Regular Saver Thread **New and Restarted**

soulsaver

Some may not be impressed with the new Principality Christmas Reg Saver at 2.7% 'cos of 'only' £125 pm allowance... but consider if you do both, that and the £500@2% you get a reg saver equiv of £625 pm @c. 2.14% for a couple of minutes extra work.. if that.

My boots? They are filled.

Poor_Leno

I assume you already have a Coventry BS Reg Saver for 500pm @ 2.5% ?

Ellie78

Does anyone know how HSBC calculate their monthly interest in their RS?

I luckily managed to open their 5% saver just before they withdrew it and first transfer in was on 17th. Do I have to stick to that date for every monthly transfer or can I squeeze some extra interest out by paying in on the 1st of each month?

SuperHans1

Ellie78 wrote: »

Does anyone know how HSBC calculate their monthly interest in their RS?

I luckily managed to open their 5% saver just before they withdrew it and first transfer in was on 17th. Do I have to stick to that date for every monthly transfer or can I squeeze some extra interest out by paying in on the 1st of each month?

Yes if you login to online banking and use the live chat option then you can ask them to change the payment date of the standing order.

soulsaver

Ellie78 wrote: »

I luckily managed to open their 5% saver just before they withdrew it and first transfer in was on 17th. Do I have to stick to that date for every monthly transfer or can I squeeze some extra interest out by paying in on the 1st of each month?

SuperHans1 wrote: »

Yes if you login to online banking and use the live chat option then you can ask them to change the payment date of the standing order.

You can also change the SO date on line by cancelling the existing and setting up a new for the date you want.

However using either chat, phone or this, previous posters have reported HSBC still treat it as the original date for interest calculation, so don't pay more.

Ellie78

soulsaver wrote: »

You can also change the SO date on line by cancelling the existing and setting up a new for the date you want.

However using either chat, phone or this, previous posters have reported HSBC still treat it as the original date for interest calculation, so don't pay more.

Just had this confirmed by their live chat. The standing order should stay on the same date of the month.

polymaff

soulsaver wrote: »

You can also change the SO date on line by cancelling the existing and setting up a new for the date you want.

However using either chat, phone or this, previous posters have reported HSBC still treat it as the original date for interest calculation, so don't pay more.

That was my experience. Just ended up giving HSBC an interest-free loan each month...:(:(:(

polymaff

polymaff wrote: »

Their "month", by the way, is a calendar month, so you can squeeze that extra bit of interest out of the account.

I don't think that you'll find this info on the web-site. I just asked via email:


With regard to your monthly savers do you regard paying-in months to be calendar months or the period between the monthly anniversary of the account's opening?


[FONT=&quot]Thank you for contacting us. The payments into the account would be calculated per Calendar Month.[/FONT]

[FONT=&quot]If we can be of any further assistance, please call our general enquiries number on 0330 333 4000. Our opening hours are Monday to Friday 8am – 8pm and Saturday 9am – 1pm.[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot]Kind regards,[/FONT]
[FONT=&quot]
[/FONT]

[FONT=&quot][FONT=&quot]Principality.[/FONT][FONT=&quot] Where home matters.[/FONT][/FONT]
[FONT=&quot][FONT=&quot]
[/FONT][/FONT]

[FONT=&quot][FONT=&quot][FONT=&quot]EDIT: Note that Principality's months are only 20 days long. Good grief, where will it end up?...:)[/FONT][/FONT][FONT=&quot][FONT=&quot]
[/FONT][/FONT][/FONT]

Stay_Or_Go

polymaff wrote: »

Their "month", by the way, is a calendar month, so you can squeeze that extra bit of interest out of the account.

I assume though that they won't allow you to to add 13 months of maximum monthly deposits as it seems clear in the account terms that there is also a maximum account balance which equates to 12 full deposits (e.g. £1500 for the £125 xmas regular).

polymaff

Stay_Or_Go wrote: »

I assume though that they won't allow you to to add 13 months of maximum monthly deposits as it seems clear in the account terms that there is also a maximum account balance which equates to 12 full deposits (e.g. £1500 for the £125 xmas regular).

Correct, but what you can put in ahead of schedule will earn that little extra.