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HSBC ONLINE BONUS SAVER REVIEW
HSBC Online Bonus Saver - Savings Account
(Which Way To Pay - 26/2/2010)
Online Bonus Saver, provided by HSBC, is an online savings account with a high bonus variable rate of 0.75% AER (0.75% gross including bonus interest). You can open this savings account with just £1 and have instant access to your funds via transfers online.
 
A set back of this account is that if you do need to withdraw money, you will not receive the high bonus interest rate for the entire calendar month the withdrawal is made. For example, if you withdraw some money in the middle of the month, all bonus interest accrued for the previous period in that month is deleted and no bonus interest will be earned on balances held in the account for the duration of that month. Bonus interest will start to accrue again on 1st of the following month, unless you make a withdrawal on that calendar month. You will still get an interest rate of 0.25% AER (0.25% gross) for any month that a withdrawal is made, however, this is a fairly low standard interest rate.
 
This account is designed for long term savers, and so rewards “savers” not “spenders”. If you think you will need regular access to your money it might be worth looking into other options.
HSBC Online Bonus Saver is ranked 3 out of 5. Based on 1 review.

3 Star Rating        
            
REVIEW RATINGS EXPLAINED
1 Star: 1 Star RatingPoor
In relation to other products, has performed badly and has little or no worthwhile benefits.
2 Stars: 2 Star RatingBelow Average
Has some features of value, but in comparison to others performs below standard.
3 Stars: 3 Star RatingAverage
A fair product with regards to its competitors - has no outstanding features or benefits.
4 Stars: 4 Star RatingGood
In comparison to other products performs above standard, has beneficial features.
5 Stars: 5 Star RatingExcellent
Performs well above standard in comparison, has exceptional features and benefits.

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