Regular Saver Thread **New and Restarted**

schiff

This makes having 7 Virgin RS's paying 3% a bit precious!

Herbalus

Vortigern wrote: »

I received an email from HSBC today about their reducing interest rates. It makes no reference to the regular savers. However on clicking through to the HSBC website I find that youngretired is correct, HSBC have reduced the rate to 2.75% and removed the preferential rate for Advance customers.

I find the omission of the RS from the email to be rather sneaky on the part of HSBC.

To be fair to them the RS rate cut is for new applications only, and it sounds like the email is about rate cuts to existing accounts. The rate cut doesn’t affect existing RS accounts so it’d probably cause undue alarm if they included it in their email.

polymaff

Vortigern wrote: »

I received an email from HSBC today about their reducing interest rates. It makes no reference to the regular savers. However on clicking through to the HSBC website I find that youngretired is correct, HSBC have reduced the rate to 2.75% and removed the preferential rate for Advance customers.

As I read it there is no longer a preferential rate. Premier customers, Advance customers - and the unwashed - receive the same rate of 2.75%.

Vortigern

polymaff wrote: »

As I read it there is no longer a preferential rate. Premier customers, Advance customers - and the unwashed - receive the same rate of 2.75%.

True. I didn't check the situation for Premier customers but they also have had their benefits cut.

lucky77

lucky77 wrote: »

I have not yet received anything from Coventry. When I logged on to my accounts yesterday nothing was showing either. I'll probably phone them if nothing in tomorrow's post.

Coventry RS : Received letter today. Just needed to sign form and return with cheque for opening deposit. Pleased to say I was not required to send any identification documents.

Every_Penny_Counts

I got my Coventry RS welcome documents today, but nothing needed signing or returning. However, as I said before, I logged on to open the account.

MDMD

polymaff wrote: »

As I read it there is no longer a preferential rate. Premier customers, Advance customers - and the unwashed - receive the same rate of 2.75%.

Although they haven’t been very thorough with updating the website
In the “At a glance” section of https://www.hsbc.co.uk/current-accounts/products/advance/

As an Advance Account holder you can access a preferential rate on your savings with our Regular Saver.

DragonQ

Something I didn't realise is that you can have both a regular Lloyds Regular Saver and a Club Lloyds Regular Saver at the same time. So that gets added to the long list of crap-but-higher-than-my-mortgage-rate accounts I use.

youngretired wrote: »

HSBC have followed First Direct and reduced their regular saver to 2.75% for all customers. So next year will downgrade account to a normal current account once existing 5% regular savers mature.

So are M&S the only bank offering a regular saver with above 2.75% interest now (still 5%)?

soulsaver

DragonQ wrote: »

Something I didn't realise is that you can have both a regular Lloyds Regular Saver and a Club Lloyds Regular Saver at the same time. So that gets added to the long list of crap-but-higher-than-my-mortgage-rate accounts I use.



So are M&S the only bank offering a regular saver with above 2.75% interest now (still 5%)?

Virgin Money 3%

As Marks banking is provided by HSBC there's a chance their 5% will disappear soon, too.

DragonQ

soulsaver wrote: »

Virgin Money 3%

Yeah but that's branch only AFAIK.

soulsaver wrote: »

As Marks banking is provided by HSBC there's a chance their 5% will disappear soon, too.

Yep.