Regular Saver Thread **New and Restarted**

polymaff

dekkard wrote: »

Sorry if this has been asked before but if I open and pay the full monthly amount into an HSBC Regular Saver this week, can I pay in December's full amount on 1st December?

Or do I have to wait till a month after account opening?

YorkshireBoy wrote: »

I believe it has been both asked and answered before. Seem to remember they'll gladly hang on to your money, but won't pay interest on it. Wait for the monthiversary would be my advice.

Seem to remember this was found out by the user 'Polymaff'?

Yes, it was me. Mind you, that was a year or two ago - but I doubt that they've altered the system - at least not in a way that benefits customers - since then..:(

That said, with an RS due to payout at 00:00 this morning, HSBC did allow me to set up and fund new RS's yesterday - and they're there with the first transaction dated yesterday plus the 3081.37 from the previous in my Advance Bank Account, this morning.

Positively speed-of-light for sclerotic old HSBC.

[sclerotic adj. becoming rigid and unresponsive; losing the ability to adapt.]...:)

Jibeddy

Re Principality BS Christmas 2020 Regular Saver Bond. You can open it online (or at least current customers can but it does prompt you to register if you’re not already set up for their online banking). Also it is 0-125 rather than 0-150 pcm.

Poor_Leno

How long does it take to open the principality account? I was thinking of opening one before they close off applications at the end of this month. If I apply (online) on Friday, will it be open on Friday? And would I be able to then put another £125 in on Sunday (1st Dec) which would maximise the interest earnt from day one (well, day two actually).

Nessie23

Poor_Leno wrote: »

How long does it take to open the principality account? I was thinking of opening one before they close off applications at the end of this month. If I apply (online) on Friday, will it be open on Friday? And would I be able to then put another £125 in on Sunday (1st Dec) which would maximise the interest earnt from day one (well, day two actually).

Hi,
As long as you are on the electoral register and they can verify your identity electronically the account is open up pretty much instantly and they provide you the account details there and then email them to you. However for the sake of 2/3 days worth of interest and if they're about to withdraw the account I'd recommend opening the account as soon as possible just in case there's any bumps along the way.

stphnstevey

Looking to see what happens if need to make withdrawal with Halifax Regular Saver. It says you need to close but doesn't say what interest receive. Normally this would be a much lower rate, but can't see this specifically and looked on website and in T&Cs. Anyone know?

schiff

arsenalboy wrote: »

Another one has reduced its rate.

Just opened a letter from Leek and the rate has dropped from 2 to 1.5 from 2 Dec and annual bonus being withdrawn from 2020.

In case it's of any use:

They do a FP or a cash withdrawal over the counter up to £5000 with a minimum of 48 hours notice.

If you are are closing the account (as I am) the book etc is then sent to HO to recalculate the bonus and the remaining balance is posted by cheque. The branches can't close the account while you wait (unlike Virgin for example).

An appointment is advisable - mine is noted for next Monday.

The person I spoke to showed certain signs of being a bit unsure but I concluded that the gist may be OK. Obviously I was aiming for the earliest date for my money to be earning interest but that seemed to be the best I could achieve.

Roland_Flagg

Will the new Virgin RS 2% have new issues every month like the former in branch 3% RS?

soulsaver

Roland_Flagg wrote: »

Will the new Virgin RS 2% have new issues every month like the former in branch 3% RS?

The 'in branch' RS account was every 2 months, as was the previous on line version; so unlikely IMO.

arsenalboy

schiff wrote: »

In case it's of any use:

They do a FP or a cash withdrawal over the counter up to £5000 with a minimum of 48 hours notice.

If you are are closing the account (as I am) the book etc is then sent to HO to recalculate the bonus and the remaining balance is posted by cheque. The branches can't close the account while you wait (unlike Virgin for example).

An appointment is advisable - mine is noted for next Monday.

The person I spoke to showed certain signs of being a bit unsure but I concluded that the gist may be OK. Obviously I was aiming for the earliest date for my money to be earning interest but that seemed to be the best I could achieve.

I am keeping mine (wifes) going for the foreseeable future. Our bonus date is October and I contacted their head office and they confirmed we would earn 2% until Oct 20 i.e., the reduced rate of 1.5% plus .5% bonus.

If I withdraw now I have nowhere to earn a better rate so might as well leave it and face the problem in 11 months time.

vermania

stphnstevey wrote: »

Looking to see what happens if need to make withdrawal with Halifax Regular Saver. It says you need to close but doesn't say what interest receive. Normally this would be a much lower rate, but can't see this specifically and looked on website and in T&Cs. Anyone know?

I rang them up to ask to close my account about 3 weeks early (other regular savers on standing orders would've caused a cashflow issue) in May this year. The guy at Halifax said there would be a penalty for early closure. I haven't seen it in writing and have no idea where that comes from, but in talking it over with him he put me off the idea. Very happy to be corrected by others though that was my experience. Please try ringing them and let us know what they say.

I'm now minded not to use the 2% regular savers that lock away the money this way, but if you've got all other available accounts above 2% and spare cash, it's ok.