HSBC regular saver

adonis10

My usual payments are on the 10th of each month however I would like to change the date to 3rd/4th - presumably this does not impact the eligibility for the 5% interest rate as this will still only result in one payment per month? I know that some accounts run their month on the day it was opened, ie. 10th April-9th May and only one payment can be made within that period. However, I cannot find any information about this on the HSBC website.


If anyone can advise it would be appreciated and will save me a 10 minute wait on the phone to HSBC!

ST-User

Unfortunately, the payment day can be only the same as the opening day was.
The same applies to the M&S regular saver.

Psyduck1980

adonis10 wrote: »

My usual payments are on the 10th of each month however I would like to change the date to 3rd/4th - presumably this does not impact the eligibility for the 5% interest rate as this will still only result in one payment per month? I know that some accounts run their month on the day it was opened, ie. 10th April-9th May and only one payment can be made within that period. However, I cannot find any information about this on the HSBC website.


If anyone can advise it would be appreciated and will save me a 10 minute wait on the phone to HSBC!

You are only allowed to put in £250 per month so if you are paying in the full amount you won't be able to pay in early. So if you paid in on 10th April you won't be able to pay in on 3rd May - if you have to pay in on the 3rd/4th you would need to wait until 3rd/4th June, thereby missing out on nearly a month of interest.

mrmajika

ST-User wrote: »

Unfortunately, the payment day can be only the same as the opening day was.
The same applies to the M&S regular saver.

And the same for first direct too.

Even if you apply on the 1st of the month online with FD it takes a couple of days for them to process it, so you end up with a SO on 3rd or 4th. It's not the end of the world, but nevertheless it's annoying and ridiculous that their systems won't allow it to be changed.

EachPenny

ST-User wrote: »

Unfortunately, the payment day can be only the same as the opening day was.
The same applies to the M&S regular saver.

HSBC do allow the payment date to be changed, but the payment only earns interest from the original payment date.

The OP could ask for the date to be brought forward, but would effectively be giving HSBC an interest-free loan for a week.

adonis10

Psyduck1980 wrote: »

You are only allowed to put in £250 per month so if you are paying in the full amount you won't be able to pay in early. So if you paid in on 10th April you won't be able to pay in on 3rd May - if you have to pay in on the 3rd/4th you would need to wait until 3rd/4th June, thereby missing out on nearly a month of interest.

Only doing £125/month at the moment so presumably I could actually change the SO to the 4th as it would still only equate to £250 in that 'month'?

Psyduck1980

adonis10 wrote: »

Only doing £125/month at the moment so presumably I could actually change the SO to the 4th as it would still only equate to £250 in that 'month'?

Yes, that's correct.

AirlieBird

The terms for the account are:
After the first payment into the account you must make 11 more payments on the same date each month by standing order from a qualifying current account. Each payment must be between £25 and £250. You can only make one payment each month but if the payment is less than £250, you can pay in more in later months as long as the total amount paid in doesn’t go over the Maximum Monthly Savings for that month.

OceanSound

mrmajika wrote: »

....it takes a couple of days for them to process it.....

I applied on 01 june 2019. Saw the message 'what happens next...the account should be open and available for you to use from My Accounts in online banking within 2 working days.'

'You will receive a welcome pack in the post within the next 5 working days.'

It's well past 2 working days now, so should be seeing the RS within online banking. Don't worry, I'll be straight on the blower to em'.

Fingerbobs

I submitted an application during the day on 4th inst, and have only just today received a text message from them saying they’re processing my application.

OceanSound

Before phoning, just now checked hsbc current account balance using 'fast balance' feature on app. Balance was 250 pounds less what it was yesterday.

Logged in fully, i can now see the rs saver within my accounts in online banking.