HSBC Savings Accounts

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
27/01/2011 16:08

HSBC have reduced the interest rates on deposit accounts and they have also changed the qualifying time periods. Previously you needed to open the account for a minimum 30 days to get the higher interest rate - they have changed it now to 32 days. So if you have a 30 day account (previously 6.5%) you will now only get 5.25% interest unless you change it to 32 days - then you will get 6% interest. Accounts will not be subject to the new interest rates until the current account period expires.

Texas


Joined: 22/09/2009
Posts: 634

Message Posted:
27/01/2011 16:44

Hi John.



That's strange.



However, Iktisatbank has "monthly" terms, but the date moves according to the maturity date not being a Saturday/Sunday or a Bank Holiday.



Whereas, Creditwest Bank keeps the maturity date the same every month, regardless of what day it falls on.



Maybe HSBC just want to be different. It could also be that people will do nothing and receive a lower rate of interest. They may also be able to reduce staff levels as customers would go in one fewer times over 15 months!



PS. The pool hose is still working fine. Thanks.

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
27/01/2011 17:32

Maybe I didn't explain myself well. When you open an account you select the number of days before maturity. On maturity date (if you take no action) the account renews for the same period again. Previously HSBC had one interest rate for 1-29 days and a higher rate for 30-89 days so if you didn't want a 3 month account the logical choice was 30 days. During the chosen account period the interest rate is guaranteed.

Now they have changed the bands: 1-19 days (1.5%), 20 -31 days (5.25%) and then 32-89 (6%). So anybody who has a 30 day account needs to close and reopen it (on maturity) as a 32 day account to get the higher interest rate.