Need Help Please With HSBC Savings:

Rich_T_2

Hi all,

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CLAPTON

The HSBC flexible saver has rubbish interest rates (i.e. they start at 2.3%) .. however, if you otherwise would keep the money in your current a/c I guess that something is better than nothing.
Transfer to/from your current a/c is instant
Look at the details of the flexible a/c online.

brookerbabyisababy

Ask HSBC to open an Online Bonus Saver. It pays a great deal more interest (5.75% when you don't withdraw) and 2.75% when you do in a month. It is a great little account - it is instant between your current account.

Rich_T_2

brookerbabyisababy wrote: »

Ask HSBC to open an Online Bonus Saver. It pays a great deal more interest (5.75% when you don't withdraw) and 2.75% when you do in a month. It is a great little account - it is instant between your current account.

Thanks for replys,

Do you know how that account would differ between the one they have just opened for me (flexisave), as even if I make a withdraw from the account you quoted it would still be more then im getting with this newly opened one?

Any further help apprciated

Thanks

gt94sss2

Rich_T wrote: »

Do you know how that account would differ between the one they have just opened for me (flexisave), as even if I make a withdraw from the account you quoted it would still be more then im getting with this newly opened one?

Details of HSBCs savings accounts are here and the interest rates paid here

The Flexible Saver account pays between 2.7% and 3.5% depending on your balance. If you have a 'Bank Account Plus', them the Flexible Saver pays between 2.95% and 3.75%

As has been said, the Online Saver pays 5.75% or if you make a withdrawal in a month 2.75% (regardless of balance)

As such, the best account for you, depends on your balance and if you plan to make a withdrawal in a month or not.. though if you have a low balance, a standard (free) current account and plan to make frequent withdrawls then the Online Saver seems better.

Its possible to have both a Online Saver and Flexible Saver if you want and switch the balances between them and your current account as you want.

The only reason I don't currently have a Online Saver myself is that I am currently getting an extra 1.25% on my Flexible Saver atm (HSBC sometimes runs promotions)

Regards
Sunil

Rich_T_2

gt94sss2 wrote: »

Details of HSBCs savings accounts are here and the interest rates paid here

The Flexible Saver account pays between 2.7% and 3.5% depending on your balance. If you have a 'Bank Account Plus', them the Flexible Saver pays between 2.95% and 3.75%

As has been said, the Online Saver pays 5.75% or if you make a withdrawal in a month 2.75% (regardless of balance)

As such, the best account for you, depends on your balance and if you plan to make a withdrawal in a month or not.. though if you have a low balance, a standard (free) current account and plan to make frequent withdrawls then the Online Saver seems better.

Its possible to have both a Online Saver and Flexible Saver if you want and switch the balances between them and your current account as you want.

The only reason I don't currently have a Online Saver myself is that I am currently getting an extra 1.25% on my Flexible Saver atm (HSBC sometimes runs promotions)

Regards
Sunil

A huge *thanks* for your reply,

I'll keep doing some more reading up but I think I could benefit from having the on-line saver as well.

Just to confirm though Sunil, none of the savings accounts (flexi saver, or online) require a certain amount to be paid in them on a frequent basis?
Also, none of these savings accounts can have DD linked to them can they. Therefore I regard my current account as the 'main one' which I use to pass money between the other accounts (as that is where my income goes).

Kind regards,

gt94sss2

Rich_T wrote: »

Just to confirm though Sunil, none of the savings accounts (flexi saver, or online) require a certain amount to be paid in them on a frequent basis?

Thats right - the only HSBC account I know of which requires a certain amount to be paid in each month is their Regular Saver one..

Also, none of these savings accounts can have DD linked to them can they. Therefore I regard my current account as the 'main one' which I use to pass money between the other accounts (as that is where my income goes).

I don't think you can do standing orders or direct debits from HSBC savings accounts but you can certainly do 'bill payments' if you wanted - though I normally transfer the money to my current account first (as transfers are instant) and then do it from there so its all in one place.

Regards
Sunil

brookerbabyisababy

sign up to the online bonus saver via quidco and get £20.

Rich_T_2

gt94sss2 wrote: »

Thats right - the only HSBC account I know of which requires a certain amount to be paid in each month is their Regular Saver one..

I don't think you can do standing orders or direct debits from HSBC savings accounts but you can certainly do 'bill payments' if you wanted - though I normally transfer the money to my current account first (as transfers are instant) and then do it from there so its all in one place.

Regards
Sunil

Thanks for all replies,

Ive also just set-up an on-line saver too with HSBC so now have 3 accounts with them.

Do you know if there is a limit to times you can transfer funds?

gt94sss2

Rich_T wrote: »

Do you know if there is a limit to times you can transfer funds?

AFAIK transfers between your own accounts at HSBC can be done at any time of the day and are instant.

The only limit I am aware of is if you are making a 'bill payment' to someone one else - then they limit you to £10,000/day per account/payee if you use internet/telephone banking.

Regards
Sunil

Rich_T_2

gt94sss2 wrote: »

AFAIK transfers between your own accounts at HSBC can be done at any time of the day and are instant.

The only limit I am aware of is if you are making a 'bill payment' to someone one else - then they limit you to £10,000/day per account/payee if you use internet/telephone banking.

Regards
Sunil

Thanks again Sunil, you advice is very much appreciated

Just out of curiosity, do you also have a similar setup. i.e Use a current account for direct debits/bills/general spending. Then have you associated savings account which you then use to transfer funds over when needed?

Kind regards,