Help with savings?

Question

OK, From my wages I'd like to put £80 aside each month.

I've opened up an Online Bonus Saver with HSBC, which gives me 5.25% AER (5.19% gross) variable including bonus interest when you don't make a withdrawal (Which I wont be).

I'll be putting it into there.

Is this a good savings account?

Also, could someone help me set up a standing order.. Because I really don't know how to!

(CHA, I'm useless :[ )

THANKS!

xx

Answer 1

are you older than 16? This looks like quite a good rate of interest.

Answer 2

ISA's are the way to go, if you already have a current account with HSBC they are offering an ISA at 6.25% this can also be opened online, the net rate (after tax) for the account you have is just 4.152%.

To set up a standing order, you need a sort code, an account number a possibly a reference number for the savings account you are transferring into. This is then set up from the sending account (i.e the current account your wages go into)

Answer 3

you want to open a isa account and they will set up diret debit for you 5.25% is a c**p rate.

Answer 4

You will pay tax on this so you will be lucky to end up with 4.5% net.

If you havent used your ISA allowance then put your money there, Abbey have a direct ISA accessable over the internet that will pay you 6.25%

and you get it all with no tax to gordon brown and his chums!

Answer 5

I have the Online Bonus Saver with HSBC, but i also use the Cash Mini ISA which is tax free and better.

The rates are not bad.

To make a standing order go to your branch and they will assist you.