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Ed-1

colsten wrote: »

To change the date, you can delete the existing SO and set up a completely new one.

Didn't think of that. Can you set a new one up from an external current account?

colsten

I haven't tried that

Ed-1

colsten wrote: »

I haven't tried that

I've now cancelled the SO that was set up at account opening (which was only last month) and set up one from an external current account with first payment tomorrow so will report back to confirm if the payment is accepted into the account; I don't anticipate any problems.

Archi_Bald

Ed-1 wrote: »

I've now cancelled the SO that was set up at account opening (which was only last month) and set up one from an external current account with first payment tomorrow so will report back to confirm if the payment is accepted into the account; I don't anticipate any problems.

Seems you might be breaking the T&Cs by using an external account

3.4. You must open your Regular Saver with an initial deposit on the day of account opening of between £25 and £250 by direct transfer from one of the current accounts listed in clause 3.1 only

3.1 just lists HSBC accounts.

http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/general-tcs.pdf

This document contains other T&Cs pertaining to the Regular Saver that people might wish to read.

Ed-1

Archi_Bald wrote: »

Seems you might be breaking the T&Cs by using an external account


3.1 just lists HSBC accounts.

http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/general-tcs.pdf

This document contains other T&Cs pertaining to the Regular Saver that people might wish to read.

It seems that clause only refers to the initial deposit at account opening though and not the subsequent standing order. EDIT: 3.5 confirms that only qualifying HSBC current accounts can be used for the standing order. 3.7 confirms that the first SO payment must be no earlier than one calendar month after account opening.

Back to online banking...

adindas

Ed-1 wrote: »

It seems that clause only refers to the initial deposit at account opening though and not the subsequent standing order.

I just called the CS a few minutes ago. She did not sure as well but they contacted the RSA account opening team on 0800 032 4729.

She said when you open the RSA you will need to set up a SO from an HSBC account and it could not be from another account. This need to be maintained until the maturity of RSA ...

I know this is arguable, and she just makes it up, but I do not want to take that risk, so I will keep it as it is. Annoying I will loose a few days interest rate as I will need to feed my HSBC account from another account a few days in advance (to avoid overdrawn) and HSBC ac does not pay interest at all ...

Ed-1

adindas wrote: »

I just called the CS a few minutes ago. She did not sure as well but they contacted the RSA account opening team on 0800 032 4729.

She said when you open the RSA you will need to set up a SO from an HSBC account and it could not be from another account. This need to be maintained until the maturity of RSA ...

I know this is arguable, and she just makes it up, but I do not want to take that risk, so I will keep it as it is. Annoying I will loose a few days interest rate as I will need to feed my HSBC account from another account a few days in advance (to avoid overdrawn) and HSBC ac does not pay interest at all ...

I've made some edits in my last post. After detailed examination of the Terms and Conditions, 3.8 confirms you can cancel the standing order set up at account opening and set up a new one at a later date, and 3.7 states that the first SO payment must be at least one calendar month after account opening (so if account opening was in August the first SO payment must be in the next calendar month at the earliest - i.e. September) so you would not be breaking the Terms and Conditions by setting up a new standing order from your HSBC current account to go in on the 1st of each month.

Ed-1

adindas wrote: »

You could always change the date of SO by asking them to do as long as it comes from HSBC. I got this confirmation over the phone ...

But the issue that I raise is to change the source of SO, I have been told it has to come from HSBC bank account and not from external bank account.

On online banking you can't amend the date of an existing SO, only change the amount, so to change the date you have to set up a new one and cancel the old one.

adindas

Ed-1 wrote: »

On online banking you can't amend the date of an existing SO, only change the amount, so to change the date you have to set up a new one and cancel the old one.

You could ask them to change the date over the phone. I have done that in the past. I already have three consecutive RSA with HSBC. Interestingly, First direct (another brand of HSBC) will not going to change the date.

Just be aware if you delete the existing SO and do it by yourself from another bank, it might become a problem in the future regarding the interest you will get.

Ed-1

adindas wrote: »

You could ask them to change the date over the phone. I have done that in the past. First direct (another brand of HSBC) will not going to change the date. I already have three consecutive RSA with HSBC. But if you ask them to change the bank account they will not do that. So just be aware if you delete the existing SO and do it by yourself from another bank, it might become a problem in the future regarding the interest you will get.

Yes after reading the full T&Cs I've reverted back to a HSBC standing order although earlier in the calendar month than if I'd maintained the SO at the one set up on the date of account opening.

There's nothing in the T&Cs stopping you from changing the HSBC current account the SO comes from as long as it is one of the qualifying ones stated in 3.1.

N.B. The First Direct regular saver is less flexible in that the SO has to come from the 1st account and be on the same date each month as the opening deposit. The SO set up at account opening can't be cancelled unless the account is closed, only the amount can be changed.