Regular Savings Accounts: The Best Currently Available List!

redux

t1redmonkey said:

 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 money is not being taken by the destination account, it's sent from the originating one.

t1redmonkey

Bridlington1 said:

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.

Ah I see.  Yes I also do not use SO's unless the account seems to indicate it's a necessity (which it seemed like it was with HSBC) so I don't have great knowledge about them.  So I was just thinking logically they would cancel any SO's going into the RS as part of the request to close the RS.

RG2015

wmb194 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?

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

HSBC REGULAR SAVER

The way I read it is that you must make a deposit by SO of at least £25 every month. 

I looked at this only yesterday and it has the following.

Regular Saver

Account conditions: You must have a qualifying current account with us.

If, at any time, you don’t have one, we’ll close your Regular Saver and pay your savings into your current account. We may take any amounts you owe us before we do this.

You can only have one Regular Saver at any time in your sole name or jointly with someone else.

Term: The account is fixed for a term of 12 months.

Statements: We’ll send you a statement:

• six months after you opened the account; and

• when you close your account.

Part 2 – Additional product terms 45

Paying money into the account: You must pay into the account every month.

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.

(edit: my bold type for emphasis)


Therefore I reduced my SO to £25


This is on page 45 of the PDF document on the following page entitled  HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB)

https://www.hsbc.co.uk/savings/products/regular-saver/

 

ForumUser7

RG2015 said:

wmb194 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?

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

HSBC REGULAR SAVER

The way I read it is that you must make a deposit by SO of at least £25 every month. 

I looked at this only yesterday and it has the following.

Regular Saver

Account conditions: You must have a qualifying current account with us.

If, at any time, you don’t have one, we’ll close your Regular Saver and pay your savings into your current account. We may take any amounts you owe us before we do this.

You can only have one Regular Saver at any time in your sole name or jointly with someone else.

Term: The account is fixed for a term of 12 months.

Statements: We’ll send you a statement:

• six months after you opened the account; and

• when you close your account.

Part 2 – Additional product terms 45

Paying money into the account: You must pay into the account every month.

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.



Therefore I reduced my SO to £25


This is on page 45 of the PDF document on the following page entitled  HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB)

https://www.hsbc.co.uk/savings/products/regular-saver/

 

It's odd it doesn't just say that in the summary box, for clarity and simplicity. It doesn't seem to give a penalty for not abiding by that term anyway.

Bridlington1

RG2015 said:

wmb194 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?

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

HSBC REGULAR SAVER

The way I read it is that you must make a deposit by SO of at least £25 every month. 

I looked at this only yesterday and it has the following.

Regular Saver

Account conditions: You must have a qualifying current account with us.

If, at any time, you don’t have one, we’ll close your Regular Saver and pay your savings into your current account. We may take any amounts you owe us before we do this.

You can only have one Regular Saver at any time in your sole name or jointly with someone else.

Term: The account is fixed for a term of 12 months.

Statements: We’ll send you a statement:

• six months after you opened the account; and

• when you close your account.

Part 2 – Additional product terms 45

Paying money into the account: You must pay into the account every month.

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.



Therefore I reduced my SO to £25


This is on page 45 of the PDF document on the following page entitled  HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB)

https://www.hsbc.co.uk/savings/products/regular-saver/

 

That's how I'd interpreted it originally. It seems the general terms make it pretty explicit but the summary box doesn't so much.
So by that logic my original interpretation would've been correct.This would also fit with what moneyfacts says, which has tended to be pretty consistently accurate:

Minimum Number of Payments 12
Missed Payment Penalty: N/A

It's a nice day outside so I'll put the kettle on now then head to my local branch later this afternoon to see if I can find closure to this one.

wiseonesomeofthetime

HSBC Regular Saver

This is on page 45 of the PDF document on the following page entitled  HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB)

On the same page, this piece just made me think . . .

"At the end of the term: We’ll transfer your savings and interest to any Instant Access Savings account, Flexible Saver or HSBC Premier Savings account you have with us. If you have more than one of these accounts, we’ll transfer your money to the one with the best interest rate." - italics mine for emphasis

I have the Online Bonus Saver with HSBC. This is my only instant access savings account with them so, if I interpret this term correctly, the matured funds from my HSBC Regular Saver would be transferred to my HSBC Online Bonus Saver (OBS).

However, if that is the case, as soon as those matured funds are withdrawn from the OBS, any funds already held in that account would instantly only earn the lower interest rate for the entire month!!

This scenario will not effect me, as I only hold a £1 in my OBS account, however, this may be a warning alert for others who do use the HSBC OBS to its full potential (as limited as it may be).

RG2015

Bridlington1 said:

RG2015 said:

wmb194 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?

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

HSBC REGULAR SAVER

The way I read it is that you must make a deposit by SO of at least £25 every month. 

I looked at this only yesterday and it has the following.

Regular Saver

Account conditions: You must have a qualifying current account with us.

If, at any time, you don’t have one, we’ll close your Regular Saver and pay your savings into your current account. We may take any amounts you owe us before we do this.

You can only have one Regular Saver at any time in your sole name or jointly with someone else.

Term: The account is fixed for a term of 12 months.

Statements: We’ll send you a statement:

• six months after you opened the account; and

• when you close your account.

