Regular Saver Thread **New and Restarted**

colsten

Applying for the Scottish BS RS is a PITA if you aren't already a customer. They want certified proof of ID, alongside the application form on paper. By the time I have paid for that and posted the application, most of the extra interest the account would give me over and above what I get in Lloyds/BoS current accounts is basically wiped out.

I thought I was going to be clever and get their instant access account as that one is "open 24/7" and makes me an existing customer. Sailed through the online application, just to be told they'll get back to me "in the next few days" to let me know whether they need extra proof of ID........

Nice account, difficult to get if you are not an existing customer.

mhoc

colsten wrote: »

Applying for the Scottish BS RS is a PITA if you aren't already a customer. They want certified proof of ID, alongside the application form on paper. By the time I have paid for that and posted the application, most of the extra interest the account would give me over and above what I get in Lloyds/BoS current accounts is basically wiped out.

I thought I was going to be clever and get their instant access account as that one is "open 24/7" and makes me an existing customer. Sailed through the online application, just to be told they'll get back to me "in the next few days" to let me know whether they need extra proof of ID........

Nice account, difficult to get if you are not an existing customer.

so a scan of your passport and a credit card bill with your name and address wont do? That was all I was going to send alongside a cheque which also has my name on.

liamcov

HSBC Regular Saver only showing as apply in branch - is there any reason for this or am I on the wrong webpage?

eskbanker

liamcov wrote: »

HSBC Regular Saver only showing as apply in branch - is there any reason for this or am I on the wrong webpage?

https://www.hsbc.co.uk/savings/products/regular-saver/ says:

Eligibility:

You must have one of the following HSBC current accounts: HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account which you must maintain for the 12 month duration.

How to open the account:

• If you have a HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, or Graduate Bank Account you can open an account via Online Banking, Telephone Banking or in branch
• If you have a HSBC Student Bank Account, you can open a Regular Saver via Telephone Banking or in Branch.

liamcov

eskbanker wrote: »

https://www.hsbc.co.uk/savings/products/regular-saver/ says:

Thanks got there in the end - long story!

djd1965

JamesRobinson48 wrote: »

I see that Scottish Building Society is now offering 2.00% p.a. variable on its 12 month RS, max £500 per month, operated by post or branch and seemingly not restricted to residents of Scotland. Please, any feedback on this BS, especially from any of its customers resident in England or Wales?

Would it not be better to put all £6000 now in a one year fixed rate account offering 2.01% / 2.02%? Or am I missing something?

polymaff

Fine if you've got that £6k right now, but the optimum way of using regular savers is that you fund them from regular income

JamesRobinson48

djd1965 wrote: »

Would it not be better to put all £6000 now in a one year fixed rate account offering 2.01% / 2.02%? Or am I missing something?

Fair observation, deserving a candid response. I am personally reluctant to transact with any of the names that are currently quoting 2%+ for a one year fixed rate time deposit. I'm aware they are all FSCS protected, however for greater peace of mind I prefer to see a presence on the ground or at least an established reputation for efficiency, good service and treating customers fairly. Also, in the case of a variable rate RSA like this one from Scottish BS, in the current environment I figure there's a decent chance the interest rate on the account may increase before the 12 months is up. Oh, and besides RSAs I do indeed have a portfolio of fixed rate time deposits of various tenors, so the RSAs provide diversification.

colsten

mhoc wrote: »

so a scan of your passport and a credit card bill with your name and address wont do? That was all I was going to send alongside a cheque which also has my name on.

They want it certified
https://www.scottishbs.co.uk/sites/default/files/downloads/SBS262%20Proof%20of%20Identity%20Checklist%20A4_130818.pdf

djd1965

JamesRobinson48 wrote: »

Fair observation, deserving a candid response. I am personally reluctant to transact with any of the names that are currently quoting 2%+ for a one year fixed rate time deposit. I'm aware they are all FSCS protected, however for greater peace of mind I prefer to see a presence on the ground or at least an established reputation for efficiency, good service and treating customers fairly. Also, in the case of a variable rate RSA like this one from Scottish BS, in the current environment I figure there's a decent chance the interest rate on the account may increase before the 12 months is up. Oh, and besides RSAs I do indeed have a portfolio of fixed rate time deposits of various tenors, so the RSAs provide diversification.

Thanks for taking the time to give a detailed response. It would be great if the SBS did indeed further increase the interest rate within the year beyond 2% but that seems unlikely having just gone from 1.6% to 2%.