HSBC 8% regular savings

dizzyhead_2

Hi, I have a regular savings account with HSBC which had 8% for the first year. I have had it more than a year now and it has dropped to just over 4%. Does anyone know whether I could close this account and withdraw my money and then open another regular savings account with HSBC and get 8% again for another year? Or would that be wrong or not allowed?

Kazza242

dizzyhead,

Once your regular saver has matured, which yours has, you should be allowed to have the funds transferred to your current account. You can then open the HSBC Regular Saver 2 account paying 8%. 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 of 4.25% gross.

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)

Here is an earlier MSE thread on the HSBC regular saver: http://forums.moneysavingexpert.com/showthread.html?t=160159&highlight=HSBC

Why not pop in to your local HSBC branch and ask them to do this for you. Remember to cancel (or amend) your existing standing order.

Froglet

Hi .This is my very first post.What a fantastic site,i wish i had found it ages ago!!

Anyway,in answer to your query.I had this account and it matured in February at which point the funds were transferred in to my instant access.I then took out another,issue 2, last month when i could afford to start saving again.I only save £250 a month as any more is only at 4.25% and you can get a better rate elsewhere.But i do think it is well worth it,even as a tax payer,as the rate beats even the best Isa.

Mind you,as an HSBC customer who does all her banking online i am a bit perturbed about todays news that there are possible security flaws with the site.Luckily i have a branch close by should i find money has "disappeared" and as they are always very helpful i have no worries on that score.

I have an awful lot of advice to catch up on,I can see me taking 6 months to read through all the posts that are of interest to me!

Margaret