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

Milarky

apt wrote: »

It does not apply to the OP who is already with HSBC, but a further £90 is available for new customers. £50 cashback from Topcashback for opening the Advance account which is needed to get the 8% regular saver. A further £40 cashback from HSBC.

It looks like it is also available from Cashback Kings - whom I use

Earn £50 when your online application for an HSBC Bank Account or an HSBC Bank Account Plus is accepted.

http://www.cashbackkings.com/hsbc-bank-account/bargains/m5970

Note there is no such thing as just an 'HSBC Bank Account' - all accounts have particular names so I assume that applies to 'all the rest'?

Milarky

Can I run this past anyone...

The HSBC Regular Saver terms state:

5.4 You must open your Regular Saver with an initial deposit on the day of account opening....5.5 In each of the next ll months, you can make savings once a month..only..by way of standing order from [your] current account....5.6 The balance on your Regular Saver must never exceed the 'maximum monthly balance' [which] means £250 in the first month after your [account] is opened, increasing by £250 in each month. So, £500 in month 2, £750 in month 3 and so on...5.7 the first standing order payment must be at least one calendar month after account opening. You can only make one standing order payment to your Regular Saver in any one month...5.8 you can stop a standing order..to your [account] and set up a new standing order at a later date

In light of the above, is this pattern ruled out?

Open RS April 29. Set standing order for 29 May [Fri]. Cancel this standing order on 30 May and Request a new standing order for 1st June?

Thus, the monthly balance goes £250, £500, £750... without a full month's duration between 'month 2' and 'month 3'.

So you could up your annual interest from £130 gross to about £145...

Also, should the payment be stopped on 1st March (11th standing order) as per condition 5.5?

See also condition 5.10 which states

If you have saved more than the maximum monthly balance you will receive interest on the excess at [same rate as] a Flexible Saver [account]

Baldur

To contradict apt's interpretation of the requirements of the 8% Regular Saver (which was also my interpretation until I actually tried to open one via two different branches) - even Advance account holders are required to have their salary or retirement income paid into theit current account during the twelve month period of the fixed rate account, see page 12 of the following - http://www.hsbc.co.uk/1/PA_1_5_S5/content/uk/pdfs/en/ways_to_save.pdf;jsessionid=0000vTN0pAtn6D918B8qgSb1eTT:12ntf16af

• Available to Current Account Advance, HSBC Plus, HSBC Premier and Passport Bank Account customers.

• Save between £25 and £250 in the first month. In subsequent months you should not exceed the maximum monthly balance which starts at £250 in month 1 and increases by £250 in each subsequent month.

• Your monthly salary or retirement income must be paid into your HSBC current account during this time.

Milarky

Baldur wrote: »

To contradict apt's interpretation of the requirements of the 8% Regular Saver (which was also my interpretation until I actually tried to open one via two different branches) - even Advance account holders are required to have their salary or retirement income paid into their current account during the twelve month period of the fixed rate account.

Agreed. But they managed to mislead several of us who took this statement

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

The essentials

* Available only to customers who have their monthly salary or retirement income paid to an HSBC Premier Bank Account, HSBC Plus Bank Account, Passport Bank Account or hold a Current Account Advance account.

literally, at face value and complete.

The precise wording in the 'Terms and Conditions' (only presented to you after you click 'to apply' and then direct off to a pdf link as far as I can see) is

http://www.hsbc.co.uk/1/PA_1_1_S5/content/uk/pdfs/en/savings_accounts_and_general_sep_08.pdf

5.1 You must already have a Current Account Advance, an HSBC Premier Bank Account, an HSBC Plus Bank Account or a Passport Bank Account with us into which your salary or regular retirement income is paid before you can apply for a Regular Saver.

5.2 You must continue to hold a Current Account Advance, HSBC Premier Bank
Account, HSBC Plus Bank Account or Passport Bank Account with us and pay your salary or regular retirement income into it for as long as you have your Regular Saver.

I see where they are coming from - it's a late redrafting of the existing terms and conditions to incorporate the new Current Account Advance. The 'blurb' clearly contains an error therefore. See where I've underlined wording in an attempt to recast the meaning so as to apply only to a single type of account. That's impossible of course because the other quote is clear enough about grouping those accounts under the same 'salary' condition.

[What are we going to do about that kind of sloppiness eh?]

mzqa395

funny they alo me to open with grauate account