Savings interest rate thread
Discussion
Phooey said:
Just noticed HSBC OBS is now paying 3.5% up to 10k and 2% over 10k. Not bad for a big bank.
Yeah but only if you make no withdrawls in a given month. If you withdraw even 1p then the rate for the whole balance that month drops to 1.30%. So its not so great imho. Mrs has one and I keep trying to convince her to move to VM where I have my main bank a/cs. VM Current a/c pays BOE -1% )(3.25%) on all balances and Savings a/c pays BOE -0.25% (4.00%) up to £500k and higher rates beyond that. No penalties or catches but you do have to be a private banking customer, however that comes with AIG worldwide travel insurance which pretty much compensates for the banking fee alone.
Phooey said:
Just noticed HSBC OBS is now paying 3.5% up to 10k and 2% over 10k. Not bad for a big bank.
Thanks, that's useful to know. I was going to set up an account for my OH who banks with HSBC. It says, unable to do so because they don't have a record of her tax residence 
I thought that it was by default since she is a British Citizen (already noted on her bank personal record) and her last employment was with a company in Reading. Also she has not ever had any income from abroad and only worked in the UK. Yet somehow they don't know that she is UK tax resident on their records.
Have they changed their IT system recently and now that she is no longer working, maybe there is a box which they didn't tick?
Well, looks like we'll need to go into the branch tomorrow but unfortunately we live in a town where they've closed their branch. Why do they have to make it so difficult?
leef44 said:
Thanks, that's useful to know. I was going to set up an account for my OH who banks with HSBC. It says, unable to do so because they don't have a record of her tax residence
I thought that it was by default since she is a British Citizen (already noted on her bank personal record) and her last employment was with a company in Reading. Also she has not ever had any income from abroad and only worked in the UK. Yet somehow they don't know that she is UK tax resident on their records.
Have they changed their IT system recently and now that she is no longer working, maybe there is a box which they didn't tick?
Well, looks like we'll need to go into the branch tomorrow but unfortunately we live in a town where they've closed their branch. Why do they have to make it so difficult?
my wife had exactly the same issue, banked with HSBC for over 25 years as her primary account she paid her wages into. They have also closed the branch in our town so she closed the account in disgust.I thought that it was by default since she is a British Citizen (already noted on her bank personal record) and her last employment was with a company in Reading. Also she has not ever had any income from abroad and only worked in the UK. Yet somehow they don't know that she is UK tax resident on their records.
Have they changed their IT system recently and now that she is no longer working, maybe there is a box which they didn't tick?
Well, looks like we'll need to go into the branch tomorrow but unfortunately we live in a town where they've closed their branch. Why do they have to make it so difficult?
bmwmike said:
VM - virgin money?
How much is the fee?
Yup, and its £25 a month. How much is the fee?
But for that you and your other half can both have private banking even if only you meet the critera. Of course if you both can flex the rates all the better, but you only need it for one really as the travel insurance is family worldwide anyway.
https://uk.virginmoney.com/private/interest-rates-...
Edited by AdamV12V on Sunday 23 April 22:25
AdamV12V said:
Yup, and its £25 a month.
But for that you and your other half can both have private banking even if only you meet the critera. Of course if you both can flex the rates all the better, but you only need it for one really as the travel insurance is family worldwide anyway.
https://uk.virginmoney.com/private/interest-rates-...
Thanks, am considering it. But for that you and your other half can both have private banking even if only you meet the critera. Of course if you both can flex the rates all the better, but you only need it for one really as the travel insurance is family worldwide anyway.
https://uk.virginmoney.com/private/interest-rates-...
Edited by AdamV12V on Sunday 23 April 22:25
It does vary by provider, I set up ISAs for Mum at Hodge Bank and Paragon and funded them each on the same day. Quickest of all I think was my Moneybox LISA through the app. It’s like anything, the banks which prioritise their online service are generally pretty slick as you’d expect. We gave up on UBL bank who seemed to make it all very difficult.
Not really related but I just completed a switch from a Club Lloyds current account that put the monthly fee up as well as having to pay in more each month which meant my wages didn’t cover it.
Into RBS rewards account.
Not even open a month and already had £200 switching bonus drop in. Just use the account to pay the usual direct debit utility bills, council tax etc, very happy with the result.
In celebration might have a beer this evening whilst watching F1 practice. Followed by a small takeaway tomorrow.
Into RBS rewards account.
Not even open a month and already had £200 switching bonus drop in. Just use the account to pay the usual direct debit utility bills, council tax etc, very happy with the result.
In celebration might have a beer this evening whilst watching F1 practice. Followed by a small takeaway tomorrow.
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