Savings account advice!

[november90]

Hi everyone, just after some general advice for a savings account.
Basically I've had bad credit in the past, 10 years ago I was ina. Debt management plan but thankfully all of the arrears etc have been wiped clean from my credit file but I haven't had the chance to build it up much. It's not bad but not great.
I really want to open an online savings account to help me save some money. I just want to be able to transfer money out of my bank for different things and then have access to them. Can anyone recommend a place for me to do this?
I bank with Hsbc but only have a basic bank due to history.

Does hsbc offer a savings account?

Savings rates are rubbish and they are all much of a muchness in what they offer IMO. Go for the easiest to access - HSBC savings will mean you can transfer via the app easily so just go for that.

How about setting up an HSBC regular saver? You can save between £50 and £250 a month and get 1% interest. If you have to take the money out for any reason you just get the default interest rate of a basic account, so you don’t lose anything.

I think you'll find that any of those accounts have rubbish interest rates now unfortunately, but you could just set up a second account to keep the money separate?

I opened a separate current account with a decent interest rate a few years ago and I still use it now, although the interest is now zero on it. I move whatever money I can into it each month and then use it for bigger one off expenses like car insurance etc, and try to keep the balance in it growing at the same time. I like that it's separate because then I won't dip into it for every day things.

Thanks for the reply! I only have a basic bank account with hsbc so they won't allow me to set up a savings account. How ridiculous!
I am not too concerned about Interest rates, I just want to separate my money!
Can you have more then one current account? Sorry if that's a stupid question 😂

Yes you can have several current accounts but with different banks. Have a look at monzo or post office savings Accts

If you have HSBC online banking you should be able to open as many flex accounts as you like. We’ve got about 6 for different things.

I'd double check with HSBC again...Martin Lewis' MSE site has some good advice. If you don't need instant access you could consider premium bonds too ...