HSBC fixed rate 13 month ISA 4.5% - questions

friolento

https://forums.moneysavingexpert.com/discussion/comment/81989341#Comment_81989341

I don't quite get it - both, the Santander and the HSBC ISA offers are/were for cash ISAs - what is the connection with markets?

jungleboy123

https://forums.moneysavingexpert.com/discussion/comment/81989446#Comment_81989446

just want to park isa monies somewhere for now and decide what to do with it.

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81989341#Comment_81989341

In the past, Santander have run their eVoucher offer sometime around April and again in September but I'm not sure if that's the case every year.

I have to say I'm surprised you're considering transferring to HSBC despite reading that other thread. A month or more to carry out an electronic ISA transfer is unacceptable and shows them to be incompetent. In my experience, online transfers should usually only take a few days (a week at the most if one of the providers is a bit slow) and shouldn't require the need to contact either provider once the transfer request has been submitted.

jungleboy123

https://forums.moneysavingexpert.com/discussion/comment/81989579#Comment_81989579

totally agree with you. I think i've missed the boat anyway and the HSBC process looks very old and archaic - i had further read and it appears like i cant do an isa transfer on the app, only online banking. Its going to take an eternity to get the paperwork for the online banking (i would guess) and that's me gone over the 11 May deadline plus even if i did get it risk losing interest or my money!

Bit jealous now everyone is getting their santander e-vouchers after only a few weeks :( If only i'd bothered to look at MSE start of the new ISA tax year!! Santander are pretty good with isa's, had a few of them in years gone by.

Options are a bit limiting now, 4% with halifax/lloyds with some cashback (extended transfer deadline end of may) or just get a 1 yr fix but no cashback 🤔

westv

HSBC ISA question.

How do you find out the maturity date of their ISAs? Its not on the online banking screen and its not on the welcome letter I received.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81993964#Comment_81993964

The summary box should tell you e.g., for the one-ish year fixed rate Isa:

"After the first 30 days, the Fixed Rate Cash ISA will continue for a further 12 months"

https://www.hsbc.co.uk/savings/products/fixed-rate-isa/

westv

https://forums.moneysavingexpert.com/discussion/comment/81994042#Comment_81994042

Ok thanks. I will have to search down the starting date.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81989585#Comment_81989585

The Lloyds/Halifax 2 year fixed rate ISA paying 4.5% is eligible for cashback - if you are happy to keep funds invested for that long. You need to transfer in at least £25k to get any cashback which can be done in multiple transfers as this is cumulative - and any transfer must be requested by 31 May. There is a 180 day interest penalty for early withdrawals though. One year rate is only 4%

2 Year Fixed Rate ISA | UK ISAs | Lloyds Bank

vacheron

https://forums.moneysavingexpert.com/discussion/comment/81994380#Comment_81994380

Yes, the Halifax/Lloyds cashback (£150 per £25K) equates to an extra 0.6% on the 1 year ISA and 0.3% on the 2 year assuming you put in an exact multiple of £25K. If you transferred just under a 25K break-point, the effective bonus will be far worse.

Barclays were also recently offering a 1 year Premier ISA at 4.11%, with the same £600 promo incentive for a 100K transfer, but as soon as the deadline passed they put their interest rate back up to 4.51%, so it pretty much cancelled out, but now you are actually FAR better off with the non-promo version if you are putting in less than £100K, and only a tiny bit better with the promo if you put in exactly £100K.

Plus, the Barclays ISA allows up to 3 withdrawals a year of up to 10% each with no loss of interest. so i'll probably end up just doing this one.

jungleboy123

https://forums.moneysavingexpert.com/discussion/comment/81994380#Comment_81994380

i made a separate thread asking about this one but no replies yet. I wanted to know if its still possible to do it because the t&c seems to suggest only eligible for bonus if transferred by 31 May, rather than requested by 31 May.