HSBC Regular Saver?

fredar

I have switched to an HSBC Advanced account.

If I open an HSBC regular saver do the incoming payments have to come from the Advanced account or can they come from any account?

kaMelo

From the terms:
regular deposits must be made from an HSBC current account by standing order each month

schiff

I feed the Advance account from my main current account elsewhere and the SO is from the Advance to the RS, if that's any help.

jonesMUFCforever

The website says you must maintain a current account for the duration of the savings account.
Although not 100% clear I would take this as yes you need to make the payments from a HSBC current account.
With the maximum £250 per month you will make £44 - up to you if you want to gamble on whether it works from another account.

colsten

jonesMUFCforever said:

The website says you must maintain a current account for the duration of the savings account.
Although not 100% clear I would take this as yes you need to make the payments from a HSBC current account.
With the maximum £250 per month you will make £44 - up to you if you want to gamble on whether it works from another account.

As has been mentioned already, the terms of the RS state that the SO has to come from an HSBC current account. HSBC are setting up the SO for you as part of the account opening process, and you also need to tell them which HSBC current account to take the initial deposit from. So no HSBC current account = no HSBC RS.

i suppose you could try and replace the SO after they have set it up for you. Not sure why you would do this, as all you need to do is set up an SO to the HSBC current account. Having the HSBC current account also ensures you can get your matured funds out of HSBC easily

fredar

Will I still need to deposit £1750 per month into my advanced account as well to keep the regular saver?

colsten

fredar said:

Will I still need to deposit £1750 per month into my advanced account as well to keep the regular saver?

If you go by the T&Cs, then yes. Whether they actually enforce the T&Cs remains to be seen. I stopped depositing £1,750 several months ago and they haven't said anything yet. The only money going into the account is now £250 for the RS, once a month.

If you want to be sure you can keep the RS, you can apply for their Bank Account. However, I don't know whether they'll process such an application if you are an Advance holder.

Jemsnation

Say you have an S/O of £200 p/m before the month is over if I have some "spare cash", can I transfer £50 to make it up to the £250 allowance?

PRAISETHESUN

colsten said:

fredar said:

Will I still need to deposit £1750 per month into my advanced account as well to keep the regular saver?

If you go by the T&Cs, then yes. Whether they actually enforce the T&Cs remains to be seen. I stopped depositing £1,750 several months ago and they haven't said anything yet. The only money going into the account is now £250 for the RS, once a month.

If you want to be sure you can keep the RS, you can apply for their Bank Account. However, I don't know whether they'll process such an application if you are an Advance holder.

It could be possible they are waiting to see if you'll meet the £10.5k/6 month criteria?

For OP though - as above the terms state that you need to pay in from your HSBC account and that they can close your RS if you close your current account. I recall a few posts from a while back about someone closing their current account using CASS a week before maturity and HSBC closed their RS and forfeited their year's worth of 5% interest!

Easiest way to avoid that is to just do as myself and others above do - I have a SO from my main current account to HSBC, then from HSBC to RS. No sense changing a simple set up if it risks losing your interest.

apt

Jemsnation said:

Say you have an S/O of £200 p/m before the month is over if I have some "spare cash", can I transfer £50 to make it up to the £250 allowance?

No. Can't make a second payment in a month and can't change the date of the payment. 

penners324

Yes you can add in amounts as and when.