is truly easy access. Also you will need to have the right timing for replenishing the account and take out. With the maximum of £10k the difference is tiny for only one month.

What you will need to be aware off transferring money £9,990 if this is the first time could lead to delay in transfer. It does not normally happen for less than £10,000  but could happen.

Good if you use account on your the payee list that you  have used multiple times in the past.

RG2015

I have just received an email from HSBC confirming my new Online Bonus Saver account paying 1.30% AER including a bonus of 1.10% if I don't make any withdrawals during the month.

Fortunately my HSBC app shows the rate as 2.99% AER. Even this is wrong as it should be 3.00% AER or 2.96% gross as per their webpage.

eskbanker

nedwilsher said:

...will only suffer the poultry 0.5% therafter on the small £10 balance...

Yes, 0.5% sounds like chicken feed to me....

ForumUser7

RG2015 said:

I have just received an email from HSBC confirming my new Online Bonus Saver account paying 1.30% AER including a bonus of 1.10% if I don't make any withdrawals during the month.

Fortunately my HSBC app shows the rate as 2.99% AER. Even this is wrong as it should be 3.00% AER or 2.96% gross as per their webpage.

That’s interesting, I have an account with them showing 3.51% in the app when it is supposed to be 3.50%. HSBC does frequently get themselves in a mess (from my experience at least).

skitskut

My HSBC OBS also shows 2.99%. My FD reg saver shows 3.60%!

nedwilsher

Thanks everyone for feedback. More about this account at:

https://www.moneysavingexpert.com/news/2022/10/hsbc-online-bonus-saver/

markja_2

I too have opened this account. It shows 3.00% in the App. But in the "welcome" email it states 1.30% (incl Bonus).