The HSBC Online Bonus Saver Account
International banking giant HSBC have released a new savings account which offers a highly creditable interest earnings rate of 0.75% AER.
This isn't quite the whole story though, and the clue is in the 'bonus' part of the account name. You may think that this means that the quoted rate includes a time-limited bonus portion which will be removed after 12 months, but it's a little more complicated than that.
HSBC will give you a bonus interest rate for not withdrawing money. In months where no withdrawals are made, you'll get the full bonus rate. Conversely, during months where you need to access your money, the rate will drop to the standard interest rate which is roughly half of the bonus rate. In both cases, the interest earned will be paid into your account that month.
In essence, what we're looking at here is a variation on a limited access savings account, just with a better marketing slant. To be fair though, HSBC will still pay at least some interest during months in which you make a withdrawal, which is better than most other similar accounts.
Overall, while the interest rate isn't as high as some other limited access accounts, the penalties for making a withdrawal aren't as harsh either, making this something of a halfway house, suitable for those who intend to save seriously, but want to leave themselves the option of making a withdrawal if necessary without being charged too much for the privilege.
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HSBC Bonus Saver at a glance
| Account: | HSBC Online Bonus Saver |
| AER: | 0.75% |
| Interest Paid: | Monthly |
| Minimum Investment: | £1 |
| Maximum Investment: | £50,000 |
| Comments: | Pays interest at a lower rate during withdrawal months, and on balances over the maximum |
