Regular Saver Thread **New and Restarted**

youngretired

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.

quirkydeptless

Unluckily my 5% First Direct Regular Saver matures later this month, but I will still take a 2.75% as that's still a good rate in the current environment.

I was surprised these 5% rates had been around for so long!

My Magic Money tree seems to be shedding leaves for winter

Vortigern

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.

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.

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.