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Savings Rates Increasing Sharply - Just Offered 5% 1 Yr Bond


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Unless I've been lied to, it's not a wind up.

The conversation went something like "Where may I ask are you transferring your money" "Not saying, but I'l be getting ****" "We can offer you 5% on that lump sum for 12m" - I repeated that back to her - she repeated it back to me. I repeated it back to her. She repeated it back to me. I repeated it back to her. She said yes. I said yes please. She booked me an appointment with some regional drone. Will report back after meeting (tomorrow).

Edited by gruffydd
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Unless I've been lied to, it's not a wind up.

The conversation went something like "Where may I ask are you transferring your money" "Not saying, but I'l be getting ****" "We can offer you 5% on that lump sum for 12m" - I repeated that back to her - she repeated it back to me. I repeated it back to her. She repeated it back to me. I repeated it back to her. She said yes. I said yes please. She booked me an appointment with some regional drone. Will report back after meeting (tomorrow).

This is the thing where they give you 5% on half your funds and you put the other half into an investment fund and you pay them a 4% advisory fee. There's a thread on it in the investments section. I wouldn't get too excited yet, it's a pile of pants.

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This is the thing where they give you 5% on half your funds and you put the other half into an investment fund and you pay them a 4% advisory fee. There's a thread on it in the investments section. I wouldn't get too excited yet, it's a pile of pants.

What a bunch of bestards. Thanks for that - I'll cancel my planned meeting.

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This is the thing where they give you 5% on half your funds and you put the other half into an investment fund and you pay them a 4% advisory fee. There's a thread on it in the investments section. I wouldn't get too excited yet, it's a pile of pants.

Yup, HSBC tw4ts leading me up the garden path again. They wouldn't tell me the details, so I had to arrange a meeting which I walked out of after 2 minutes.

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What a bunch of bestards. Thanks for that - I'll cancel my planned meeting.

Well, don't, because it might be real and it's interesting if it is. But I am pretty sure that it's this:-

http://www.worldselection.hsbc.co.uk/next_steps/latest_offers.html

Basically they pay you 5% on half the money, then put you into an investment fund on the other half. You have to take advice, which means a 4% charge instead of 1% if you bought through a discount broker. So that's effectively 3% difference on half, or 1.5% difference on the whole thing. Basically you're really only getting about 2% on the half in the fixed rate account. You'd be better off doing 3.95% with NS and I and then paying 1% to a discount broker to put you into the funds (if this was what you wanted to do).

If they try to sell you this product when you just want a fixed rate bond, I would be pretty swift in saying you may well have a case for mis-selling.

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Well, don't, because it might be real and it's interesting if it is. But I am pretty sure that it's this:-

http://www.worldselection.hsbc.co.uk/next_steps/latest_offers.html

Basically they pay you 5% on half the money, then put you into an investment fund on the other half. You have to take advice, which means a 4% charge instead of 1% if you bought through a discount broker. So that's effectively 3% difference on half, or 1.5% difference on the whole thing. Basically you're really only getting about 2% on the half in the fixed rate account. You'd be better off doing 3.95% with NS and I and then paying 1% to a discount broker to put you into the funds (if this was what you wanted to do).

If they try to sell you this product when you just want a fixed rate bond, I would be pretty swift in saying you may well have a case for mis-selling. Looks like the sales target culture is back in full swing!

Is the appointment setter liable for providing misinformation - or are they let off the hook by the personal meeting. Interesing. I'm kicking myself I didn't record the phone call. Talk about misleading.

Edited by gruffydd
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Try the Poppy Bond from Coventry BS.

A HPCer put me on to these last year.

They are paying 4.3% until dec 2010 and you can take your money out (with loss of 90 days interest )which makes it the best I've found recently.

They make a donation to the Poppy Appeal too.

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Try the Poppy Bond from Coventry BS.

A HPCer put me on to these last year.

They are paying 4.3% until dec 2010 and you can take your money out (with loss of 90 days interest )which makes it the best I've found recently.

They make a donation to the Poppy Appeal too.

Wrong!

"Withdrawal arrangements Withdrawals and closure will not be allowed before the bond matures, except in the event of death of a sole account holder."

http://www.coventrybuildingsociety.co.uk/savings/productfeatures.aspx?ProdCode=CPB2

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HSBC - apparently only for existing savers with large lumps sums. I've got some bankster wanting to meet up with me as they didn't want to talk about it on the phone.

no no no

i think i know that one, its only 5% if you put the same amount in an ord savings account, so its 50% at 5% and 50% at a probably much lower rate

if i'm wrong pls post link to this shiny new beacon of savings hope, thx

edit i see barebear has posted same, i discussed this in savings forum 2 wks ago

Edited by loginandtonic
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Wrong!

"Withdrawal arrangements Withdrawals and closure will not be allowed before the bond matures, except in the event of death of a sole account holder."

http://www.coventrybuildingsociety.co.uk/savings/productfeatures.aspx?ProdCode=CPB2

I think they changed the T&Cs on the website. I distinctly remember seeing that withdrawals were allowed and even posted a comment on Moneyweek saying so. Perhaps they had a lot of enquiries and withdrew the option.

Still, 90 days loss of interest on a year bond would be expensive and its still a good deal.

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  • 443 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • up 5%



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