HSBC Online Bonus Saver: how to withdraw?

qsk

When I tried to add a payee to this account, I got an error "you cannot add payee for this account". I also have another saving account but got the same error when trying to add a payee.

So how to withdraw money from this account?

(I do have a current account at the moment but am thinking of switching away...)

ForumUser7

qsk said:

When I tried to add a payee to this account, I got an error "you cannot add payee for this account". I also have another saving account but got the same error when trying to add a payee.

So how to withdraw money from this account?

(I do have a current account at the moment but am thinking of switching away...)

I don’t have this account, but I have a different HSBC instant access (MySavings) that only allowed withdrawals to my current account.

Wheres_My_Cashback

qsk said:

When I tried to add a payee to this account, I got an error "you cannot add payee for this account". I also have another saving account but got the same error when trying to add a payee.

So how to withdraw money from this account?

(I do have a current account at the moment but am thinking of switching away...)

You can only W/D internally.

cymruchris

qsk said:

When I tried to add a payee to this account, I got an error "you cannot add payee for this account". I also have another saving account but got the same error when trying to add a payee.

So how to withdraw money from this account?

(I do have a current account at the moment but am thinking of switching away...)

Transfer from your savings to your current - then transfer wherever you want from there.. If it's the 3% account remember to only withdraw on the 1st of the month, unless you want to lose interest.

grumbler

cymruchris said:

qsk said:

When I tried to add a payee to this account, I got an error "you cannot add payee for this account". I also have another saving account but got the same error when trying to add a payee.

So how to withdraw money from this account?

(I do have a current account at the moment but am thinking of switching away...)

remember to only withdraw on the 1st of the month, unless you want to lose interest.

Yes, but you are going to lose this month interest unless you withdraw the full balance.

qsk

Thanks all for the replies.

So HSBC allows the account to open when you have another savings account but provides no way to withdraw to external account. Hmmm...

cymruchris

qsk said:

Thanks all for the replies.

So HSBC allows the account to open when you have another savings account but provides no way to withdraw to external account. Hmmm...

Similar with Virgin - I had 2 M Plus savings accounts - but had switched out the current account - the only way to withdraw from the saver was to either open another current account or go into branch with ID. I ended up opening another current account. You can probably also withdraw directly from a HSBC counter.

Band7

qsk said:

Thanks all for the replies.

So HSBC allows the account to open when you have another savings account but provides no way to withdraw to external account. Hmmm...

They do provide a way to withdraw to an external account - via any HSBC current account.

What they don't do is make this explicit during the OBS application, as they allow you to apply if all you hold is one of their savings accounts. Mind you, it's not possible to get any money out of that HSBC savings account without an HSBC current account, either.

The matter made worse by a popular money saving guru wandering about telling people about a "trick" for opening the OBS without having an HSBC current account. And even worse that people don't do their own research and just follow blindly.

Note that it is not uncommon that a savings account does require a current account - internal or external - for withdrawals. It adds an additional layer of security to prevent hackers from stealing your money.

RG2015

grumbler said:

cymruchris said:

qsk said:

When I tried to add a payee to this account, I got an error "you cannot add payee for this account". I also have another saving account but got the same error when trying to add a payee.

So how to withdraw money from this account?

(I do have a current account at the moment but am thinking of switching away...)

remember to only withdraw on the 1st of the month, unless you want to lose interest.

Yes, but you are going to lose this month interest unless you withdraw the full balance.

I had switched out my current account but still had an empty savings account and credit card, hence online access. I transferred £10 to the existing savings account and the opened the 3% saver with this. I then found out that I could not set up any payees.

I managed to open a new current and tested the ability to withdraw. It worked but that turned out to be a bad move, as my stated rate fell from 3.00% to 0.50%.

Fortunately, I only had a tenner there and by then it was 30th October.

Now I have a decent balance I need to keep reminding myself that I can only withdraw the full balance on the first of the month to keep the 3.00% for the month.

Bridlington1

Try ringing them. Back in February my HSBC current account was frozen and I had a bonus saver. I was able to set up a payee and withdraw money directly to my Lloyds account from the bonus saver over the phone. I could then make further withdrawals using internet banking.

lotti_bosman

Hope it's not a daft question but is a transfer from the Online Bonus Saver to the HSBC current account classed as a withdrawal from the OBS?