Part 2 – Additional product terms 45

Paying money into the account: You must pay into the account every month.

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.



Therefore I reduced my SO to £25


This is on page 45 of the PDF document on the following page entitled  HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB)

https://www.hsbc.co.uk/savings/products/regular-saver/

 

That's how I'd interpreted it originally. It seems the general terms make it pretty explicit but the summary box doesn't so much.
So by that logic my original interpretation would've been correct.This would also fit with what moneyfacts says, which has tended to be pretty consistently accurate:

Minimum Number of Payments 12
Missed Payment Penalty: N/A

It's a nice day outside so I'll put the kettle on now then head to my local branch later this afternoon to see if I can find closure to this one.

It really makes no sense. You must make 12 payments but there is no penalty if you don't.

Bridlington1

RG2015 said:

Bridlington1 said:

RG2015 said:

wmb194 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?

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

HSBC REGULAR SAVER

The way I read it is that you must make a deposit by SO of at least £25 every month. 

I looked at this only yesterday and it has the following.

Regular Saver

Account conditions: You must have a qualifying current account with us.

If, at any time, you don’t have one, we’ll close your Regular Saver and pay your savings into your current account. We may take any amounts you owe us before we do this.

You can only have one Regular Saver at any time in your sole name or jointly with someone else.

Term: The account is fixed for a term of 12 months.

Statements: We’ll send you a statement:

• six months after you opened the account; and

• when you close your account.

Part 2 – Additional product terms 45

Paying money into the account: You must pay into the account every month.

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.



Therefore I reduced my SO to £25


This is on page 45 of the PDF document on the following page entitled  HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB)

https://www.hsbc.co.uk/savings/products/regular-saver/

 

That's how I'd interpreted it originally. It seems the general terms make it pretty explicit but the summary box doesn't so much.
So by that logic my original interpretation would've been correct.This would also fit with what moneyfacts says, which has tended to be pretty consistently accurate:

Minimum Number of Payments 12
Missed Payment Penalty: N/A

It's a nice day outside so I'll put the kettle on now then head to my local branch later this afternoon to see if I can find closure to this one.

It really makes no sense. You must make 12 payments but there is no penalty if you don't.

I'd agree, it does seem to make no sense. All I can think is that on page 34 of the agreement it states:

How we can end this agreement and close accounts
Sometimes we can end the agreement and close your accounts straight away and not give you any notice. We’ll only do this if certain things happen. We’ve set these out below.
 • You’ve seriously or persistently broken this agreement

So unless they consider you not paying in £25 on multiple occasions, which is against the terms of the regular saver, to be you "persistently breaking this agreement" and thus the penalty would be that they could close your accounts if they so wish.

I'd have thought this would be a be a bit of a stretch though and if this is the case then why they couldn't put this in the regular saver summary box is beyond me at present.

pecunianonolet

RG2015 said:

Bridlington1 said:

RG2015 said:

wmb194 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?

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

HSBC REGULAR SAVER

The way I read it is that you must make a deposit by SO of at least £25 every month. 

I looked at this only yesterday and it has the following.

Regular Saver

Account conditions: You must have a qualifying current account with us.

If, at any time, you don’t have one, we’ll close your Regular Saver and pay your savings into your current account. We may take any amounts you owe us before we do this.

You can only have one Regular Saver at any time in your sole name or jointly with someone else.

Term: The account is fixed for a term of 12 months.

Statements: We’ll send you a statement:

• six months after you opened the account; and

• when you close your account.

Part 2 – Additional product terms 45

Paying money into the account: You must pay into the account every month.

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.



Therefore I reduced my SO to £25


This is on page 45 of the PDF document on the following page entitled  HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB)

https://www.hsbc.co.uk/savings/products/regular-saver/

 

That's how I'd interpreted it originally. It seems the general terms make it pretty explicit but the summary box doesn't so much.
So by that logic my original interpretation would've been correct.This would also fit with what moneyfacts says, which has tended to be pretty consistently accurate:

Minimum Number of Payments 12
Missed Payment Penalty: N/A

It's a nice day outside so I'll put the kettle on now then head to my local branch later this afternoon to see if I can find closure to this one.

It really makes no sense. You must make 12 payments but there is no penalty if you don't.

But they might reserve the right to close your account as they might see you breaching T&C's?

I phoned yesterday to ask for the exact date mine was opened and quite to my surprise, my statement says first £250 went in on 1st December. The lady said my account was opened on the 4th December. When I asked why she wasn't able to answer. Even more curious, in January I made a manual deposit of £250 on 2nd Jan and they took another £250 by SO on the 3rd of Jan (forgot I had a SO set up) so have £2000 in. This leaves me with the fact that I might have opened 30th Nov and they only credited my payment on the 1st December and I was able to make up the November contribution and therefore it wasn't returned in Jan. 

Chat in app was not able to see any dates at all apparently. Reduced to £25 for now.

intalex

The more closures HSBC get with the reason "uncompetitive rate", the more likely they are to raise the rate in future...

But of course, depends how long the account has already been running for each individual, given the lower flexible saver rate applied all the way back to the start...

BTW, my account simply had the marker for blocking withdrawals removed, after which I moved the "principal" balance and have left it with a zero balance, pending the final interest to be paid out (to my current account), and closure...