HSBC Regular Saver-1 Question

stevo84_2

Hi all,

I have a HSBC regular saver-1 (mark 1), I have been putting £100 a month in to it and it now has £1100 in it. I am trying to find out what happens after 12 months, do they leave it and carry on or do they pull it out and put the funds (inc interest) in to my current account? I can not find anything about it on hsbc's website as its been superseeded by the regular saver-2.

Cheers all,
Steve

Afahmaep

stevo84 wrote:

Hi all,

I have a HSBC regular saver-1 (mark 1), I have been putting £100 a month in to it and it now has £1100 in it. I am trying to find out what happens after 12 months, do they leave it and carry on or do they pull it out and put the funds (inc interest) in to my current account? I can not find anything about it on hsbc's website as its been superseeded by the regular saver-2.

Cheers all,
Steve

Received a letter just after my last payment went in saying

Your Regular Saver is about to mature

I'm writing to let you know that your RS matures on 24/05/2006 and to inform you of what is going to happen to the money you've saved over the last year.

What happens now?

The good news is there is no action required - your savings and interest will be transferred in one of the following ways etc etc.

The letter is very well prepared and informative with a contact tel no of 08457 404 404

misskool

When your regular saver matures, they close the account automatically and move it to another savings account that you have with them. This will take up to 72 hours so the money will not show in your online banking (this gave me a right fright!) for a while. They moved it to my instant access saver. I promptly moved the money to my current account and shifted it across to another bank account.
You need to phone them and set up another regular saver if you want to keep saving.

stevo84_2

cheers guys,

I will await my letter !!

Out of interest then misscool, can I setup another reg saver and start again?

also on this note, is halifax reg saver the best on the market or is there a better one now?

YorkshireBoy

stevo84 wrote:

also on this note, is halifax reg saver the best on the market or is there a better one now?

It's been posted on here that if you can feed the Halifax regular saver from a Halifax 'web saver' account, which you pre-load with the entire years supply of standing order payments, the result is an aggregate rate of around 4.8% net of basic rate tax.

The A&L premier direct/regular saver will deliver around 7.5% gross if the former feeds the latter. You can also be referred for the premier direct account and pocket an additional £25.

stevo84_2

cheers yorkshire, I have a a+l premier direct acc so will be applying for a reg saver i think !!

sounds much better than halifax ! :0)

cheers again
steve

YorkshireBoy

stevo84 wrote:

...I have a a+l premier direct acc so will be applying for a reg saver i think !!

Unfortunately, I believe it's only available to new customers, only runs for a year, and must be taken out at the time of application for the current account.

stevo84_2

thanks again !!

dam, trust my luck !!

do you know what the best alternative is?

misskool

HSBC reg saver 2 is still 8% for the first £250. I don't think there are any higher paying ones.
If you access your account online just click on apply online on the left hand tab.

missile

stevo84 wrote:

thanks again !!

dam, trust my luck !!

do you know what the best alternative is?

Open another account in your wife's name and pocket the referal. Close your account today and open another tomorrow.

stevo84_2

cheers guys,

I think i will open a new a+l account and do it that way (its 10% for 250/mth) I may even apply for another hsbc one too and see what I get. dont think i can save that much tho!!

thanks again folks!!