HSBC Grad Plus Account CREDIT Interest

amz84uk

I need some help calculating CREDIT interest on my HSBC Account, as I think I'm going bonkers!

I upgraded to the Graduate PLUS account in March 2008 paying £9.95p/m and expected to enjoy the benefits shown here:

https://www.hsbc.co.uk/1/2/personal/current-accounts/bank-account-plus/product;jsessionid=00004QAb6Jijzy720WxyOrrJlJc:11j5bfvdu

The main one relevant to me at this stage is:

Credit Interest – 8% AER (7.72% gross) fixed credit interest on balances up to £1,000 for 12 months. Standard variable rates apply for balances above £1,000.

Basically, I've had at least £1000 saved continuously throughout the month, and was expecting £1000 * (7.72% / 12months) worth of interest creditted into my account, which I work out to be at least £6! However, I got 1p up to April, 8p upto May, and just 10p this month (June).

Am I calculating something wrong?

I phoned HSBC just now and asked the lady how much interest I am entitled to, and she said 10% to which I questioned HOW, and she read out that it's 0.10 per year on a PLUS account, and that I should consider opening a new savings account with them!

PinkPig

It sounds like you've mixed up the two types of account. The "Graduate Plus" account is different to the "Bank Account Plus" that you've linked to. She correctly quoted your interest rate as the rather pitiful 0.10% Gross (see https://www.hsbc.co.uk/1/PA_1_1_S5/content/uk/pdfs/en/rates_graduate_pricelist_0805.pdf;jsessionid=0000maGxF9VEBuu952464_W7wqX:12c58t1e1)

Presumably they think the other benefits are still worth £9.95 per month.

As she suggests you should open a different account for your savings!