Regular Savings Accounts: The Best Currently Available List!

jameseonline

Just thinking it will be nice to see HSBC enter the 7% zone next to First Direct, CO OP & Skipton on Regular Savings page (1 less 5% account to have listed & maybe puts a bit of pressure on others to up their game), same as YBS next to Principality under the open to all section.

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

(It was only updated the other day, guess someone will have to update it again soon😁)

dingling68

ForumUser7 said:

HSBC - Anyone know if they are going to upgrade existing RS customers to the new rate like they did last time?

Would appear they are sticking to the terms and conditions and the answer is no 

BestSeagull

Stargunner said:

BestSeagull said:

janusdesign said:

BestSeagull said:

janusdesign said:

t1redmonkey said:

HSBC appear to have just stealthily increased their Regular Saver to 7%! https://www.hsbc.co.uk/savings/products/regular-saver/

nice spot! 

I assume HSBC are one of those that insist the regular payment is via standard order from a HSBC current account ? anyone know if you can select the SO date when opening the account or is it setup by HSBC (as per First Direct) ?

worth noting that you need £25 in your current account balance before you can even apply - I don't have that currently, hence the above question about the standing order.

HSBC. It is all standing order from a qualifying current account. I tried to copy and paste from the t&c but my computer wouldn't let me.  If you download the general T&C from the regular saver account page, and go to page 45 you'll see the limitations imposed.

I hate standing orders so didn't bother for the lesser rate but for 7%, I'm sucking it up!

eta link to t&c https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/personal-banking-terms-conditions.pdf

many thanks for the link.

I was just curious if they behaved like TSB (?) where they don't necessarily enforce the SO requirement. Reading the above, the 11 SO payments are taken on the same day of the month as the initial deposit. I'll open it tomorrow.

Yes, the TSB work around is a good one (adding the RS as an external recipient and doing a manual transfer that way). But for HSBC I'm pretty sure the system won't let manual transfers happen. They seem to have thought of everything. Having to fund the current account before even being able to apply is a new one on me!

The reason for that is that they take your first payment from the current acc as soon as your RS is opened

Yes. I don't mind that at all. It's really efficient, just hadn't seen it before that I remember.

gt94sss2

Has anyone has done the maths regarding at what point/months in existing HSBC regular saver customers would be better/worse off closing their existing accounts and opening a new one..?

[Deleted User]

gt94sss2 said:

Has anyone has done the maths regarding at what point existing HSBC regular saver customers would be better off closing their existing accounts and opening a new one..?

New member here, I opened an HSBC saver a few days ago not having any inkling of this better rate.
I have now closed this with the help of the chat service and am hoping I can open a new one tomorrow with the higher rate, but I had only put £25 in as a deposit, some people may have 6 or 9 months worth so its difficult to know.

gt94sss2

dingling68 said:

HSBC Regular Saver

Have been on customer service chat to be told that they won't increase the rate on my existing account (I think it was First Direct that did that back in December 2022) and that if I close my existing account early it only attracts the Flexible Saver Rater to closure. 

HSBC also increased the interest rate on existing regular saver accounts when they increased the rate to 5% in December 2022

Dizzycap

Not sure if this has been covered:

Melton Mowbray New 2 year Regular Saver 6 @ 6% VARIABLE now available as part of the Savings Week Event

- End date 30/09/2026.

https://www.themelton.co.uk/regular_savings/regular-saver-6/

gt94sss2

Dizzycap said:

Not sure if this has been covered:

Melton Mowbray New 2 year Regular Saver 6 @ 6% VARIABLE now available as part of the Savings Week Event

- End date 30/09/2026.

https://www.themelton.co.uk/regular_savings/regular-saver-6/

https://forums.moneysavingexpert.com/discussion/comment/80983521/#Comment_80983521

Dizzycap

Bridlington1 said:

WillPS said:

gt94sss2 said:

As well as the new YBS Regular Saver, Moneyfacts shows that Melton Building Society is launching a new Regular Saver 6 account

£200/month with a max balance of £6,000
6% (variable) 

Matures end Sept  2026 apparently, and unlimited withdrawals... that's one worth having if so!

The only snag is that it's branch opening only and Melton BS's branches aren't exactly widespread.

If it were postal opening I'd go for it, but I'd have to travel over 70 miles each way to get to my nearest branch. If I could get there for free I'd do it but the cost of the trip would be more than the extra interest I'd stand to gain on the regular saver.

EDIT:
Moneyfacts was showing incorrect info. Account can also be opened by post.

There is a postal opening for the Melton Reg Saver 6, I've just filled in the form and sent it off. You can also stipulate to access the acount online and Melton will send you out a User ID & Password.

jameseonline

Happy Savings Week everyone 😁