Regular Saver Thread **New and Restarted**

hgt

Fengshui1971 wrote: »

hi I noticed you had an HSBC reg saver mentioned. could i ask please, dont know if anyone would know. I joined hsbc originally to get their switch offer and have kept it for their reg saver. would you perhaps know if you need to keep 2 x DDs on the hsbc current account to avail of the reg saver offer or don't they care once you have passed the switching period/offer? it's just that I want to open another acc for the cashback i would get for switching (have another bank acc i could use) but don't have enough Direct Debits to share around. thanks very much.

So at HSBC (also First Direct & Nationwide), you don't actually need any active direct debits to qualify for their Regular Saver account. So in theory once you've received the switching incentive, you can move those DDs elsewhere but still keep the account running, and still qualify for the Regular Saver.

M&S bank however do require you to have 2x active Direct Debits in order to have their Regular Saver.

schiff

The seamless switch to the following RS that Saffron do compares very favourably with M&S Bank.

With Saffron you arrange in advance where the final balance goes, they start a new one automatically if asked to, you keep the same account number so the SO can continue untouched and you get your passbook in the post. Done and dusted.

My M&S RS matured on 26/1, I withdrew the proceeds from the M&S current account where it had gone and then the RS disappears online for a few days. I started a new one on 27/1, got a message to say account opened, SO from the current account will be on the 27th OTM. Fine.

The £250 for my new RS has been in the current a/c since then and the RS account is only showing today four days later. But the transfer date from current a/c to RS is now showing as Jan 30th!

I had sent a secure message wondering whether the new account opening had worked with my initial deposit still in the current a/c.
The reply today tells me what I had already found out today and that my next SO will be on Feb 1st !!! Checking the detail of my SO though confirms that it will be March 1st.

If my regular date is confirmed as the 30th, it's an awkward date for the end of February and March (Easter and weekend) so it will need monitoring.

Sorry it's a bit of a ramble but the experience has made me appreciate how much slicker Saffron has been.

badger09

schiff wrote: »

The seamless switch to the following RS that Saffron do compares very favourably with M&S Bank.

With Saffron you arrange in advance where the final balance goes, they start a new one automatically if asked to, you keep the same account number so the SO can continue untouched and you get your passbook in the post. Done and dusted.

My M&S RS matured on 26/1, I withdrew the proceeds from the M&S current account where it had gone and then the RS disappears online for a few days. I started a new one on 27/1, got a message to say account opened, SO from the current account will be on the 27th OTM. Fine.

The £250 for my new RS has been in the current a/c since then and the RS account is only showing today four days later. But the transfer date from current a/c to RS is now showing as Jan 30th!

I had sent a secure message wondering whether the new account opening had worked with my initial deposit still in the current a/c.
The reply today tells me what I had already found out today and that my next SO will be on Feb 1st !!! Checking the detail of my SO though confirms that it will be March 1st.

If my regular date is confirmed as the 30th, it's an awkward date for the end of February and March (Easter and weekend) so it will need monitoring.

Sorry it's a bit of a ramble but the experience has made me appreciate how much slicker Saffron has been.

I think you've done slightly better than I have with M&S. Mine also matured 26th but despite secure message saying it would disappear overnight 27th, it didn't. I managed to apply for new one on 29th but it hasn't appeared yet.

Oh well, at least 1st or will be 4th:cool: will fit better with funding of my other regular savers

karlie88

schiff wrote: »

The seamless switch to the following RS that Saffron do compares very favourably with M&S Bank.

With Saffron you arrange in advance where the final balance goes, they start a new one automatically if asked to, you keep the same account number so the SO can continue untouched and you get your passbook in the post. Done and dusted.

My M&S RS matured on 26/1, I withdrew the proceeds from the M&S current account where it had gone and then the RS disappears online for a few days. I started a new one on 27/1, got a message to say account opened, SO from the current account will be on the 27th OTM. Fine.

The £250 for my new RS has been in the current a/c since then and the RS account is only showing today four days later. But the transfer date from current a/c to RS is now showing as Jan 30th!

I had sent a secure message wondering whether the new account opening had worked with my initial deposit still in the current a/c.
The reply today tells me what I had already found out today and that my next SO will be on Feb 1st !!! Checking the detail of my SO though confirms that it will be March 1st.

If my regular date is confirmed as the 30th, it's an awkward date for the end of February and March (Easter and weekend) so it will need monitoring.

