HSBC has increased it's Regular Saver rate

Mishomeister

New Regulars saver rate for free accounts holders is 6% as of today.
http://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts?HBEU_dyn_lnk=SavingsAccount_FilterTool_RegularSaver_More_Btn

Used to be 4% as still shown on this website.
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

mrchagle

Mishomeister wrote: »

New Regulars saver rate for free accounts holders is 6% as of today.
http://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts?HBEU_dyn_lnk=SavingsAccount_FilterTool_RegularSaver_More_Btn

Used to be 4% as still shown on this website.
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

I have one of these already paying 4%, I wonder if existing account holders will be upgraded to the 6%? If not,might be worth closing the account and opening a new account at 6%?

adindas

mrchagle wrote: »

I have one of these already paying 4%, I wonder if existing account holders will be upgraded to the 6%? If not,might be worth closing the account and opening a new account at 6%?

It is a fix rate RSA so, you will not be able to close it before maturity date without penalty or lost of interest.

One possibility is to try to call them who knows they might allow their customer to re-designate his RSA. I have one RSA with them and will try to do the same thing if it is allowed.

mrchagle

I've sent them an online message to find out.

Cyrus

What do you folks reckon the chances are that an ISA will pop up in the next month that will have a better rate than 4.8% (6% after basic tax)? The maximum I can save a month is only £150, so I m never going to use my ISA allowance up. I would only need a current account with HSBC, which costs nothing, to set this regular saver up. I know that I'd be locked into it for a year to get the interest back but I don't want to miss a savings opportunity like this, what you guys reckon?

qpop

Cyrus wrote: »

What do you folks reckon the chances are that an ISA will pop up in the next month that will have a better rate than 4.8% (6% after basic tax)? The maximum I can save a month is only £150, so I m never going to use my ISA allowance up. I would only need a current account with HSBC, which costs nothing, to set this regular saver up. I know that I'd be locked into it for a year to get the interest back but I don't want to miss a savings opportunity like this, what you guys reckon?

It's worth considering a First Direct reg saver. 8% AER(gross).
FD current account is only officially "free" if you pay in > £1,500 PM net, but in reality you avoid paying for the account if you open any "allowed" second product.

So a current account + an e-saver instant access account with a £1 balance = no monthly charge for the account.

Also, the customer service > HSBC (despite being part of the same group)

MsHoarder

Cyrus wrote: »

What do you folks reckon the chances are that an ISA will pop up in the next month that will have a better rate than 4.8% (6% after basic tax)? The maximum I can save a month is only £150, so I m never going to use my ISA allowance up. I would only need a current account with HSBC, which costs nothing, to set this regular saver up. I know that I'd be locked into it for a year to get the interest back but I don't want to miss a savings opportunity like this, what you guys reckon?

What about saving regually for a year, then you can put a lump sum into next year's ISA when the regular savings account matures. Best of both worlds!

Cyrus

qpop wrote: »

It's worth considering a First Direct reg saver. 8% AER(gross).
FD current account is only officially "free" if you pay in > £1,500 PM net, but in reality you avoid paying for the account if you open any "allowed" second product.

So a current account + an e-saver instant access account with a £1 balance = no monthly charge for the account.

Also, the customer service > HSBC (despite being part of the same group)

Just been on the phone to them to see if I could do that, can, so signed up there and then. Awesome customer service too, cheers man.