HSBC Advance Save Together

A question about : HSBC Advance Save Together

HSBC for Advance account holders have released a new product called Save Together - which Account holders have received an e-mail for today.

For those who are not going to use their ISA wrappers, I can't see how it's not a free Ј120 for tying up Ј300.

Details: https://www.hsbc.co.uk/1/PA_esf-ca-a...ther_Terms.pdf

Summary:

Our Save Together offer is:
• Make a single payment of Ј25 or more per month into your HSBC Loyalty Cash ISA and, for every month you do so, we’ll make an additional interest payment of Ј10 into your HSBC Loyalty Cash ISA. We’ll do this for a maximum period of 12 months from the date of your first single payment of Ј25 or more; or
• Make one lump sum payment of Ј300 or more into your HSBC Loyalty Cash ISA and we’ll make an additional interest payment of Ј10 a month into your HSBC Loyalty Cash ISA, every month, for up to 12 months.

It just seems too easy...

Best answers:

• I have an advance account. I have not had this email.
• I like that.
• You can pay Ј300 in once and get the bonus for 12 months. Does this Ј300 deposit count if its a transfer?
  The offer isn't valid until 1st March anyway so plenty of time yet.
• I just received this in the last half hour. I am an advance customer and have a loyalty isa already - so maybe they are starting with those but it seems to be available to all advance customers.
  Further details will be available at this link - which is in the email but isnt live yet - although the terms and conditions have already been linked above.
  https://www.hsbc.co.uk/1/2/savetogether
  What I find slightly odd is the wording (i.e. 'up to' 12 months) - why not say you get the payment for exactly 12 months providing you keep both your advance and ISA open. It implies they could stop the Ј10 payment at any time?
  "Make a single payment of Ј25 or more per month into your HSBC Loyalty Cash ISA and, for every month you do so, we'll make an additional interest payment of Ј10 into your HSBC Loyalty Cash ISA. We'll do this for a maximum period of 12 months from the date of your first single payment of Ј25 or more; or
  Make one lump sum payment of Ј300 or more into your HSBC Loyalty Cash ISA and we'll make an additional interest payment of Ј10 a month into your HSBC Loyalty Cash ISA, every month, for up to 12 months."
• Has the 2015-16 ISA season started early? Looks a good deal if you want to make it a good deal. Even if you deposited your entire Ј15,240 2015-16 allowance into the HSBC ISA, it looks a half decent deal, as it would effectively pay you some 2.26% AER.
  The "catch" is that you can only pay into one cash ISA per financial year and that they can stop this offer, or change the AER on their ISA at short notice. But that shouldn't be an issue and you should be able to make more of it - you can
• pay Ј300 (or alternatively, 12 x Ј25) into the HSBC cash ISA and the rest of your 2015-16 ISA allowance into an S&S ISA with a provider of your choice. Or
• pay Ј300 (or alternatively, 12 x Ј25) into the HSBC cash ISA, and save the rest of your money in regular savings or current accounts. Then just before the end of the FY 2015/16, tip the rest of up to your ISA allowance into the HSBC cash ISA, just to make use of your entire 2015/16 ISA allowance.
• split your ISA allowance some other way between an HSBC cash ISA and an S&S ISA, or between an HSBC cash ISA and savings in regular savers / current accounts

Did I hear anyone mention HSBC in the context of tax avoidance?

• Just to check, there is no monthly fee for the advance account. You just have to transfer in Ј1750 a month?
  No details of this on their site yet.
• I got an email late afternoon and i don't have a HSBC ISA product so i guess it is being sent out in no partucular order of existing products.
  Given it starts on 1st March, and can be a lump sum, does section 11 of the terms and conditions mean it counts as 2014/15 ISA money and 2015/16 can be used elsewhere if you choose to do so?
  It says -
  11. The additional interest payments made by us are not ISA subscriptions and do not count towards your annual ISA subscription limit.
• Hi all
  Sorry I always find ISAs a bit confusing so bear with me if these are stupid questions!
  I have already put some funds into a regular saver ISA with nationwide for the 2014/15 year.
  To take advantage of the HSBC offer would it be worthwhile transferring in a previous years ISA, eg 2013/14 year, after 1 March?
  Or waiting until April and just use it for 2015/16 allowance?
  Thanks a lot
• I currently have HSBC advace and the loyality Cash ISA. As I haven't used up all of my ISA limit for 2014/2015, if I was to withdraw Ј300 from it on 28th Feb and deposit Ј300 on 1st of March do you think that would count as the Ј300 lump sum and secure me the offer...?
• Does anyone know what qualifies as a loyalty ISA? I have an E-ISA with them which I opened about 7 years ago, and was about to switch accounts because of the poor interest, but this offer changes everything...