Regular Savings Accounts: The Best Currently Available List!

ForumUser7

intalex said:

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...

Remember there is a penalty - the interest for the whole term (including backdating since the account was opened) will be calculated at the flexible Saver rate. I’ve cancelled my SO, but I’m not going to close the account I think.

intalex

ForumUser7 said:

intalex said:

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...

Remember there is a penalty - the interest for the whole term (including backdating since the account was opened) will be calculated at the flexible Saver rate. I’ve cancelled my SO, but I’m not going to close the account I think.

Was only opened on 30th April, so just clocked 2 months... at 1.35% instead of 5.00% won't make much of a difference...

wiseonesomeofthetime

ForumUser7 said:

intalex said:

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...

Remember there is a penalty - the interest for the whole term (including backdating since the account was opened) will be calculated at the flexible Saver rate. I’ve cancelled my SO, but I’m not going to close the account I think.

HSBC Regular Saver

Is this account not subject to a minimum monthly deposit of £25?

wmb194

wiseonesomeofthetime said:

ForumUser7 said:

intalex said:

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...

Remember there is a penalty - the interest for the whole term (including backdating since the account was opened) will be calculated at the flexible Saver rate. I’ve cancelled my SO, but I’m not going to close the account I think.

HSBC Regular Saver

Is this account not subject to a minimum monthly deposit of £25?

No, it's zero or minimum £25 if you make a deposit.

wiseonesomeofthetime

Thanks. I'm stopping mine then as those funds can be redirected elsewhere 👍

Probably too late for July's deposit, but I'll give it a try later.

Bridlington1

wiseonesomeofthetime said:

ForumUser7 said:

intalex said:

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...

Remember there is a penalty - the interest for the whole term (including backdating since the account was opened) will be calculated at the flexible Saver rate. I’ve cancelled my SO, but I’m not going to close the account I think.

HSBC Regular Saver

Is this account not subject to a minimum monthly deposit of £25?

It is. I opened mine on 6th December so have just reduced the SO to £25 and changed the date to 2nd.

Apologies @ForumUser7, I'm afraid I forgot to ask them in branch on Monday whether there was any specific penalty for not making a deposit each month. I'll head to my local branch this morning and ask them for you but given that HSBC have been known to be a tad fussy at times I would still just deposit the £25/mth regardless if I were you.

wmb194

Bridlington1 said:

wiseonesomeofthetime said:

ForumUser7 said:

intalex said:

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...

Remember there is a penalty - the interest for the whole term (including backdating since the account was opened) will be calculated at the flexible Saver rate. I’ve cancelled my SO, but I’m not going to close the account I think.

HSBC Regular Saver

Is this account not subject to a minimum monthly deposit of £25?

It is. I opened mine on 6th December so have just reduced the SO to £25 and changed the date to 2nd.

Apologies @ForumUser7, I'm afraid I forgot to ask them in branch on Monday whether there was any specific penalty for not making a deposit each month. I'll head to my local branch this morning and ask them for you but given that HSBC have been known to be a tad fussy at times I would still just deposit the £25/mth regardless if I were you.

You don't need to ask, just look at the terms: there is no penalty. It also doesn't state that a deposit needs to made every month, just that if you do it needs to be at least £25. I stopped making deposits to mine a couple of months ago and, for what it's worth, it still states in the app that it's earning 5%.

Bridlington1

wmb194 said:

Bridlington1 said:

wiseonesomeofthetime said:

ForumUser7 said:

intalex said:

janusdesign said:

First Direct have posted the changes to their savings rates - the Regular Saver is not included in the changes, so remains at 7.0%

HSBC also sticking to 5.00% for theirs, so I've cancelled the standing order and sent a message via app chat to close it down...

Remember there is a penalty - the interest for the whole term (including backdating since the account was opened) will be calculated at the flexible Saver rate. I’ve cancelled my SO, but I’m not going to close the account I think.

HSBC Regular Saver

Is this account not subject to a minimum monthly deposit of £25?

It is. I opened mine on 6th December so have just reduced the SO to £25 and changed the date to 2nd.

Apologies @ForumUser7, I'm afraid I forgot to ask them in branch on Monday whether there was any specific penalty for not making a deposit each month. I'll head to my local branch this morning and ask them for you but given that HSBC have been known to be a tad fussy at times I would still just deposit the £25/mth regardless if I were you.

You don't need to ask, just look at the terms: there is no penalty. It also doesn't state that a deposit needs to made every month, just that if you do it needs to be at least £25. I stopped making deposits to mine a couple of months ago and, for what it's worth, it still states in the app that it's earning 5%.

Apologies then, it appears once again I've been a complete fool. I'd misinterpreted "regular deposits must be made by standing order each month" to mean that I had to make regular deposits by SO each month, rather than if I do make regular deposits each month they must be between £25 and £250.

I shall now delete my SO.

I think the thing that threw me was moneyfacts stating that a minimum of 12 deposits needed to be made, which appears to have been a typo.

t1redmonkey

I also thought the HSBC RS needed at least £25 deposited every month to be fair.

I closed mine near the start of June though.  Didn't matter too much as I'd only started it in late April so I don't think I lost much interest.

One thing to note, and I'm not sure if this was an issue specific to me, but after I got them to close it, I assumed the SO would also get cancelled since the RS no longer existed.  However it didn't get cancelled.  I still had money taken from my HSBC account earlier this week, even though the RS had been closed for several weeks (so I went into a minus balance).  It made no sense as the money had no where to go.  I had to speak to a customer service rep who was able to get it reversed and also cancelled the SO, but I still thought it was bizarre, as I don't know how the money can be taken when the destination account no longer exists.  You would think they would've tied all that up at the time I asked to close the RS but they clearly didn't.

Bridlington1

t1redmonkey said:

I also thought the HSBC RS needed at least £25 deposited every month to be fair.

I closed mine near the start of June though.  Didn't matter too much as I'd only started it in late April so I don't think I lost much interest.

One thing to note, and I'm not sure if this was an issue specific to me, but after I got them to close it, I assumed the SO would also get cancelled since the RS no longer existed.  However it didn't get cancelled.  I still had money taken from my HSBC account earlier this week, even though the RS had been closed for several weeks (so I went into a minus balance).  It made no sense as the money had no where to go.  I had to speak to a customer service rep who was able to get it reversed and also cancelled the SO, but I still thought it was bizarre, as I don't know how the money can be taken when the destination account no longer exists.  You would think they would've tied all that up at the time I asked to close the RS but they clearly didn't.

The issue isn't specific to you or HSBC, it's the same with every other bank if I'm not mistaken. If you close a savings account any SOs to it will remain unless you manually cancel it. This is one of the reasons I avoid using SOs where possible these days since it saves the risk of forgetting to cancel the SO if I close the account (plus it saves having money sat in a 0% current account overnight). When I forgot to cancel the SO for a Halifax regular saver a couple of years ago the payment bounced the same day automatically so I was able to just cancel the SO once I'd noticed it. I'm not sure it would be the same with HSBC but I would've thought it would be a similar process with them.