Cannot increase savings standing order ?

Ivrytwr3

I have just tried to open a regular savers account with HSBC, this one:

http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/regular-saver

It is a fixed 12 month term paying 8% on the first £250 deposited per month.

My initial plan was to open the account now with the minimum amount £25, and then next month increase the standing order to £100 from my current and £50 from OH's (the reason i need to open now, is my mortgage overpayment is payable in January of each month, which is what this savings account is for).

Now i did the exact same thing last year and this was not a problem, but this time the customer service advisor said if i opened the account with £25 i could not increase or decrease the payments at any point during the term, ie if i paid in £250 at the begining i would have to pay that amount in every month. I would pay £150 in now, but there are bills/insurance/car tax, all due this month and so would rather not!

Is what i have been told correct? I am 99% sure i did this last time i opened the same savings account with them.

Iguana

What do the terms and conditions say?

Ivrytwr3

2. Paying into your RS2
2.1 You can make savings once a month into your RS2. These can only be made
by way of standing order from your Bank Account and must be for an amount
between £25 and £1000.
2.2 The first standing order payment must be at least one calendar month after
account opening. You can change the amount of the monthly standing order
between £25 and £1000. You can only make one standing order payment to your
RS2 in any one month.
2.3 You can stop a standing order that has been set up to your RS2 and set up a
new standing order at a later date.

Ivrytwr3

Just wrote a snotty email to their customer services team who called me back immediately telling me in a posh way i had been given crap information. Bottom line is the account is now open with £25 and i can increase next month.

Cypher

I should think so to..

2.2 The first standing order payment must be at least one calendar month after account opening. You can change the amount of the monthly standing order between £25 and £1000. You can only make one standing order payment to your RS2 in any one month.