HSBC Regular Saver Maturing

Cotta

Hi All,

I have a regular saver with HSBC which is due to mature in just over one week. I want to setup a new regular saver, however in order to do this should I wait until the maturity date or can it be done immediately?

Also with £3000 sitting in my account that I wont need access to until the end of January (Possibly June) have I any reasonable options on where to deposit this lump sum?

Thanks in advance

juststuff123

You have to wait until the HSBC reg saver matures before you can set up a new one.

xylophone

Have I any reasonable options on where to deposit this lump sum?

Have you ever had a Nationwide Flexdirect current account?


Deposit £2500 in NW.

Set up a SO from your existing bank account to send £1000 mid month to NW and a same day SO from NW to your existing account to send it back again.

This would give you 5% for a year on your £2500.

You might also open a TSB Plus current account with £500 - you would need to cycle in at least £500 a month which you could cycle out if required.

It would provide a home for the monthly interest arising on NW.
It pays 3% on up to £1500.

xylophone

Savings accounts here

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Cotta

xylophone wrote: »

Have you ever had a Nationwide Flexdirect current account?


Deposit £2500 in NW.

Set up a SO from your existing bank account to send £1000 mid month to NW and a same day SO from NW to your existing account to send it back again.

This would give you 5% for a year on your £2500.

You might also open a TSB Plus current account with £500 - you would need to cycle in at least £500 a month which you could cycle out if required.

It would provide a home for the monthly interest arising on NW.
It pays 3% on up to £1500.

I have a Nationwide current acount with the 5% long having expired, I also have an RS with them at the old rate of 5%


I have a first direct RS @5% and I am in the process of setting one up with M&S but it is taking longer than expected.


I have £3k in a Tesco account, however this is no longer earning anything as there are only two DDs aligned.

JohnRo

Cotta wrote: »

I want to setup a new regular saver, however in order to do this should I wait until the maturity date or can it be done immediately?

You should have received a document from HSBC giving details about the maturing Regular Saver.

On page 3 of that document is the following.

Frequently Asked Questions:

Q. How was my interest calculated?

A. Interest is paid on the anniversary of account opening. It is not calculated on the final balance held in theaccount but is calculated on the daily balance.

Q. Why were my matured Regular Saver funds not transferred into my existing Flexible Saver or Instant Access Savings Account?

A. We're unable to transfer matured funds into an account in a different name(s) from your Regular Saver. As soon as your Regular Saver matures you'll have instant access to your funds and can move the money into the account of your choice.

Q. Why can't I see my Regular Saver account when I log onto Online Banking?

A. Two days prior to maturity you'll no longer be able to view the account via Online Banking. This is to ensure that no further transactions take place until the account matures. For customers who don't have a savings account in the same name as their Regular Saver for the balance and interest to be transferred into, the Regular Saver will be converted into Flexible Saver Account. It!s worth noting that this process can take up to five working days and during this time you may not be able to see the money from this account via Online Banking. You can still get access to your money if you need to, just give us a call or visit you local branch. Rest assured, even though you may not be able to see your accounts online they!re still earning interest at the applicable rate for your account.

Q. When can I open a new Regular Saver?

A. You can apply for a new one, once your existing Regular Saver has matured. You can apply online at hsbc.co.uk/savings, or in branch.

Cotta

My Regular saver matured last Friday, however having called HSBC there is a blackout period of 5 working days betweeen Regular savers maturing and being able to setup a new one.

JohnRo

Yep I have just found this out myself, my new RS is up and running but the delay was irritating.

Weirdly, FD who are a division of HSBC had no such issues when renewing their RS iirc.

Cotta

JohnRo wrote: »

Yep I have just found this out myself, my new RS is up and running but the delay was irritating.

Weirdly, FD who are a division of HSBC had no such issues when renewing their RS iirc.

My matured RS is sitting in an account paying 0.2%, does this remain here until it is transferred elsewhere?

JohnRo

Cotta wrote: »

My matured RS is sitting in an account paying 0.2%, does this remain here until it is transferred elsewhere?

The flexible saver account is opened as a holding account for the matured RS funds if you don't already have one the matured RS funds can be transferred to.

It will stay open. The RS funds in it are yours to do with as you please.

I was advised to leave the matured RS funds in the flexible saver account until the new RS is up and running.

The whole process took about 8 days as I recall but that did span a weekend.

Wheres_My_Cashback

Cotta wrote: »

My Regular saver matured last Friday, however having called HSBC there is a blackout period of 5 working days betweeen Regular savers maturing and being able to setup a new one.

There is no blackout of 5 days but their online processing system is very slow which is why it takes so long. It's the maturity part which is slow which is why it doesn't enable a new one to be opened.

The quicker way is to open a new one over the phone which can be done immediately upon maturity. This in effect causes the maturity to be actioned quicker as the call handler takes control by closing it down within the system enabling the new one to be opened. Not all call handlers are aware of this, but persistence works. The only downside is that is takes about 20 mins of listening to drivel/statements with constant "are you happy to proceed" type questions.

I have opened my last 5 this way and the longest it's taken has been two days (two overnight runs). Opening Mon thru Weds, not Thu thru Sun is quickest.

M&S/First Direct will be live instantly on same day as previous maturity.