Changing standing order dates for reg savers (HSBC & M&S)

colsten

Jsscmm wrote: »

I really need to check those numbers as that feels wrong though!

It feels wrong as it is wrong. You appear to be assuming that you can make 13 payments with this "trick". But there is no reason to think you could. So you are really just talking about getting 6% on £250 for 25-30 or so days more than if you hadn't messed about with the SO date (assuming you could).

Ed-1

colsten wrote: »

It feels wrong as it is wrong. You appear to be assuming that you can make 13 payments with this "trick". But there is no reason to think you could. So you are really just talking about getting 6% on £250 for 25-30 or so days more than if you hadn't messed about with the SO date (assuming you could).

It does allow you to make 13 payments.

changearound

The HSBC terms and conditions state you can save up to a maximun of £3000 so if you're saving £250 amonth then you shouldn't be able to have a 13th payment. Of course if you bring forward your SO date then maybe you would have to make a 13th payment to meet the 1 SO per month condition, so I guess you could make the 12th for £249 and the 13th for £1. How does this tie in with your eexperience Ed-1?

From an extra interest point of view every payment bar the first is earning extra interest so it's £2750 x 6% /365 = 45p per extra day pre tax.

Archi_Bald

changearound wrote: »

From an extra interest point of view every payment bar the first is earning extra interest so it's £2750 x 6% /365 = 45p per extra day pre tax.

You do not have £2,750 in the account until you have made 11 payments.

numbers123

I was able to change the date for my HSBC Regular Saver. It was done over the phone and they may have done it because they had mucked up my account opening procedure - they opened the Regular Saver a few days later than they said they would.

To those interested, I wanted the SO date changed as I wanted my regular saver SOs to all go out on the same day for my own convenience.