HSBC Regular Saver

pennies2pounds_3

Ok I invested £250 a month in this HSBC account which ended up at £2950 because I only put £200 in to open it. The interest I got was £100 ! -this isn't correct surely! Or am I doing something wrong?

thor

Well your average balance over the 12 months = £(200 + 2950)/2 = £1575 and this is what the interest will be effectively earned on. Therefore interest =
6.4/100 X £1575 = £100.8 ( assuming you are a not a high rate tax payer)
So I don't think that you(or HSBC) are doing anything wrong.

thor

wickedsistah wrote:

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.

Unfortunately I don't think there is a way round this problem. The account is a regular saver and it is unlikely that it allows early withdrawals without penalty. I'm not 100% certain because when I set mine up, I knew that there was no chance that I will be needing to withdraw early so I never checked up on it. Saying that you were not given the right info can be a cause for complaint but won't you need some proof to back that up?
Also like miskool, I think that you may want to recheck you maturity date. If you were told that your account matures in March then you should be able to get your hands on your money(including interest) in March.

pennies2pounds_3

Thor - so what calculation do I use for the A+L regular saver @ 10% for say £250 a month to work out what im going to get as interest?

sashacat

can anyone tell me about this 5.3% cahoot account, is it closed? I can't find it on their site, thanks

hansi

My wife's Regular saver with HSBC (8%) had the 12th amount deposited yesterday and the balance only shows the amount invested, i.e. no interest. When do they add the interest and does is get tranferred into her current a/c?

intalex

Sorry to dig up old issues, but has anyone had an HSBC Regular Saver "mature" recently? Any ideas what they do upon maturity? Specifically:-
1. Do they still take an additional (13th) £250 via the original standing order?
2. Do they pay the interest earned on the maturity date?
3. Do they transfer the funds (up to £3,000 original investment + interest) into one's current account or do they create a new Flexible Saver account and transfer it there? Alternatively, I can see an option to transfer money suddenly appear on my RS, so is the expectation that I can manually transfer it as I wish?

I have one maturing today, hence the questions so I can act fast on taking up other leftover savings options following the BoE rate cut yesterday.

Cheers in advance!

Swipe

Call them, it only takes 2 minutes

Mr_K

intalex wrote: »

Sorry to dig up old issues, but has anyone had an HSBC Regular Saver "mature" recently? Any ideas what they do upon maturity? Specifically:-
1. Do they still take an additional (13th) £250 via the original standing order?
2. Do they pay the interest earned on the maturity date?
3. Do they transfer the funds (up to £3,000 original investment + interest) into one's current account or do they create a new Flexible Saver account and transfer it there? Alternatively, I can see an option to transfer money suddenly appear on my RS, so is the expectation that I can manually transfer it as I wish?

I have one maturing today, hence the questions so I can act fast on taking up other leftover savings options following the BoE rate cut yesterday.

Cheers in advance!

Yes, the standing order keeps going unless you cancel it (very sneaky of them). However the account will no longer be a regular saver. They transfer it to a flexible saver which pays zilch. So move the money as soon as they've paid the interest and cancel the standing order. (I managed to shift my money before they had chance to put it in a Flexible Saver )

Froglet

.I have one maturing on Monday,i am poised to transfer it from my instant access to my current ac and then to a better rate account elswhere.Then i am going down to the bank to open another before they reduce the rate!!

As stated in the terms and conditions .........

5.12 On the first anniversary of the date your
Regular Saver was opened your account
will cease to be a Regular Saver. If you
have one of the following accounts with
us in the same name(s) as your Regular
Saver, your money and any accrued
interest will be transferred to that account:

• Instant Access Savings;
• Flexible Saver account;
• HSBC Premier Savings Account;

5

• any account that we have replaced any

of the above with.
If you have more than one of the above
accounts listed we will transfer your
money to the account which pays the
highest rate of interest.
If you do not have any of the accounts set
out above with us, your Regular Saver will
convert to a new Flexible Saver account
in the same name as your Regular Saver
or any account that we have replaced it
with, and will be subject to these General
Terms and these Savings Accounts Terms.
You authorise us to transfer any standing
order which you have set up and which
remains in force on your Regular Saver to
the appropriate account as set out above on
the first anniversary of your Regular Saver.
5.13 If you have HSBC Premier, HSBC Plus or
Passport Bank Account, you will receive a
preferential rate on any new Regular Saver
account that you open. To continue to
benefit from the preferential rate you must
continue to hold one of these products
throughout the 12 month term of your
Regular Saver. If you no longer have one
of the products mentioned above your
interest rate may change to the standard
Regular Saver rate. If you already hold a
Regular Saver you cannot have a Regular
Saver with a preferential rate until your
existing account comes to an end.