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HSBC Online Bonus Savings Account
nedwilsher
Posts: 30 Forumite
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?
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That is correct.0
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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.0
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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.1 -
Yes, 0.5% sounds like chicken feed to me....nedwilsher said:...will only suffer the poultry 0.5% therafter on the small £10 balance...
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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).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.If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
My HSBC OBS also shows 2.99%. My FD reg saver shows 3.60%!1
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Thanks everyone for feedback. More about this account at:
https://www.moneysavingexpert.com/news/2022/10/hsbc-online-bonus-saver/
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I too have opened this account. It shows 3.00% in the App. But in the "welcome" email it states 1.30% (incl Bonus).
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