HSBC Regular Saver

misskool

Just had my HSBC regular saver mature and the a/c disappeared off online banking. Rang them and it takes approximately 5 WORKING days to transfer the balance to another a/c in my name at the same bank. Sorry, am just a lil miffed by it as wanted to sweep it all into A&L issue 2 today.

But can anyone provide an explantion of why it would take 5 working days? Bloke on phone (who was trying to sell me something else..) said it was just what it said on the screen. I said, same bank, same a/c holder, and you can clear credit my cheques in one day but it takes you five days to pay me the money I've invested?

Thanks in advance!

Vintage67

I had a similar situation, though it 'only' took about 3 days to transfer mine between accounts, during which time there was no sign of where the money had gone. In addition, the date it maturied was earlier than it should have been, so my final payment was only in the account for a week. Tried to argue this with HSBC but they insisted that it was the correct date, so looks like they set it up wrong. Think I'll be going somewhere else next time!

Macce

3 days for me as well. Unfortuanetly it will take another 4 days to transfer to my 5.3% Cahoot Savings account.

murf

Mine never matured ...it was due to on the 3rd but its still on my online acounts.. plus they took another 250 out. 8% looks good but u never get as much as you think your gonna get do you ..

misskool

murf, the interest is 8% a month on your balance, not the total invested for the whole year so you would receive 8% on £1500. That's why regular savers offer a higher interest rate than other savings accounts.
Martin's article

murf

Thanks ijust read it ..lol hence the edit .

Swipe

Now it also looks like they have pulled the offer. Last month I asked if I would be able to take out a new account and they said yes, only to find that there is no such account anymore.

Kazza242

Swipe wrote:

Now it also looks like they have pulled the offer. Last month I asked if I would be able to take out a new account and they said yes, only to find that there is no such account anymore.

HSBC have replaced it with the Regular Saver 2 account. It runs for 12 months and pays 8% interest on the first £250 deposited each calendar month. Payments up to £1,000 may be deposited into the account each month, but monthly amounts between £250.01 and £1,000 will receive interest at the Regular saver 2 rate (4.25%).

More details on the HSBC website: http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/regular-saver

HSBC Regular Saver 2 terms and conditions. (PDF)

thor

My RS matured on 1st March and the interest was added as expected but when I checked online I noticed that they had taken out another payment from my linked current account. This means that I have now got £3250 + interest(£103) and the account is still listed as a Regular Saver 1. I did not tell them to do anything on maturity and the letter I recieved a few weeks ago said that the money would be transferred into their Flexible Saver Account(which I would have closed immediately and moved the cash to my 5.3% Cahoot account).
I'm going to my branch tommorrow and will be very interested in their explanation.

regularsaver1

regular savers usually continue afterwards, unless you stopped your standing order, which i take it you did not

murf

i am still in the same boat as thor and my standing order was stopped .. after a phone call to hsbc iam none the wiser as no one among the call centre staff had a clue why the account was still there or why another 250 had been taken ... 2 diffrent people ended up telling me to go to my branch.. murf