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Moneyforums
Veteran Investor
Joined: 18 Jun 2004
Posts: 598
Cash Points ££ 250.42
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 Posted: Sat Feb 19, 2005 1:56 pm Post subject: HSBC launches 8% Monthly Saver Account |
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A record breaking savings account is to be launched shortly paying a high 8%. Though the terms and conditions need to be strictly adhered to.
Here is a summary of the pre-launch details.
* Open or have an HSBC current account
* Pay your salary or monthly pension into the current account
* Standing order from the HSBC account to the savings account of £25 to £250 per month.
* No withdrawls without penalities
The maximum interest earnable is thus £130 gross or £104 net for basic rate tax payer. A lot of effort for a few £'s more than say the Halifax monthly saver at 7%. |
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Neo
Saving Enthusiast
Joined: 24 Oct 2004
Posts: 147
Cash Points ££ 595.04
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| Posted: Sun Feb 20, 2005 3:50 am Post subject: |
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Yeh its not worth the effort.
All that effort for what ? £20 more interest per year ?
Can easily make several times that stoozing with similar effort. |
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Frugal
Junior Saver
Joined: 06 Feb 2005
Posts: 55
Cash Points ££ 84.96
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| Posted: Sun Feb 20, 2005 12:12 pm Post subject: |
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The headline rate of 8% sounds great until you relaise that is must be funded from a current account paying just 0.1% !!
I also give the thumbs up to Halifax 7% Regular Saver which is funded from the Halifax Current Account paying 3%. |
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Moneyforums
Veteran Investor
Joined: 18 Jun 2004
Posts: 598
Cash Points ££ 250.42
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| Posted: Wed Feb 23, 2005 12:47 am Post subject: |
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Key features and benefits
Competitive interest rate of 8% gross/AER, fixed for 12 months.
Save from £25 to £250 each month.
No partial withdrawals allowed.
Manage your account online, at your branch or by the phone.
Available only to HSBC Bank Account and Basic Bank Account customers. Monthly payments into the account by standing order. If you're not an existing customer, apply online now to open an HSBC Bank Account.
http://www.hsbc.co.uk./1/2/personal/savings-investments/savings/regular-saver |
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Tabby
Money Saver
Joined: 17 Feb 2005
Posts: 86
Cash Points ££ 341.40
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| Posted: Sun Feb 27, 2005 10:51 pm Post subject: |
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There asking for too much for just an extra £20 or £30 a year... I mean to shift ones current account / salary to them.
Its just not worth it.. |
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