HSBC Savings Account

Sammie_

I bank with HSBC so can open a savings account with them at 3% interest.  Will it be OK to switch and ditch the current account or will I have to take my savings account out?

MX5huggy

Open their bog standard rubbish savings account as well so you remain a customer (not sure it’s strictly necessary but no harm). 

Sad_Dad

Anyone know if you can transfer money out of the Bonus Saver without a HSBC current account. When I tried to add a payee to the Bonus Saver I got a message saying the account is not eligible to add payees.  

Wheres_My_Cashback

No, internal W/D only.

Band7

You need an HSBC current account to get money out of [HSBC from] their savings accounts

Also, their 3% comes with a huge bear trap - the interest rate plummets if you make any withdrawal in any month. Make sure you are happy with their terms.

phillw

I'd open another HSBC current account before the switch

Sad_Dad

Thanks for the replies. Makes sense for myself and OP to open a new current account now.

Doshwaster

Band7 said:

You need an HSBC current account to get money out of [HSBC from] their savings accounts

Also, their 3% comes with a huge bear trap - the interest rate plummets if you make any withdrawal in any month. Make sure you are happy with their terms.

Plus the 3% is up to £10,000 only and drops over that.