HSBC Online Bonus Saver

Imperial926

I am confused by the interest amounts being added to this savings account. Despite leaving £10k in place over the past few months the interest added actually reduced last month!

To be clear, August states: - Added gross interest £19.36 and a further entry Gross interest £15.11
September figures are: -Added gross interest £17.88 Gross interest £16.64. As far as I am aware the interest rate has stayed at 4% during this period so why is the interest I'm earning reducing?

I realise 4% is now poor and HSBC do not produce monthly statements for these accounts. Perhaps I should jump to Santander but I have accepted the HSBC solution as I can see various accounts in one place.

Bigwheels1111

You answered your own question, rates are poor.

Ditch the account and go to santander, easy access saver 5.2%.

Dont need a bank account with them, just set it up and download the app. Be quick as could be pulled at any moment.

Call HSBC and ask what the hell is going on.

10k at 4% = £33.33 a month ish.

grumbler

Bigwheels1111 said:

Call HSBC and ask what the hell is going on.

10k at 4% = £33.33 a month ish.

19.36+15.11=34

17.88+16.64=34

However, I can't explain this splitting in two parts

ranciduk

The interest will also change slightly depending on if there are 30 or 31 days in that month?

[Deleted User]

Hi,

that account seems to work with standard rate and bonus rate, HERE.

HumberFlyer

My last 3 months with them ..... 10k at 4% has been....

Added Gross Interest £17.88 Gross Interest £16.64.... = £34.52
Added Gross Interest £19.36 Gross Interest £15.11.... = £34.47 
Added Gross Interest £20.73 Gross Interest £11.24.... = £31.97

Imperial926

HumberFlyer said:

My last 3 months with them ..... 10k at 4% has been....

Added Gross Interest £17.88 Gross Interest £16.64.... = £34.52
Added Gross Interest £19.36 Gross Interest £15.11.... = £34.47 
Added Gross Interest £20.73 Gross Interest £11.24.... = £31.97

Do you have any strong feelings about lack of statements? I think they only supply them annually and on the account itself I only see the last 3 months of activity. Maybe it's because i haven't added any more money, who knows?
Thanks for your details. I will send them a query on it. Thanks to everyone else who has responded. To clear up a few points: - Although HSBC initially offered much lower interest above 10K they have now extended the higher interest rate up to £50k so there should no longer be any kind of split. My query to HSBC will also ask about the 'added gross interest'/ gross interest' categorisation. I don't know what this is all about! Many thanks everyone.

PeterGr

The standard rate changed on 10 August, whereas the ceiling went from £10,000 to £50000 on 30 June, but the rate including bonus remained the same.  Interest is paid daily, and in the online account the standard rate and bonus rate portions are shown separately.  Hence the split in August not being the same as July or September.

HumberFlyer

Mine matures in one months time.... I can see the last 3 months on phone, but if I log on via computer I see the full statement and monthly interest added. All strange amounts but I'm sure it all adds up at the end of term.

PeterGr

HumberFlyer said:

Mine matures in one months time.... I can see the last 3 months on phone, but if I log on via computer I see the full statement and monthly interest added. All strange amounts but I'm sure it all adds up at the end of term.

This account doesn't mature.  It pays a bonus rate of interest each month where there are no withdrawls.  It just pays the standard rate in any month where a withdrawl is made, or the account is closed.  There is a £50000 ceiling above which a lower rate is paid.  All these rates are variable, and have changed in June and August.

The online account shows interest payments for the last 3 months, but the date range can be extended.  Each month shows a amount described as Gross Interest which is the amount using the Standard rate.  A second amount described as Added Gross Int is the additional amount if bonus rate is paid in that month.

Imperial926

Thanks Peter and Humber - I feel very reassured!