HSBC e-ISA - "You have the right to cancel your account within 30 days of opening it."

Craig321

Craig321

Craig321

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Joined
2 May 2004
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Just a quick question. What if I don't cancel within 30 days? What happens after then? I couldn't find anything detailing it on the site.

Also, if I put the maximum amount in the account, what happens when I get my first lot of interest on that? Does it matter, should I be getting the interest put somewhere else, or maybe take a couple of hundred out of the ISA so it doesn't go over the limit?

I have asked the bank this, but no reply yet, thought I might get a quicker one here :)
 
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you could probably still get your money out but wouldn't be able to open another ISA during the tax year? no real idea without seeing the t&c's sadly.
 
DanH84 said:
you could probably still get your money out but wouldn't be able to open another ISA during the tax year? no real idea without seeing the t&c's sadly.
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T&Cs pretty much say that. Basically I can withdraw, but can't put anything back in for the tax year, as I understand it.
 
ISA cash is limited per year so if you have maxed it, you cannot move it.

On what terms did you take your interest? Monthly or annually?

What account did you designate this interest to go to?
 
Interest is counted seperately to deposits so you can leave the interest to be paid into the ISA account (and this is recommended due to compound interest etc!)
 
I don't have the account yet, I can either get the interest put into my main account or into the ISA. Will it be OK going on top of the ISA savings, or will that put me over my limit?

Phil99 said:
Interest is counted seperately to deposits so you can leave the interest to be paid into the ISA account (and this is recommended due to compound interest etc!)
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Just saw this reply on refresh. Thanks :). I'd prefer it that way as well, allows me to see how much I've accumulated with ease.
 
Craig321 said:
Also, if I put the maximum amount in the account, what happens when I get my first lot of interest on that? Does it matter, should I be getting the interest put somewhere else, or maybe take a couple of hundred out of the ISA so it doesn't go over the limit?
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The interest is fine to go into the same account, and you want it to because you'll end up making more money. You're only allowed to transfer in £5100 of new money (from your current account) into the ISA but any interest or transfers from previous years' ISAs into that account (assuming the provider lets you transfer in) is perfectly fine.

You could theoretically have £100k in your ISA and it would be perfectly fine.

edit: beat :o.
 
Have HSBC changed their ISAs? the rates used to suck badly thats why i moved all my money out of them last year.

Not that intrest is worth having these days anyway. Im just dumping all my savings into my house right now hoping that it will eventually be worth what i paid for it again.
 
I detest ISAs. You get a year's tax free goodness with a high interest rate. Then you have to transfer it out when that offers done.

Then rinse and repeat.

It sometimes is worth piling it under the mattress! :p
 
Greenlizard0 said:
I detest ISAs. You get a year's tax free goodness with a high interest rate. Then you have to transfer it out when that offers done.

Then rinse and repeat.
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Filling in an ISA transfer form is really not difficult, it probably pays better than your job, hundreds of pounds of extra interest for 5 mins of form filling.

It sometimes is worth piling it under the mattress! :p
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It's never worth doing that, you lose money to inflation.
 
Energize said:
No, they are still terrible, 1.2%. Craig321 must be on drugs to even be considering the HSBC ISA.
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It's just a 'for now' thing really. Opening the account was instant as I'm already with HSBC so it was for ease as well. I'm looking around for a better savings account and/or ISA to put the bulk of my money in.
 
You just need to shop around for the best deals each financial year .... presently I'm getting 4.25% on my ISA with Nationwide. Typically the best deals only stay open for a short window then close to new customers.

That sounds like an awful interest rate on the HSBC e-ISA, you can get a better net interest of just over 2% on some standard internet saver accounts.
 
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