HSBC interest rates

YorkshirePete

I have an ISA and an Online bonus saver with HSBC. They have today just changed the interest rates on both

cash isa is now 3.2%

Online bonus saver is 4% up to £50k

should I switch monies from the isa or would I loose out as I assume I would be paying tax on the bonus saver ?

Swipe

If you are planing to move to the ISA, wait until the 1st of the month or you will get a reduced rate of interest on your online saver.

25_Years_On

Depends on how much you have saved, how much interest you might get and what your income is. With a 3.25% ISA you are already missing out on better interest rates elsewhere.

Bigwheels1111

I just got a virgin money 3 year isa at 5.5%.
It was 5.2% 12 days ago, if you are within their 14 day cooling off period you can open a new isa
with them in your account and fund with the old one.
Took 2 minutes, what a great set up.
Plus the early exit fee is only 120 days interest, most want 180-270 days interest.

TheMillions

Swipe said:

If you are planing to move to the ISA, wait until the 1st of the month or you will get a reduced rate of interest on your online saver.

Could you explain further the 1st of the month? Are you saying that if you withdraw from the ONBS on the 1st this does not impact the reduced rate for the rest of the month?

grumbler

TheMillions said:

Swipe said:

If you are planing to move to the ISA, wait until the 1st of the month or you will get a reduced rate of interest on your online saver.

Could you explain further the 1st of the month? Are you saying that if you withdraw from the ONBS on the 1st this does not impact the reduced rate for the rest of the month?

I think you have to withdraw the entire balance and keep it for a month in some other place paying more than pathetic 1.75%.

wiseonesomeofthetime

grumbler said:

TheMillions said:

Swipe said:

If you are planing to move to the ISA, wait until the 1st of the month or you will get a reduced rate of interest on your online saver.

Could you explain further the 1st of the month? Are you saying that if you withdraw from the ONBS on the 1st this does not impact the reduced rate for the rest of the month?

I think you have to withdraw the entire balance and keep it for a month in some other place paying more than pathetic 1.75%.

You don't 'have to" , however, it is the most logical, I agree.

Mine has been empty since February 1st, as better rates elsewhere since then.