HSBC Regular Saver - 8% AER - any better out there?

sarah_elton

SavingSteve wrote: »

OP - do you have one of the following;

Regular Saver is available to Current Account Advance, HSBC Premier, HSBC Plus or Passport customers

It's not open to plain vanilla Current Account holders I'm afraid.

I've got Current Account Advance so I'm good.

OH has a Premier account. He's thinking of doing one too now, but if he doesn't I can give the £250 a month to him and get 10% instead of 8%. :money:

Do wish I was a new customer now though lol. That's a good cashback deal.

And thanks Baldur - the 7% ISA could be a good one from 6th April, though it'll mean having yet another current account...

sarah_elton

obsessed_saver wrote: »

It's a strange concept, but I'm actually avoiding regular savers and accounts that require a certain monthly deposit to avoid paying a "fine" because I'm afraid I'll lose my job in the next 12 months. :P

Yeah that's the only thing that could go wrong with my plan to do one.

Still thinking about it - I'll compare the rate-redemption penalty trade-off and see if it's worth it.

On the other hand, if I put other savings into an instant access account, if I did lose my job I could take the £250 out of that each month to pay in. I'll have the £3k saved within a couple of months so would have the money to cover the regular payments.

Just need to work out if I'm best doing regular saver + ISA + some instant access, or just finding ISA + non-regular saver that's better than instant access.

getmore4less

littlemrtinkle wrote: »

barclays Earn a fixed interest rate of 6.00% AER (5.84% gross pa*) in months when no withdrawals are made. Make monthly deposits from £20 to £250.

Super Fixed Rate Monthly Saver (Issue 7)


abbey Get a super fixed rate of 6.00% gross/AER on your savings

Give your savings a super boost with this regular monthly savings account. You’ll get a fantastic fixed rate of 6.00% gross/AER for 12 months on your savings when you also open a regular investment, pension or protection plan. up to £250 a month

hope this helps.

IF you open at the end of the month with an initial £250 and set the SO up for the 1st you can get £500 in on the first few days.

Still an upper limit on the amount that qualifies for the 6% rate so watch the last payment if you do this.

thor

littlemrtinkle wrote: »

barclays Earn a fixed interest rate of 6.00% AER (5.84% gross pa*) in months when no withdrawals are made. Make monthly deposits from £20 to £250.

Do you have to deposit by standing order or can you make payments at the branch?

bankemployee101

thor wrote: »

Do you have to deposit by standing order or can you make payments at the branch?

The Barclays Monthly Savings Account terms and conditions state that the payment *must* be made by standing order (- bear in mind that most banks insist that sufficient funds to cover standing orders [and direct debits] must be available by the close of business the working day BEFORE [this is actually not as good as the Barclays current account terms, but still go by this rule] they are due to be paid to ensure they are paid successfully.)

That being said, I have a monthly savings and transfer the funds manually online every month and earn the same amount of interest as someone who has a STO set up. This would suggest that cash over the counter should also work, but it would be outside the terms and conditions.
If the price bracket of £20-£250 seems suitable for your requirements, then take advantage of this account - you really do see the difference in the interest!

PM

I have a current account but its dead. Do you need to have an income of a certain amount comming in monthly?

skitskut

PM wrote: »

I have a current account but its dead. Do you need to have an income of a certain amount comming in monthly?

If you have a plain current account with HSBC ( not Premier, Plus or Passport ) then you need to have at least £500 coming in monthly which makes your account a Current Account Advance which then makes you eligible for an 8% regular saver.

paulw19

For me this is the best offer out there at the minute when combined with the TopCashBack offer of £50 for opening a new account and the £40 on offer for switching direct debits to this new account. Working on the principle that the interest payable on the account is roughly equivalent to [monthly deposit] * [interest rate] * 6.5 as mentioned by rb10, a minimum investment of £25 per month will bring interest of £13. When factoring in the £90 'bonus' payments this makes the account pay £103 over the year, a ridiculous 63%! Personally, I will be paying the full £250 as the interest is still unbeatable on a product of this nature at around 13.5% with 'bonus'.

Another consideration is that in these calculations I havent even factored in the ability to reinvest the £90 'bonus' elsewhere at an earlier stage! Time value of money and all...

Milarky

apt wrote: »

Does not require you to transfer salary. You just have to pay in £500 per month, £250 of which should go straight into the regular saver.

...For the Current Account Advance... Thanks apt for that clarification......

apt

Milarky read that passage again. Unlike the other accounts you do not need to have your salary paid in in the case of the Current Account Advance account.