Switching from HSBC - Regular Saver

JenniferK

What happens to ones Regular Saver account if you switch away from HSBC?

jonesMUFCforever

This was recently discussed on another thread.
To have a regular saver you need to have a HSBC account.
Perhaps open another HSBC account first and transfer the standing order to that account before switching your main account.

whitesmith

As above in fact the terms conditions say you must make the deposit from your HSBC current account and no other

JenniferK

I'm not brother about maintaining the regular savings account,  What I would like to know is how HSBC deal with the regular saver account once the current account has been closed due to switching to another bank.

whitesmith

What happens is this: your Regular Saver will be closed. you will receive interest at the normal instant access rate i.e. about 0.0000001 percent (!) from the date of opening to the date of closure i e not the Regular Saver rate

colsten

This is from the T&CS you agreed to. I think what they mean is that they will close your RS before your last qualifying current account gets closed.

whitesmith

Interest: We pay interest yearly, on each anniversary of the date you opened the account.
We’ll pay the Flexible Saver interest rate on any amount you pay in over the Maximum Monthly
Amount. We’ll also pay it if you close your account before the end of the term.

JenniferK

If they close the account do to switching then where do they put the money?

jonesMUFCforever

JenniferK said:

If they close the account do to switching then where do they put the money?

Into the saver account - the CASS does not transfer savings accounts.

colsten

jonesMUFCforever said:

JenniferK said:

If they close the account do to switching then where do they put the money?

Into the saver account - the CASS does not transfer savings accounts.

I believe they pay it into the current account before it gets switched. See extract from T&Cs above.

es5595

It gets paid into the (closed) current account a few hours after the switch. A few more hours later your £ gets sent on to your “new” current account, wherever that may now be.