First direct reduction in interest rates including regular saver

RG2015

irvin38aa wrote: »

I’ve just opened a regular saver with HSBC. It opened 28th September. Now, I’ve looked everywhere but can’t find the answer so can somebody here help?

Max I can put in is £250/mth. Does this mean a calendar month ie I can put another £250 in now and another in November etc OR does it mean 28th - 28th? ie my next payment would have to be after 28th October then after 28th November etc.

Thanks!

The HSBC PDF entitled Charges and Additional Product Terms has the following statement.

Monthly payments in: 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.

This is one of the documents you would have been asked to read and agree before opening the regular saver account online.

RG2015

RG2015 wrote: »

The HSBC PDF entitled Charges and Additional Product Terms has the following statement.

Monthly payments in: 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.

I have just read this again and it could be interpreted as the 11 payments need to be on the same date as each other but not necessarily the same date as the first payment.

When I set mine up online on 27th September I believe that it prompted me to set up my second payment by (standing order) on 27th October. However, I cannot be sure of this.

Prenticebaines

I think Nationwide is still offering 5% for it's current account?

Prenticebaines

Does that leave M&S as the only savings account offering the 5% rate?

MallyGirl

Prenticebaines wrote: »

I think Nationwide is still offering 5% for it's current account?

only lasts 1 year though.

MallyGirl

Prenticebaines wrote: »

Does that leave M&S as the only savings account offering the 5% rate?

looks like it - my nationwide one ends next month, my HSBC advance one is 5% but new applicants only get 2.75%, my FD is ending soon, my santander one is 5% but new applicants only get 2.5%.
Just renewed M&S one so at least I have that for another 11 months. End of a nice run.

abz88

Looks that way for now. Highest "open to all" rates are Virgin branch regular savers and Saffron regular saver at 3%.

Rich2808

abz88 wrote: »

Looks that way for now. Highest "open to all" rates are Virgin branch regular savers and Saffron regular saver at 3%.

The Saffron account is branch only for new customers - so is only open to all if you live in Essex/East Herts/South Cambridgeshire.

And the Virgin account is also branch only isn't it - albeit they have far more branches since their Clydesdale link up.

Poor_Leno

colsten wrote: »

Whilst it isn't for everybody, there are no advantages over and above the 2.75% FD RS for savers who are not looking for early access, who have no Virgin Money branches anywhere near them, and/or who already have the Clubs Lloyds and/or other monthly saver(s) yet still have spare cash.

You can apply to Saffron BS regular saver offering 3% by post provided you have some other account with them.

andi2

Arrghhh - my First Direct regular saver matures tomorrow