HSBC drop their savings rates

intalex

Hate to be a bearer of bad (but expected) news, but I've just noticed that all editions of the online saver have had a rate cut of 0.25% effective today (04.01.08).

Milarky

So that's 5.75% gross for the 'online bonus saver' and 6.00% for the 'classic' online saver?

Secret_Wookie_2

I cant believe how poor their Bond rates are at 5.50% or 5.75% online. Really bad compared to the rest of the market.

Rubbish rates and rubbish service in my experience.

brookerbabyisababy

That is a shame. Was a good account.

gt94sss2

HSBC have lowered their rates on lots of accounts (not just the Online Savers) to reflect the base rate change..

Milarky wrote: »

So that's 5.75% gross for the 'online bonus saver' and 6.00% for the 'classic' online saver?

Its now:

Online Bonus Saver: 5.75% (currently available)
Online Saver 'Offer': 6% (accounts opened after 05.02.07)
Online Saver: 5.50% (the very first version of this account they had before 02/07)

Secret_Wookie_2 wrote:

I cant believe how poor their Bond rates are at 5.50% or 5.75% online. Really bad compared to the rest of the market.

The difference is that compared to the rest of the market - HSBC have lots of spare capital/liquidly to fund their business and are thus not so affected by the credit crunch.. leading to no need to raise lots of money via depositors unlike some others

Regards
Sunil