HSBC Online Bonus Saver: how to withdraw?

wmb194

lotti_bosman said:

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?

Yes, it is.

RG2015

lotti_bosman said:

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?

As previously noted this would be classed as a withdrawal.

You can only transfer to another HSBC account, which limits it to an HSBC current account or savings account. These would all be classed as withdrawals.

lotti_bosman

I see. So any interest accrued that takes the amount above the 10K will only earn the 1.40% interest rate unless I withdraw the excess in a particular month but take the hit with just the 0.65% interest rate for the whole amount for that month. I'll have to do some calculating and work out which is the best option.

Band7

You can withdraw/move your entire balance without penalty on the 1st of a month. You can then ask on chat to have your OBS closed, which they will do overnight. They will ask you why you want to close the OBS - my answer was that I don't need it any longer. On the next day, double check the OBS has indeed gone. You can then immediately open a new OBS, which will get the 3%. I know this is technically possible but what I don't know is whether they'd tolerate it if you did it every month.

Regarding interest above £10k: it's also been discussed in this thread tonight. 

masonic

It's worth having a current account there again now for access to the regular saver.

Swipe

lotti_bosman said:

I see. So any interest accrued that takes the amount above the 10K will only earn the 1.40% interest rate unless I withdraw the excess in a particular month but take the hit with just the 0.65% interest rate for the whole amount for that month. I'll have to do some calculating and work out which is the best option.

The interest on anything over £10K is not worth worrying about. £10K gets you just over £24 a month. Just leave it in there. It will still get 0.7%

Band7

Swipe said:

lotti_bosman said:

I see. So any interest accrued that takes the amount above the 10K will only earn the 1.40% interest rate unless I withdraw the excess in a particular month but take the hit with just the 0.65% interest rate for the whole amount for that month. I'll have to do some calculating and work out which is the best option.

The interest on anything over £10K is not worth worrying about. £10K gets you just over £24 a month. Just leave it in there. It will still get 0.7%

It's actually 1.4%

ahfat41

I have just opened a bonus online saver. I understand I will get 3% on savings of £10,000. Anything above will be 1.4%. Thanks

Slaphead

Hi, so the best day to withdraw all your money would be 1st month for any account? Would that not mean they could have a rush of money going out on the 1st, rather than staggered across the month? .( I had presumed that  the day following each month anniversary would be required, i.e if you opened on the 7th of July always make sure to withdraw on the 8th for best possible interest return?)

Has anyone experienced what actually happens?

Thanks

Band7

The OBS operates on a calendar month basis, so the 1st of a month is the best day for withdrawing your entire balance (incl the accrued interest), unless you are happy with getting only 0.65% interest throughout  that calendar month.

There are now other 3% easy access accounts without such penalties.