HSBC question

bellagirl69

Wonder if anybody can help me on a question of process please.

I have opened an HSBC "bank account". I have no need of the account and will not use it but want the 4% regular saver attached.

I opened the account online and got immediate response that application was successful and they would write to me to tell me what happens next.
I have received a signature form to sign and return.

I rang a helpline to ask what happens next, i.e., will they write to me again etc etc and at what stage can I open the regular saver.

I am hoping to get a better response on here as the csa didn't have a clue about anything. I was told the regular saver wouldn't apply to the basic bank account but the website states the 4% one does but not the 6% one.
I was told I couldn't access the account online. Not sure whether that is correct or not, I certainly opened it online. I was told I would have to go into a branch but I haven't got one near me.

I am sure others have been through this process just for the regular saver. Can anybody tell me what should happen next.

thanks

innovate

What happened when you registered for Internet banking? Once you have online access, you can apply for the Regular Saver, provided of course your Bank Account has actually been opened.

Mr_K

They'll probably be doing security checks/ credit searches, however a lot of trouble to go to for what at best would be £52 over the year and involve tying up £3K. If you had the £3K upfront a 1.7% savings account would give a similar amount and instant access.

bellagirl69

innovate wrote: »

What happened when you registered for Internet banking? Once you have online access, you can apply for the Regular Saver, provided of course your Bank Account has actually been opened.

I can't register for internet access until the account is open, that is my question i.e., what is the continuing process? If the csa is to be believed I cannot have online access? Confused??

rb10

bellagirl69 wrote: »

I can't register for internet access until the account is open, that is my question i.e., what is the continuing process? If the csa is to be believed I cannot have online access? Confused??

They are wrong.

You will be able to have online access.

liamcov

Mine appears on online banking but I think you have to open it in branch as I did.

bellagirl69

Mr_K wrote: »

They'll probably be doing security checks/ credit searches, however a lot of trouble to go to for what at best would be £52 over the year and involve tying up £3K. If you had the £3K upfront a 1.7% savings account would give a similar amount and instant access.

I am confused by what you say, I thought I had got the hang of a regular saver account but now not so sure?
Firstly I thought the interest over the year would be av of 1500 at 4% giving £60. But shouldn't the equation also include that the other half of the 3000 would also be earning interest at (in my case) 3% Lloyds vantage, that is £45, giving £105 in total?

Have I got this totally wrong or should it go into a fixed rate account at 1.7% as suggested. Really confused?

ColdIron

bellagirl69 wrote: »

Have I got this totally wrong?

No, you're not far off but haven't taken basic rate tax into account
Play around with the regular savings calculator - drip feed option
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#savingscalc