Standing order to HSBC regular saver

george4064

I accidentally setup a monthly standing order for £1,000 to go into my HSBC regular saver.

I only realised this once the first payment went through, it has gone through successfully and is showing in my regular saver account.

I phoned HSBC and they have said they can't remove the funds because its a 'locked account', I guess due to the nature of the regular saver which you can't make partial withdrawals.

It seems like its going to take a lot of effort to make the partial withdrawal to reverse the £1,000 payment.

I am very happy to leave it in there and earn 5% AER! But I would be annoyed if I left it there, only for HSBC to realise the error down the line and not pay any interest for that.

Welcome any thoughts/comments, and what would you do.

Thanks in advance.

MDMD

Just ask to close the account - you won’t get any interest but you can then re-open it.

The standing orders I have had on my ones were set up by the bank. Why did you need to set one up?

george4064

MDMD wrote: »

Just ask to close the account - you won’t get any interest but you can then re-open it.

The standing orders I have had on my ones were set up by the bank. Why did you need to set one up?

I was setting up a standing order to a different account and must've accidentally selected my HSBC regular saver account.

Note, I already have a SO setup to my HSBC RS for the correct amount, this was an erroneous additional SO.

1931modela

I thought you could only pay in a max of £250 pm into this account, at that what it is for my account

george4064

1931modela wrote: »

I thought you could only pay in a max of £250 pm into this account, at that what it is for my account

Correct, so I'm not sure why the £1,000 SO was allowed to go through...

Vortigern

When was this payment made?

If you wait a day or two the payment might be automatically reversed?

adindas

Vortigern wrote: »

When was this payment made?

If you wait a day or two the payment might be automatically reversed?

[FONT=&quot]This is normally what happen with regular saver even for Small banks Building Societies. I have been in this situation many times (but yet with HSBC) and the payment is reversed back to my current account in about 3 working days later.[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]OP please check your account again in 2-3 working days later and see whether the money bounces back. If not, it means the algorithm has been set up differently and you might be lucky to get additional interest of £!000 earning 5% [/FONT][FONT=&quot] [/FONT][FONT=&quot] [/FONT][FONT=&quot] [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]But the opposite case might also prevail.[/FONT]

karlie88

Noticed this about a year ago, unless things have changed, you won't get 5% on the £1k OP.

I put in £475 in the penultimate month once, then topped up £25 in the final month. Got interest payable @ 5% per £250 per month and not a penny more.

Also added an extra £250 in the final month the previous year, so final balance for final month was £3250 - again no extra interest.

Was just experimenting at the time...

george4064

Vortigern wrote: »

When was this payment made?

If you wait a day or two the payment might be automatically reversed?

It was made yesterday, 20th June.

george4064

If anyone is interested, on Friday 21st June I spent hours on the phone to HSBC to try sort this out. The lady was trying to connect to the accounts opening team whilst I was on the phone, but after a few hours I just hung up.


So the extra £1,000 was in the RS account then until today, where I went into a HSBC branch to explain my situation and the bank clerk simply transferred the £1,000 back to my HSBC advance current account.


Would have made my life a lot easier if the lady on the phone could do it herself.


Still surprised the standing order didn't bounce back..