Sorry it's a bit of a ramble but the experience has made me appreciate how much slicker Saffron has been.

The HSBC/FD/M&S reg savers are certainly the more 'difficult' ones to deal with at maturation.

If you wait for the process to sort itself out online, then your next reg saver becomes 'delayed' by about 3-4 working days. One working day for the reg saver to disappear, another day for you to become eligible for a new reg saver and another working day or two for the new reg saver to appear on online banking. If there's a weekend and/or a bank holiday then it can take up to a full week.

I've noticed the SO that's set up on the RS is always 1 month after the date it appears on online banking (not the date when you applied for it online).

You can actually get a new reg saver sorted out on the day your (previous) reg saver matures, but this involves a long telephone call. This didn't use to be the case, you could phone up, they would sort out the old reg saver and set up the new reg saver within minutes.

But now their telephone application asks for your waist size, shoe size, US residency status, IQ level and possibly other body part sizes since I last used the service. :eek: It took about 20-30 minutes.

I now prefer doing it all online, despite the delay of a few days. The actual application takes less than a minute.

badger09

karlie88 wrote: »

The HSBC/FD/M&S reg savers are certainly the more 'difficult' ones to deal with at maturation.

If you wait for the process to sort itself out online, then your next reg saver becomes 'delayed' by about 3-4 working days. One working day for the reg saver to disappear, another day for you to become eligible for a new reg saver and another working day or two for the new reg saver to appear on online banking. If there's a weekend and/or a bank holiday then it can take up to a full week.

I've noticed the SO that's set up on the RS is always 1 month after the date it appears on online banking (not the date when you applied for it online).

You can actually get a new reg saver sorted out on the day your (previous) reg saver matures, but this involves a long telephone call. This didn't use to be the case, you could phone up, they would sort out the old reg saver and set up the new reg saver within minutes.

But now their telephone application asks for your waist size, shoe size, US residency status, IQ level and possibly other body part sizes since I last used the service. :eek: It took about 20-30 minutes.

I now prefer doing it all online, despite the delay of a few days. The actual application takes less than a minute.

That might be true for HSBC and FD, but when I tried to phone M&S to renew, after selecting the correct options, my call was promptly cut off. Twice:mad:

polymaff

How often has the HSBC posse listened to:

Have a renewal option that, on the anniversary date, moves the balance and interest to a nominated account, extends the funding SO by twelve payments - and that's it.

How often have they replied That's a really good idea - and then done nothing.

Many, many times.

YorkshireBoy

badger09 wrote: »

That might be true for HSBC

Mine matured last Friday 25th Jan and I opened the follow on account the same day...online. No need to call them.

polymaff

YorkshireBoy wrote: »

Mine matured last Friday 25th Jan and I opened the follow on account the same day...online. No need to call them.

Admittedly they seem to be faster nowadays, but did you really achieve zero creep-forward in the monthly payment date? That is the grail!

margaretx9

adindas wrote: »

I have Nottingham ISA i8 that I open it via branch. It will mature on 05/04/2019.

Is there any way to close it without the need to travel to their branch ?

I do not mind to accept a cheque if transfer to a bank AC is not possible.

Why not transfer it out to a society/bank that allows you to do that online (e.g. Nationwide) and then withdraw it online via them or go into one of their branches if it is nearer? This can often be actioned in a couple of days.

The Nottingham starter isa is a branch based account - and unless you can provide evidence as to why you can't visit one (e.g. illness, age or disability) I doubt they will let you withdraw by post. But you can instruct another isa provider to transfer those funds to them - and then you can use online/postal routes/cheques as applicable for your new provider.

adindas

margaretx9 wrote: »

Why not transfer it out to a society/bank that allows you to do that online (e.g. Nationwide) and then withdraw it online via them or go into one of their branches if it is nearer? This can often be actioned in a couple of days.

The Nottingham starter isa is a branch based account - and unless you can provide evidence as to why you can't visit one (e.g. illness, age or disability) I doubt they will let you withdraw by post. But you can instruct another isa provider to transfer those funds to them - and then you can use online/postal routes/cheques as applicable for your new provider.

Indeed that is what I intended to do as per my post #1808
I will keep in flexible cash ISA And then taking advantage of flexible ISA. I will then move it to higher interest instant access saving/current ac and move it back to ISA before the new tax year is started.