Regular Saver Thread **New and Restarted**

[Deleted User]

While you’re all in calculating mode I need to open an HSBC regular saver to mature at the end of May 2021.
Can anyone help me work out the best date to open it , I would like the standing order date to be the 1st of the month but last time I opened one it ended up being the 3rd. Many thanks in advance.

ctdctd

mummyof5 wrote: »

While you’re all in calculating mode I need to open an HSBC regular saver to mature at the end of May 2021.
Can anyone help me work out the best date to open it , I would like the standing order date to be the 1st of the month but last time I opened one it ended up being the 3rd. Many thanks in advance.

You can't change the SO date of HSBC group regular savers to get increased interest so it doesn't matter when you open it. The SO is set up automatically a day or so after you open the account so bear that in mind when you open it.

polymaff

mummyof5 wrote: »

While you’re all in calculating mode I need to open an HSBC regular saver to mature at the end of May 2021.
Can anyone help me work out the best date to open it , I would like the standing order date to be the 1st of the month but last time I opened one it ended up being the 3rd. Many thanks in advance.

There is no optimal date. With HSBC-operated Regulars, if you advance the SO you don't get any more interest - you just give HSBC an interest-free loan.


Voice of experience...:(:(:(

adindas

ctdctd wrote: »

You can't change the SO date of HSBC group regular savers to get increased interest so it doesn't matter when you open it. The SO is set up automatically a day or so after you open the account so bear that in mind when you open it.

polymaff wrote: »

There is no optimal date. With HSBC-operated Regulars, if you advance the SO you don't get any more interest - you just give HSBC an interest-free loan.
Voice of experience...:(:(:(

You will not be able to change the SO date from HSBC online account by yourself anyway.

If my memory serves well, to change the SO date you will need to call them or do manual payment. But based on people experience it will not earn any interest if it is paid on earlier date.

Wheres_My_Cashback

mummyof5 wrote: »

While you’re all in calculating mode I need to open an HSBC regular saver to mature at the end of May 2021.
Can anyone help me work out the best date to open it , I would like the standing order date to be the 1st of the month but last time I opened one it ended up being the 3rd. Many thanks in advance.

You can open and fund the RS on any date.
You can call them and amend the standing order date to suit you, but you're not supposed to.
You will not receive any benefit in extra interest by changing it, you'll only be benefiting HSBC.

I would look at your cash flow, decide which date is preferable to you, open it and then leave it alone.

Bear in mind that opening an account online can at times take up to 5-7 days, HSBC can be particularly slow.

I find the quickest way to open and immediately fund is over the phone, but you'll have to put up with 20 mins of tedium!

Ed-1

adindas wrote: »

You will not be able to change the SO date from HSBC online account by yourself anyway.

If my memory serves well, to change the SO date you will need to call them or do manual payment. But based on people experience it will not earn any interest if it is paid on earlier date.

You can delete the standing order and set up a new one though.

schiff

For the weekly review of Post 1 - two of the Chorley accounts matured last year.

veryintrigued

Looks like a the same product as last year.

ID restrictions in place

https://www.thetipton.co.uk/our-savings/savings-accounts/fixed-rate-savings/

veryintrigued

JamesRobinson48 wrote: »

The Tipton BS rolls forward their RS product's fixed maturity date, for new starters, every few months so that the tenor is always around 12 months.

The first page requires updating to the 31/1/21

JamesRobinson48 wrote: »

Mine matures in two weeks time and, providIing currently at ~£6,560 earning 2.00%.

Ditto

arsenalboy

JamesRobinson48 wrote: »

The Tipton BS rolls forward their RS product's fixed maturity date, for new starters, every few months so that the tenor is always around 12 months. Savers are only allowed one Tipton RSA at any given time. Mine matures in two weeks time and, providing they handle the maturity smoothly, I'm minded to renew it. It's currently at ~£6,560 earning 2.00%.

So I have (wife) the Tipton RS maturing end Jan 20. Looked on website and noticed new issue. Rang them up about maturity and they said would hear 2 weeks before with options (next couple of days). Asked whether options would give new application and they said no need to wait and apply now. Sent cheque and application in post and it was cashed straight away. So my wife has 2 reg savers overlapping. Against the terms they publish but not customer concern.