HSBC has upped the rate of its Online Bonus easy-access savings account to 3%, beating the top market rates. You'll need to have (or get) an HSBC current or savings account to get it, however, and the rate is significantly dented if you withdraw money. Here’s how it compares.
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HSBC current account customer? You can now get 3% ‘easy-access’ on your savings
in Savings & investments
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MSE_Ben_T MSE StaffMSE Staff
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Looks like I will have to open a new HSBC current account.
And if that was not bad enough I have just got an email from HSBC saying my new Online Bonus Saver is open and is paying 1.30% AER include a bonus of 1.10% AER.
HSBC appear to be in a bit of a mess.
If you put £10000 in there you basically get around 2.97% apr as the interest only compounds at the 0.75% you get on balances > £10000 (which is why they say up to 3% apr).
I haven't opened one because I need to check whether you can withdraw all the money on the 1st of the month to avoid any penalties. If a withdrawal always costs you a months interest at the higher rate no matter when you withdraw it, then I don't think it's worth moving money out of al rayan/santander esaver. Especially as they can drop the rate.
It kinda ends up working like a notice account, because you have to wait an average of 15 days to avoid a penalty.
However, nowhere else is offering 3% with instant access on a £10,000 lump sum, this currently makes it the best place to park an emergency fund.