Unable to move money out of HSBC Savings Accounts

Savvy_Sue

I followed Martin's tip here to open an online Bonus Saver account with HSBC - at the time I had both a current account and a Flex Saver account with them, but I have now Switched and Ditched the current account. 

I don't have much in either account, but wanted to retrieve some from the Bonus account and found that you can't set up new payees on savings accounts - I checked with the chatbot. 

So tomorrow I'm going to have to phone them to ask how I get round this! 

Anyone already solved this problem? 

AmityNeon

You need a current account so you can transfer internally, then out from the current account. It's unfortunate this isn't made clear in the main article as you're not the first to come across this problem.

Band7

Yes, you require a current account to get money out of HSBC.

It's worrying that people are told that all they need is an HSBC savings account.

Be aware also that if you withdraw anything from your Online Bonus Saver, the interest rate for the month will plummet to 0.65%. 

Savvy_Sue

Thanks, I'll have to speak to them tomorrow, and will report the thread to ask that this minor drawback is made clear. 

Moral: if it seems too good to be true ... 

RG2015

This was discussed on the threads below last month.

I had to open a new current account but that only took a few days. I then found the bonus saver very restrictive as the rate plummets for the full balance for the whole month if you withdraw.

On the plus side though, I was able to take advantage of their 5.00% new regular saver.

https://forums.moneysavingexpert.com/discussion/6406031/hsbc-online-bonus-saver-how-to-withdraw/p1


https://forums.moneysavingexpert.com/discussion/comment/79644387#Comment_79644387

https://forums.moneysavingexpert.com/discussion/6396595/hsbc-3-bonus-saver-current-account-required

Savvy_Sue

Grrr, Martin repeated his myth on his latest podcast. Although he did have the grace to add that this account wasn't suitable if you might want to withdraw your savings. 

Spent half an hour on hold last night without getting through. Not feeling well enough to try again today, hopefully I'll feel more human tomorrow and can start calling earlier in the day. 

Band7

Savvy_Sue said:

Grrr, Martin repeated his myth on his latest podcast. Although he did have the grace to add that this account wasn't suitable if you might want to withdraw your savings. 
 

whether people want to withdraw soon or not so soon, they will eventually want their money out. And for that they need a current account.

Savvy_Sue

Band7 said:

Savvy_Sue said:

Grrr, Martin repeated his myth on his latest podcast. Although he did have the grace to add that this account wasn't suitable if you might want to withdraw your savings. 
 

whether people want to withdraw soon or not so soon, they will eventually want their money out. And for that they need a current account.

I agree (although it seems some have managed to close the account and transfer funds elsewhere over the phone). But as I said, he did give a warning about not using it for emergency savings! 

[Deleted User]

'Once opened, you can manage it online, on the app, using phone banking or in any of our branches'

Can't you simply go into a HSBC branch with ID and withdraw/close it?

RG2015

Deleted_User said:

'Once opened, you can manage it online, on the app, using phone banking or in any of our branches'

Can't you simply go into a HSBC branch with ID and withdraw/close it?

You missed out the second sentence on the HSBC website which is even more telling.

Once opened, you can manage it online, on the app, using phone banking or in any of our branches. That means you can access your funds any time you need them.

(On the 4th tick point towards the top of the page on the link below)

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


However they contradict themselves on the FAQs towards the foot of the same page.
  

How can I access my savings? 

You can access your Online Bonus Saver Account via online banking only.

Savvy_Sue

ATM my only option is phone, and that's limited by being prone to fits of coughing and sneezing.