HSBC 8% Savings - whats wrong with that?

Money_Mouse_2

I know that Martin has talked about HiSave ICICI being the best Savings Account - but i wonder if others may've crept up ... I've noticed a few others with higher Interest rates flashing away on their sites, but wondered if there were catches to the account which effectively made them not as attractive - what do ppl think?

Check these out and feedback

- why does the HSBC 8% account look so attractive on the surface but it doesn't rate a mention on all the comparative tables?
http://www.hsbc.co.uk/1/2/personal/current-accounts/bank-account-plus;jsessionid=0000CN6IhCJokI6bA9_1pSxmi3j:12c58t1e1?WT.ac=HBEU_TouchClarityHPa_baplus_8_2008/01

- what about West Bromwhich BS @ 6.55%
http://www.westbrom.co.uk/westbrom/home

Milarky

£1000 minimum balance on the West Brom account?

[STRIKE] Must hold an HSBC current account and must credit 'salary or pension' to qualify for the savings account[/STRIKE]?Whoops. Thought it was the regular saver you were referring to...

Yes, excellent rates, but with strings - and not therefore for everyone

gt94sss2

Money_Mouse wrote: »

Check these out and feedback

- why does the HSBC 8% account look so attractive on the surface but it doesn't rate a mention on all the comparative tables?
http://www.hsbc.co.uk/1/2/personal/current-accounts/bank-account-plus

This is a offer for new customers and is a current account with a monthly fee attached - thats not to bad if you take advantage of some/all the benefits the account offers like:

- 8% on credit balances in your current account (or on overdrafts)
- 10% on a regular saver account
- 8% on a childrens account
- higher interest than normal on ISA/savings accounts
- lower mortgage rates
- rebate on credit card interest
- free travel insurance
- various other discounts/offers

However, you would need to make enough use of the above to outweigh the £12.95/monthly fee

EDIT: though I see they also offer £50 cashback if you take out a Home or Car insurance with them - so if you were planning to do so, it could make getting the account much more worthwhile.. however its not a instant access savings account like ICICI is..

regards
Sunil

Lavendyr

Money_Mouse wrote: »

I know that Martin has talked about HiSave ICICI being the best Savings Account - but i wonder if others may've crept up ... I've noticed a few others with higher Interest rates flashing away on their sites, but wondered if there were catches to the account which effectively made them not as attractive - what do ppl think?

Check these out and feedback

- why does the HSBC 8% account look so attractive on the surface but it doesn't rate a mention on all the comparative tables?
http://www.hsbc.co.uk/1/2/personal/current-accounts/bank-account-plus;jsessionid=0000CN6IhCJokI6bA9_1pSxmi3j:12c58t1e1?WT.ac=HBEU_TouchClarityHPa_baplus_8_2008/01

You're comparing apples with pears here.

The ICICI is a totally clean instant access savings account with a minimum deposit of £1 and no penalties for withdrawal. Rate is guaranteed long-term.

The HSBC saver is only accessible if you pay £12.95 a month for their Bank Account Plus, and the 8% only applies on balances up to £1000 - and only for 12 months. Any interest you earned on that £1000 would be totally eroded by the £12.95 monthly fee and then some.

Edit: The Brom offer at 6.55% isn't bad but again you can only make 12 withdrawals a year without penalty, which isn't great, and the rate guarantee is not as strong.

knights

gt94sss2 wrote: »

However, you would need to make enough use of the above to outweigh the £12.95/monthly fee

Was just about to make the same point, Sunil.

Milarky wrote: »

Must hold an HSBC current account and must credit 'salary or pension' to qualify for the savings account?

Just worth noting that I set up a C/A to go with the 8% RS recently and was told so long as I put in £500 pm thay would be happy. No need to do salary and pension etc. even though their blurb says so.

regards

Milarky

knights wrote: »

Just worth noting that I set up a C/A to go with the 8% RS recently and was told so long as I put in £500 pm thay would be happy. No need to do salary and pension etc. even though their blurb says so.

Yes. I've got this account as it happens and I'm 'winging it' too - just paying in cash and bits and pieces each month to make it look like I'm using the current account.

Steve_xx

gt94sss2 wrote: »

This is a offer for new customers and is a current account with a monthly fee attached - thats not to bad if you take advantage of some/all the benefits the account offers like:

- 8% on credit balances in your current account (or on overdrafts)
- 10% on a regular saver account
- 8% on a childrens account
- higher interest than normal on ISA/savings accounts
- lower mortgage rates
- rebate on credit card interest
- free travel insurance
- various other discounts/offers

However, you would need to make enough use of the above to outweigh the £12.95/monthly fee

EDIT: though I see they also offer £50 cashback if you take out a Home or Car insurance with them - so if you were planning to do so, it could make getting the account much more worthwhile.. however its not a instant access savings account like ICICI is..

regards
Sunil

Further points to note on this account:

1. There is a minimum contract period of 12 months @£12.95 per month.
2. Opening this account via Quidco will nett you a cashback of £50

Froglet

knights wrote: »

Was just about to make the same point, Sunil.




Just worth noting that I set up a C/A to go with the 8% RS recently and was told so long as I put in £500 pm thay would be happy. No need to do salary and pension etc. even though their blurb says so.

regards

I am on my third regular saver,and it is in my name,but it is hubby that pays in his salary into the current account.However i suppose being a joint account it doesn't matter.especially now i hear they don't mind how little ,and when, you put money into the current account!!