What happens to HSBC regular saver when current account switches

es5595

I’ve got a HSBC current account and regular saver, I can’t find anywhere what happens when I switch my current account away. 

Does it get closed? Or can I just no longer top it up and it matures when expected? 

surreysaver

What do the T&Cs say?
From what I can see, you only need a HSBC current account to open their Regular Saver. I cannot see anything which states you need to maintain a current account to keep the Regular Saver open (although you obviously won't be able to continue saving into it) 

Robin9

If you top it up from your Current account you will need to set up a standing order from the new account. The savings account will stay open unless the T&C's say otherwise.

MDMD

surreysaver said:

What do the T&Cs say?
From what I can see, you only need a HSBC current account to open their Regular Saver. I cannot see anything which states you need to maintain a current account to keep the Regular Saver open (although you obviously won't be able to continue saving into it) 

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/personal-banking-terms-conditions-14-mar-2020.pdf

Page 43 says (presumably they will do this before they close it):

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. 

wiseonesomeofthetime

I wonder how many customers read 52 pages of T&Cs when opening the product. 

Must admit, I didn't.

But then, I opened the current account for the purpose of the RS, so closing or switching away never crossed my mind 

EssexExile

MDMD said:

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. 

How are they going to pay the savings into the current account you don't have?

gt94sss2

Also worth noting that if your regular saver is closed early your interest is calculated at the lower Flexible Saver account rate 

GS..

My first regular savers account paid 9%
Oh the days

Emmia

Technically the regular saver account gets closed at the end of 12 months, and you have to open a new one after that happens with whatever interest rate is being offered - for me the contents of the saver + interest have always been paid into my easy access savings account and I just move the money into premium bonds / S&S ISA or a higher interest account from there.

surreysaver

Emmia said:

Technically the regular saver account gets closed at the end of 12 months, and you have to open a new one after that happens with whatever interest rate is being offered - for me the contents of the saver + interest have always been paid into my easy access savings account and I just move the money into premium bonds / S&S ISA or a higher interest account from there.

Even after you've closed the accompanying current account?

Emmia

surreysaver said:

Emmia said:

Technically the regular saver account gets closed at the end of 12 months, and you have to open a new one after that happens with whatever interest rate is being offered - for me the contents of the saver + interest have always been paid into my easy access savings account and I just move the money into premium bonds / S&S ISA or a higher interest account from there.

Even after you've closed the accompanying current account?

No, given the risk that you'll get the contents of the regular saver dropped to their standard variable (which I think is 0.01% currently vs. the 2.75% I'm getting on the regular saver) I'd leave the linked current account open (and dormant if you must) until the regular saver matures, and then close the account if you want. What I was getting at was to point out the regular saver is for 12 months, and it's closed after that and paid out - it doesn't continue (as I think some were suggesting) you need to reapply for it after the previous one has paid out - and you'll need to qualify at that point. Which i think counts against terminating your HSBC accounts.

Alternatively do your bank switch and close the HSBC account at the end of the regular saver period.