Wow!!! Major interest!!! (surely this isnt right...)
- Thread starter Bengaboy
- Start date
OK, ive put £700 into the hsbc online saver account and in 1 month I have aquired ... wait for it....
78p!!
Surely this isnt right lol!
What's your interest rate?
Also, Interest usually goes on in a lump sum yearly (well in the banks I have been with they do) you may have just put yours in before the year crossed over if you get me.
Rich
I worked that out at pretty much 0.1%. Which is the interest some current accounts have.
^^ So as sr4470 said...
^^ So as sr4470 said...
Associate
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Was it in their before the beginning of the month right to the end
or
or
Soldato
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actually that's not bad.
not !
not !
Its basically this account...
http://www.hsbc.co.uk/1/2/personal/...ssionid=00008lMt8ZC7elntOcz6d3aFjYU:12ntf1tru
So what should I be getting? I dont understand this stuff - but 5% is a lot more than 70 odd p
http://www.hsbc.co.uk/1/2/personal/...ssionid=00008lMt8ZC7elntOcz6d3aFjYU:12ntf1tru
So what should I be getting? I dont understand this stuff - but 5% is a lot more than 70 odd p
Soldato
- Joined
- 27 Jul 2005
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- The Orion Spur
Its basically this account...
http://www.hsbc.co.uk/1/2/personal/...ssionid=00008lMt8ZC7elntOcz6d3aFjYU:12ntf1tru
So what should I be getting? I dont understand this stuff - but 5% is a lot more than 70 odd p
mmmm isn't that 5% AER (annual equivalent rate)
EDIT-
"Variable rate of 5.25% AER (5.19% gross including bonus interest), when you don't make a withdrawal and even if you do need to make a withdrawal you'll get 2.50% AER, 2.47% gross,"
Soldato
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i got 40 quid interest this month
Ok, so what does it mean in lamens terms bud?
If you put £1000 in the account for one tax year, you shall recieve 5.25% of that. Which is 52 squids.
If you withdraw any money in that tax year you get 2.5% interest instead. Your interest is then sorta worked out on an average amount you have had in the account over the year. Or something like that.
Im not 100% sure. Someone will have to clarify.
If you withdraw any money in that tax year you get 2.5% interest instead. Your interest is then sorta worked out on an average amount you have had in the account over the year. Or something like that.
Im not 100% sure. Someone will have to clarify.
Real interest is probably higher than the interest they paid you, so you've not really gained. Not to mention, they've invested your money and made more than they've paid you!i got 40 quid interest this month
Lesson: Spend or invest. Saving's boring, and is the result of extended doing without, or losing out!
What is unclear? The account is a total rip off. Its 5.25%AER if no withdrawals are made. Great, thats an OK headline figure. The 2.5%AER applies if you withdraw.
At 5.25% AER you should accumulate 78p interest after around 8 days assuming no tax paid on the interest (around 10 days if basic rate tax is paid).
If you've had it in for the full month something seems amiss if you haven't made any withdrawals
If you've had it in for the full month something seems amiss if you haven't made any withdrawals