HSBC Regular Saver

tel_

Who has opened a HSBC Regular Saver recently/during covid-19 online?

Is the Saver opened straight away for you to make your deposit, or is their a delay?

I only ask as this appears on their Reg Saver page:

'If you’ve opened a new account online recently, please allow extra time for your application to be processed as the queues are longer than usual – no need to call us, we’ll let you know when it’s ready to use.'

But this message does appear on all their products. I'm guessing it mainly applies to opening bank accounts/loans etc?

I think most savers I've opened online have been accessible straight away.

Snapdragon

My experience suggests they are taking slightly longer than usual. My First Direct RS matured 7th May, I rang them to switch the matured funds to my current account to avoid the delay of it going into basic saver, which then adds 5 days to getting your money, they did that without any issue and I was able to apply online immediately for the new one which was opened on the 13th. My HSBC matures 1st July and I'm anticipating a similar sort of timescale so perhaps a week before the new money starts again.

ischris85

When I applied recently for a HSBC RS yes, there was a few days delay.

tel_

Thanks Snapdragon & ischris85 for your comments.

I was hoping access would be instant. Looks like I will apply for one straight away!

DresD

I applied for a new HSBC reg saver on Friday. Previously when I did this it appeared quickly online. This time I have had 3 very long waits on the phone to get someone to speak to about it.  I was told eventually HSBC needed more information about my employment. The operator tried to take the info over the phone as there was nowhere in my online profile to add my occupation. But he was having difficulty fitting my answers in his boxes and then we got cut off. 
I am annoyed because
1. HSBC did not explain when I applied for the reg saver that they were missing this info about me and that it was a condition - I only found out after 3 long waits on the phone after hearing nothing about the status of my application.
2. Their systems seem to have difficulty taking the customer's job info that they need. 
3. I have had my account 31 years and have been paid a regular salary for the last 26. So why do they need this info anyway?

xylophone

Relative and I both opened new HSBC  RS last month on maturity of the previous ones - done on line with no problem.

darkidoe

DresD said:

I applied for a new HSBC reg saver on Friday. Previously when I did this it appeared quickly online. This time I have had 3 very long waits on the phone to get someone to speak to about it.  I was told eventually HSBC needed more information about my employment. The operator tried to take the info over the phone as there was nowhere in my online profile to add my occupation. But he was having difficulty fitting my answers in his boxes and then we got cut off. 
I am annoyed because
1. HSBC did not explain when I applied for the reg saver that they were missing this info about me and that it was a condition - I only found out after 3 long waits on the phone after hearing nothing about the status of my application.
2. Their systems seem to have difficulty taking the customer's job info that they need. 
3. I have had my account 31 years and have been paid a regular salary for the last 26. So why do they need this info anyway?

I had the same issue. I probably will have to find sometime to go into branch.

wiseonesomeofthetime

Why do they need to know your occupation for a Regular Saver account???

I opened mine in January and had no issues, nor did they ask where my income was coming from to fund it.

It's only £250pm after all. Hardly thousands!!

wmb194

wiseonesomeofthetime said:

Why do they need to know your occupation for a Regular Saver account???

I opened mine in January and had no issues, nor did they ask where my income was coming from to fund it.

It's only £250pm after all. Hardly thousands!!

Over the course of a year it will add up to thousands. It's just the KYC requirements they all have to comply with these days. On the plus side, at least these institutions usually take your word for it and don't ask to see payslips, contracts, bank statements and so on and if they think the data held is up to date enough don't always ask every time.

JezR

As a self-employed contractor HSBC at first wanted quite a lot of info on my business and income for a regular saver a few years back, despite having had a few of these before. I am also in receipt of a private pension though well over the £250 a month and that satisfied them.