HSBC Regular Saver?

xylophone

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

You don't have to have an Advance Account to be eligible for the RS.
https://www.hsbc.co.uk/savings/products/regular-saver/

• if you have a HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, or Graduate Bank Account you can open an account via online banking.

colsten

I can't comment on how precisely you can make those payments - best to ask HSBC, unless somebody here can provide the instructions for it

colsten

j.p said:

colsten said:

I can't comment on how precisely you can make those payments - best to ask HSBC, unless somebody here can provide the instructions for it

The best way to think about it is that at the time of the 1st payment you are limited to having deposited £250, at time of 2nd payment £500, 3rd £750, and so on and so forth.
Any time you pay less, your next month(s) deposit limit(s) stay the same.
So say on month 1 you pay just £100.  At time of 2nd payment you're still entitled to have deposited up to £500, so you can now add £400.
Say on month 1 you paid £100 and the 2nd month £200. At time of 3rd payment you're still entitled to have deposited up to £750, so you can now add £450.  Etc.
They let you change the Standing Order amount up and down as you wish.  Anything between £1 and the maximum amount that you could add next time by observing the above rule.
In fact the amount is the only SO field you're allowed to change.
In my opinion tuning the SO down isn't much of an issue, but tuning it up has a catch: That after the next payment you've got to remember to tune it down again.
In the example above, if for month 3 you change it to £450 to catch up, it's obvious you can't leave it like this going forward.  You have to wait till payment #3 goes out then tune it down to £250.
It's not difficult but you might need to set a reminder for yourself or something.
The only instance in which a SO may be left with an amount above £250 running for several months till the end, is if you've built up enough "lag", that over the rest of the payment plan at no point the allowed maximum is likely to be exceeded.
E.g., if instead of catching up at month 3 by paying in £450 (that is £200 extra) and subsequently reducing it to £250, you plan on catching up spread over the ten months remaining (3 to 12 including), you could set the standing order at that point to £270 (that is £250 + £200 / 10) and your payments would eventually have been:
£100 - £200 - 10 times £270 = total £3,000
which at no point breaks any of the monthly maximum.  But it takes some planning to do.

Just tell me how I change my standing order.

The only option I have in the HSBC app is to cancel the SO.

I can't log in to online banking right now as I don't have the login credentials on me. May be it is possible to change the SO in online banking.

You tell me.

dcs34

Why change the standing order? Just make a manual payment.

kaMelo

colsten said:

j.p said:

colsten said:

I can't comment on how precisely you can make those payments - best to ask HSBC, unless somebody here can provide the instructions for it

The best way to think about it is that at the time of the 1st payment you are limited to having deposited £250, at time of 2nd payment £500, 3rd £750, and so on and so forth.
Any time you pay less, your next month(s) deposit limit(s) stay the same.
So say on month 1 you pay just £100.  At time of 2nd payment you're still entitled to have deposited up to £500, so you can now add £400.
Say on month 1 you paid £100 and the 2nd month £200. At time of 3rd payment you're still entitled to have deposited up to £750, so you can now add £450.  Etc.
They let you change the Standing Order amount up and down as you wish.  Anything between £1 and the maximum amount that you could add next time by observing the above rule.
In fact the amount is the only SO field you're allowed to change.
In my opinion tuning the SO down isn't much of an issue, but tuning it up has a catch: That after the next payment you've got to remember to tune it down again.
In the example above, if for month 3 you change it to £450 to catch up, it's obvious you can't leave it like this going forward.  You have to wait till payment #3 goes out then tune it down to £250.
It's not difficult but you might need to set a reminder for yourself or something.
The only instance in which a SO may be left with an amount above £250 running for several months till the end, is if you've built up enough "lag", that over the rest of the payment plan at no point the allowed maximum is likely to be exceeded.
E.g., if instead of catching up at month 3 by paying in £450 (that is £200 extra) and subsequently reducing it to £250, you plan on catching up spread over the ten months remaining (3 to 12 including), you could set the standing order at that point to £270 (that is £250 + £200 / 10) and your payments would eventually have been:
£100 - £200 - 10 times £270 = total £3,000
which at no point breaks any of the monthly maximum.  But it takes some planning to do.

Just tell me how I change my standing order.

The only option I have in the HSBC app is to cancel the SO.

I can't log in to online banking right now as I don't have the login credentials on me. May be it is possible to change the SO in online banking.

You tell me.

You can cancel and set up a new standing order however the only way to change an existing standing order is on the phone.