HSBC Regular savings

[Mike]

With Interest rates being so low at the moment for savers, this may be of interest.
HSBC are offering 10percent gross for regular savers up to a maximum of £250 a Month.

[Binu]

In the website , I see only 8% at the moment, that too only for special customers like paying a charge for their current account or with some other strings attached.

Binu

[Mike]

I am a customer so you are probably right about that but I took out a regular savings account only 2 weeks ago at 10 percent gross

[Mike]

Even 8% is far better than I have seen anywhere else!

[Binu]

Even 8% is far better than I have seen anywhere else!

Banks are trying all the tricks, Halifax used to give like this 8% , 10% etc. After their partial collapse in the Share markets and mergers, they withdrew all of them. They were also trying cash back current accounts and also now they are giving a fiver for putting a thousand in their current acount.

8 % is extremely great though some people will not reliase that they will get that rate on £3000 only in the last month.

Binu

[Steve]

Guys,

When I've looked at savings accounts like these in the past I've decided they were a total con.

Whether these ones are great or the same I don't know.

Problems I found were that only certain balances got the decent rate, other balances got a poor rate. Also that the good rate was only temporary. Also that charges for having the account could exist, and paying to loan people your money seems a little crazy to me.

Sadly most bank deals I've looked at in recent times could best be described as cons... most of them seem pretty shameless... giving decent rates to get your money in then lowering the rate you get while offering more on other accounts and starting again with a new bunch of suckers.

Banking is really just another name for organised crime at times isn't it... as I think we are finally seeing exposed in some areas. Sadly so is politics and so much else...

Steve

[Binu]

I was informed by some people that in some countries that we need to pay banks for maintaining our accounts though they give us an interest. I hope that will not happen here. If it happens, lot of money will be flowing out from here to foreign banks.


Also, congrats to Steve for crossing the 10,000 ?!

Binu

[Mike]

I agree in part about the banks trying a con although the way I look at it is that If you play it like a bit of a game you can still keep ahead.
As Binu rightly says you only get the 10% after you have paid the full amount in plus If you don't take immediate action it then drops to something like 0.02%
However paying in £250 a month gives an average over the year of £1500 and my return on that is £163.00 which is pretty good in this day and age.

Needless to say I have a prompt to make sure I withdraw it this time next year.

Anyway as one of the retired I have to find something to while away the hours when I'm not off around the globe somewhere.