What happens to my Regular Saver when I switch current accounts?

charlielow

I recently opened a HSBC Regular Saver but then I had a look around and ended up deciding to switch my current account to Lloyds.

Once my current account switches over, what will happen to the Regular Saver? Will it just be automatically closed and the money transferred into my current account?

SalarySlave

I had the same wonder when I had a Santander account with a reg saver. I switched to a Nationwide account, the regular saver has continued and simply comes out of my Nationwide account. My next problem is that I do not know where the money will go when that Santander Reg Saver account matures. I feel I will have to visit in branch to withdraw the money, as savings accounts don't usually allow you to send payments to another bank

polymaff

charlielow wrote: »

I recently opened a HSBC Regular Saver but then I had a look around and ended up deciding to switch my current account to Lloyds.

Once my current account switches over, what will happen to the Regular Saver? Will it just be automatically closed and the money transferred into my current account?

If you close the linked HSBC bank account during the regular saver's lifetime, HSBC will close the regular saver and refund the balance, plus 0.05% interest.

http://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts/details

You could set up an account elsewhere and immediately sacrifice it.

MattTheMoneyGuru

According to HSBC, you must have one of the following - HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly or Graduate Bank Account which you must maintain for the 12 month duration. If you no longer hold one of these accounts with HSBC you will no longer be eligible for the Regular Saver. And if, by recently, you mean you opened the savings account within the last 12 months, the rate reverts back to HSBC's Flexible Saver rate, currently 0.05%AER, this rate would apply to any interest accrued up to the date.

When you completed the current account transfer forms you should have stated whether you wanted to close your HSBC account or keep it open.

If you chose to close the account, you will lose the initial saver rate and your funds should either transfer as part of the account transfer process, along with any funds in your current account (if requested), or your savings account will revert to HSBC Flexible Saver.

If you chose to keep the current account open, and you want to maintain the initial Regular Saver rate, set up a Standing Order from your Lloyds account to cover any regular saving SO. Just make sure you give enough time for the funds to clear in your HSBC current account before the due date of your HSBC SO to your Regular Saver.