HSBC online bonus saver rate

AuntSal

I’m wondering if I’m the only one and if this is a case of HSBC misspelling a savings product….I opened this account last week on Martins recommendation and at the advertised standard rate of 3%. Then I got a welcome email from HSBC saying my standard rate was actually 0.2%?! Then I clicked on the PDF they’d attached to the email which said the rate was  0.5%! Has this happened to anyone else? I tried to contact HSBC but couldn’t speak to anyone through chat due to ‘security reasons’ and they told me to call. Can’t get through in the phone either! When logging on to the account the stated rate is 0.5%. Is this case a false advertising by HSBC?

adindas

AuntSal said:

I’m wondering if I’m the only one and if this is a case of HSBC misspelling a savings product….I opened this account last week on Martins recommendation and at the advertised standard rate of 3%. Then I got a welcome email from HSBC saying my standard rate was actually 0.2%?! Then I clicked on the PDF they’d attached to the email which said the rate was  0.5%! Has this happened to anyone else? I tried to contact HSBC but couldn’t speak to anyone through chat due to ‘security reasons’ and they told me to call. Can’t get through in the phone either! When logging on to the account the stated rate is 0.5%. Is this case a false advertising by HSBC?

Not false advertising. 0.5% is the interest without bonus. You will only get bonus to make it 3% if you meet the criteria

https://www.hsbc.co.uk/savings/products/online-bonus-saver/

How it works

Our Online Bonus Saver account gives you a variable interest rate of up to 3.00% AER / 2.96% gross (including bonus interest) for any month you don't make a withdrawal.

You'll get a variable rate of 0.50% AER / gross in any calendar month you do make a withdrawal or close your account.

You can open an Online Bonus Saver with £1 or more. If you have more than £10,000 in your account, interest is paid at a lower rate on balances above that amount.

eskbanker

The standard interest rate is 0.5% but the 2.5% bonus is paid in months where no withdrawals are made, so perhaps it's simply a presentation issue?

AuntSal said:

I’m wondering if I’m the only one and if this is a case of HSBC misspelling a savings product

The irony!

xylophone

I’m wondering if I’m the only one and if this is a case of HSBC misspelling 

Need lessons from Harry Potter?

the interest wihout binus.

Bin us?  A Freudian slip?

Band7

AuntSal said:

I’m wondering if I’m the only one and if this is a case of HSBC misspelling a savings product….I opened this account last week on Martins recommendation and at the advertised standard rate of 3%. Then I got a welcome email from HSBC saying my standard rate was actually 0.2%?! Then I clicked on the PDF they’d attached to the email which said the rate was  0.5%! Has this happened to anyone else? I tried to contact HSBC but couldn’t speak to anyone through chat due to ‘security reasons’ and they told me to call. Can’t get through in the phone either! When logging on to the account the stated rate is 0.5%. Is this case a false advertising by HSBC?

I don't think Martin recommended this account - all he ever does is tell you what the best interest rates are. I think he mentioned in passing that the bonus rate only applies in months where no withdrawals were made - but whether he did or didn't, it is always your responsibility to read the T&Cs.

This HSBC account is good if you can leave your money untouched for one or more entire months, and then withdraw the lot on the 1st of the next month, after the interest got credited.

If you want an easy access account which you can withdraw from throughout the month, the HSBC OBS is not a good choice. You are much better off using a straight-forward easy access account without bear traps.