HSBC Regular Saver

regularsaver1

It is HSBC after all

thor

Went to my local branch and nobody could explain fully what had happened but Regularsaver1 was right in that my Standing Order had not been stopped so I had to sign a cancellation. They could not understand why my I saw my account as a regular saver even though it had matured days earlier but on the day that I went it had changed to a Flexible Saver so that had been fixed. The lady dealing with me offered to open up Reg Saver 2 for me and I immediately accepted. It was quite amusing how she struggled to persuade me not to pull out all my money from the Flex Saver account but she had no answer to the 5.3% of my Cahoot account and began getting desperate by throwing stock market investment products to which I also refused. Finally she relented and all the money was transferred to my current account. She then started to push ISAs and car insurance but I pointed out how they were all inferior to what I had already. In a last desperate throw of the dice she asked about my mortgage but her face fell so much when I told her that I had already paid mine off, that I almost fell sorry for her. In the end she gave up the ghost and admitted defeat. I expect I will have to go through this all again in 12 months time.

murf

Visited my branch today and the account was still there the advisor made a call ,closed it and bypassed the flexable saver by putting the money straight into my current account ..i wonder if the flexable saver will still appear as the reg saver-1 is showing as 0 on my online accounts rather than not being there at all.. murf

regularsaver1

Jeez I hope my name does not get linked with HSBC - i am not linked to them what so ever

glad you got it sorted

wickedsistah

I have read the threads and have had the same problem. If anyone can help and give me some info, I would be very grateful.

My RS matured on March 6 and need to take the money out. I have been calling them since February and I was told that the interest would be paid in on my last payment, but there is no sign of that on my account. I then called today to be told that it will be paid in on the anniversary date which is April. I cannot wait until April for the interest, and was told that if I want to transfer it now to my current account, only 2% interest will be paid into it.

Does anyone know how I can complain and get the whole interest? If I tell them I was given the wrong information, would that be enough as a complaint? Surely, I deserve the to get the 6.4% net of the 8%.

If anyone knows a loophole or something to contest or whatever rights we have about misleading information, I would really be very grateful.

misskool

wickedsistah
The interest should be paid in your last payment. The regular saver and all the interest accrued should be moved to any savings a/c that you hold with them. You should have been sent a letter telling you what happened.
Can I just check that your RS matures on March 6 and was not opened on March 6? If it was opened on March 6, it matures April 6.

On another note, has anyone received a closing statement from them? Do they issue them or do they just expect us to trust them? (I don't think so!!)

Swipe

Yes, I received a closing statement

chenman

i got a regular saver -1 as well and it matured on the 7th of march. Just wanted to know, how to work out the interest, just to make sure it is correct.
Also does cancelling the standing order, cancel the reg saver? if so, what happens to the money?

Swipe

chenman wrote:

i got a regular saver -1 as well and it matured on the 7th of march. Just wanted to know, how to work out the interest, just to make sure it is correct.
Also does cancelling the standing order, cancel the reg saver? if so, what happens to the money?

If you invested the full amount (@250/month) you should get around £104. No, cancelling the standing order does not close the account. I cancelled my standing order two weeks before the account matured after my final payment had gone in.

chenman

i did not invest the full amount, only did 150/month, so it works out to be 1800 in total.

so what will happen to the account, can i just transfer the money to my normal account?