HSBC regular saver due to mature next month

Swipe

My HSBC 8% regular saver account is due to mature next month and I noticed that I still have a direct debit set up to transfer £250 for next month. The bank have told me that this account gets closed on the 12 month anniversary rather than kept open for another 12 months, but they did say I could open a new one. However, I forgot to ask what happens to the direct debit I have set up to that account. Will this get cancelled by HSBC when the account closes or is it something I need to do myself? Has anyone had their regular saver mature yet?

skystar

Swipe wrote:

My HSBC 8% regular saver account is due to mature next month and I noticed that I still have a direct debit set up to transfer £250 for next month. The bank have told me that this account gets closed on the 12 month anniversary rather than kept open for another 12 months, but they did say I could open a new one. However, I forgot to ask what happens to the direct debit I have set up to that account. Will this get cancelled by HSBC when the account closes or is it something I need to do myself? Has anyone had their regular saver mature yet?

Hi Swipe

What will happen is when the Regular Savers matures then the funds will be transferred to either an existing savings a/c if you have one or if not one will be opened. The standing order will be redirected to that a/c. So if you don't want the standing order to continue you would need to cancel that yourself.

Hope that explains it.

Swipe

Today is the first anniversary of my regular saver. I have just checked my HSBC accounts online and the 8% regular saver account has disappeared (as expected) but the £3000 + interest has not yet appeared in my flexible savings account. Does anyone know how long this takes and is this normal? I assumed it would be instantaneous as are normal internal transfers with HSBC.

Ted_Bloke

skystar wrote:

Hi Swipe

What will happen is when the Regular Savers matures then the funds will be transferred to either an existing savings a/c if you have one or if not one will be opened. The standing order will be redirected to that a/c. So if you don't want the standing order to continue you would need to cancel that yourself.

Hope that explains it.

You cannot open a new 8% savings account?
It was this account that decided me to after all stay with HSBC a year ago.
Is the new account at all decent?

Swipe

Ted_Bloke wrote:

You cannot open a new 8% savings account?

When i spoke to them a month ago they said you could open a new one AFTER the existing one has matured.

Ted_Bloke

Thank you. I'll grant them a reprieve.

grilli

i signed up for the 10% savers account but cant remember when it matures. not saving an awful lot to be honest.

Swipe

I just want my £3000 back. If it's not there by tomorrow, I'll call them as the actual day I opened the account was 21st Feb 2005

princess2005

I'm with Halifax Regular Savers. Due to an error on their part they have not released my money which was due on the 14th November. The interest rate has been reduced since the anniversary. They now tell me that the only way the money can be released is to go into the Halifax Branch 10 miles away with my Identity papers AGAIN!They deleted the originals from their system!! Anyone else experience the same problem. Also, on the 7% they advertised I earnt £89 interest on saving £250 per month for a year!!

moneysavingobsessive

Princess2005 - the interest is correct as the average balance of your account would have been £1500, 7% of this is £105 and tax would be £21. This is the reason that the banks can pay such high interest on regular savers, especially those which mature after one year.

Did you mean the interest rate on your £3k has reduced? The regular saver is still 7% at the moment. If they are paying less than the interest on your nominated account for the period 14/11 until you get the cash, then you should be able to complain and collect the additional interest.

princess2005

Thank you moneysavingobsessive for your reply. The £3089 is still in the Regular Saver account and they have reduced the rate to 4.65% gross and will remain at this rate until I can get into the city with the papers they require to transfer it to the holding a/c.