Regular Saver Thread **New and Restarted**

polymaff

MSE is chock-full of square-pegs, so show a bit of tolerance.


If we only did "sensible" things, we probably wouldn't be on MSE...:)

MDMD

adindas wrote: »

Exactly.
Regarding the interest, I do not remember the more accurate figure, but it is about 0.6x. So if the RS is paying 3%, it is equivalent to about 1.8% of the whole balance provided that you put the same amount of money on the same date each month.

As the interest is calculated daily all of that is something to do with how long the particular chunk of money is in the saving account.

The more accurate figure is 6.5/12 or about 0.54, which gives (for example) £44.69 (3000x2.75%x (6.5/12) for HSBC’s RS, exactly what they give.

https://www.hsbc.co.uk/savings/products/regular-saver/

polymaff

MDMD wrote: »

The more accurate figure is 6.5/12 or about 0.54, which gives (for example) £44.69 (3000x2.75%x (6.5/12) for HSBC’s RS, exactly what they give.

https://www.hsbc.co.uk/savings/products/regular-saver/

And for those accounts where you can open and fund it at the end of a month and then pile in subsequent payments on the 1st of succeeding months, it is about 7.5/12.

polymaff

MDMD wrote: »

The more accurate figure is 6.5/12 or about 0.54, which gives (for example) £44.69 (3000x2.75%x (6.5/12) for HSBC’s RS, exactly what they give.

https://www.hsbc.co.uk/savings/products/regular-saver/

The same assumptions do tend to produce the same result, Sherlock...:)

vermania

I got the dreaded Coventry BS letter today, always know if it's in a Coventry envelope that it bears bad news. For those who have the 10 year old ex-Stroud and Swindon Regular Saver the interest rate is reducing again to 2.20%.

And just with rumours of a base rate decrease going around, after which they'd slap the rate down again. Apparently mortgage rates are too competitive to keep the interest as it is. Yes, there is still little better out there right now, but it seems it won't be long before the deposits in these long-held accounts might be better off in a fixed term account. Or making the most of the low mortgage rates and buying property. Or just anywhere but a savings account!

[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!