CasualObserver1

Wow. http://www.hsbc.co.uk/1/2/personal/s.../regular-saver


How come us Australians don't get deals like that? Especially when the interest rate is much higher than the UK!

freebo

Only allowed to invest 250 quid a month though, max interest is 163 pounds.

CasualObserver1

Oh didn't see that. Still there is nothing in Australia that pays that.

MartinLuther

Because the British banking system is the best in the world. It's hard to compete with such excellence.

CasualObserver1

Why do Australian banks offer such low rates though. Especially when interest rates are higher.

MartinLuther

You asked why nothing in Australia pays the same as the British account that you listed.

Although HSBC is a global company it is head-quartered in London. It's a global bank controlled from Britain.

CasualObserver1

I revised my comment after posting. Should have been clearer.

It's annoying that British banks can offer higher rates than Australia when Britain's economy is supposed to be in turmoil.

jothefw

I'm getting 6% here and my dad was telling me he's getting 0.6% in UK.

I'm quite happy with that! (ANZ doing me proud actually! )

CasualObserver1

Yes but the cash rate is 4.75%. 6% means ANZ are only giving you 1.25% about the cash rate.

That's not great.

CasualObserver1

You can still get savings accounts for 5% in the UK. That's 4.5% above the Bank of England's rate of 0.5%.

freebo

I'd be grateful if you could name one, best I could find was 2.9%, which doesn't even keep pace with inflation.

CasualObserver1

HSBC .

freebo

Aside from the 250pm max regular savings accounts I see no 5% here HSBC UK Rates

CasualObserver1

That's the one I am referring to. What I meant is why can't Australia offer a similar or better product. Surely if the banks are making so much profit it's not too much to ask for better products.

CasualObserver1

If you are a HSBC Premier account holder the account will let you save around $6000 AU equivalent per year at 10%. There is nothing to rival that here.