8% interest from HSBC regular saver/ current account

Mr_K

nzseries1 wrote: »

If only I didn't have to go into the HSBC branch to open it... I'd be there.

Can I be bothered going to HSBC to wait in a queue for 45 minutes for an account where you can only save such a small amount each month? I'm not sure I can.

You can open it by telephone. But you're right, don't get excited by the 8 & 10 % interest rates; you're never going to make a fortune out of it with a limit of £250 a month.

nzseries1

Baldur wrote: »

While the current account can be opened online, the Regular Saver (which is what I read nzseries to mean) can't.

Yeah, that's what I meant, I already have the Current Account Advance.

Mr_K wrote: »

You can open it by telephone. But you're right, don't get excited by the 8 & 10 % interest rates; you're never going to make a fortune out of it with a limit of £250 a month.

That's good news, I might give them a call on Monday and give it a try! Waiting in a phone queue isn't so bad because I can do it on work time

MumOf2

I phoned about the Reg Saver and was told that both close to new applicants on 30th June.

mrseyes

I do not have HSBC Current/Current Account Advance at present time.

Can i do this?

Open this account.
Put £500 every month
Move £250 a month to HSBC regular saver (8% interest)
Move remaing £250 a month to Barclays regular saver (6% interest).

Thankyou

Baldur

mrseyes wrote: »

I do not have HSBC Current/Current Account Advance at present time.

Can i do this?

Open this account.
Put £500 every month
Move £250 a month to HSBC regular saver (8% interest)
Move remaing £250 a month to Barclays regular saver (6% interest).

The Regular Saver requires you to mandate your salary/retirement income into the Advance account for the full year that the RS account is in operation - you can't simply pay £500 or more into it.

Pandora123_2

Baldur wrote: »

The Regular Saver requires you to mandate your salary/retirement income into the Advance account for the full year that the RS account is in operation - you can't simply pay £500 or more into it.

This was not the case when I opened my account. I told them that my husband would be funding my account each month by standing order (from his current account at another bank) and was told this was fine. After the current account and regular saver accounts were both opened, I read on these forums that the current account HAD to be funded by salary or retirement income. I called HSBC to enquire and they said that having it funded from my husband's account was fine.

Maybe they've changed their policy on this now, though.

Baldur

Pandora123 wrote: »

This was not the case when I opened my account. I told them that my husband would be funding my account each month by standing order (from his current account at another bank) and was told this was fine. After the current account and regular saver accounts were both opened, I read on these forums that the current account HAD to be funded by salary or retirement income. I called HSBC to enquire and they said that having it funded from my husband's account was fine.

Maybe they've changed their policy on this now, though.

See http://www.hsbc.co.uk/1/2/personal/savings/regular-saver;jsessionid=0000cIGjZ02stWkmY-vfzFL-UNL:12c58t1e1

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 Current Account Advance.

cashbackproblems

The interest rate is abit misleading considering theres a limit of 250p/m, but at least at the end of the year you have a nice lump sum saved up which you may have otherwise spent on rubbish if it was sitting in your current account.

Best way is to open is in branch as i tried ringing up but as my current account wasnt changed to current account advanced i had to go in. Also the 10% is only for those who sign up for a premium account which is 12.99p/m which most ppl wont do, but if you do alot of travelling you get free travel insurance all yr and free breakdown cover so may be worth it for a small minority.

sabretoothtigger

After saving £250 a month for 1 year and 0 months,
you will have £3,128.47 in savings.
meaning you've earned £128.47 interest

So you commit to putting 3k in and all you get is £128 for your troubles :laugh: :doh:

Which is really about 4% but thats not including whatever interest you get on your feeder account. Lets assume 2.5% and roughly that'd be another £40 I think


I think this account is quite flexible though, you could start off with £25 and only put in £250 on the months you feel like? Its worth doing for small savers

littlemrtinkle

plus £50 quidco or top cashback for opening account & £40 if you choose to switch and extra £10 if they dont send card in 7 days as they did with me so you could have £100 on top of £128