HSBC Regular Saver Maturity

ForumUser7

Hi,

Wondering how I can tell if my HSBC Regular Saver has matured and completed the 5 day process please? The rate has changed to 2%, but the product name is still shown as REG SAVER-1 rather than Flexible Saver. Does this change please?

Also 5% isn't a rate that is competitive for me anymore. Do you think I should just open it speculatively, or wait for a bit in case they increase it closer to FD please?

Thank you

Bigwheels1111

Allways poor rate, FD is better.

West brom is 6%, no bank account needed.

Principality 5.5%.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false

Bridlington1

Bigwheels1111 said:

Allways poor rate

The 5% HSBC RS was quite competitive when it first emerged in late November 2022, IIRC top EA accounts were just about hitting 3% at the time.

Bigwheels1111 said:
, FD is better.

West brom is 6%, no bank account needed.

Principality 5.5%.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false

True but what if the OP already has these? Since HSBC is fixed at 5%, they may want to open the account speculatively as it could become useful later if interest rates drop in the near future.

I seem to recall when my HSBC RS matured in December I was able to withdraw the full balance in online banking as soon as the interest was credited. HSBC would be bucking the general trend if they raised the 5% rate so I would imagine they won't raise the rate anytime soon.

Since the account runs on a calendar month basis I'd be tempted to hold off till 1st of the month before reopening it if you are going to do so speculatively though so the account month chimes in better with the bulk of the other regular savers on offer.

ForumUser7

Bigwheels1111 said:

Allways poor rate, FD is better.

West brom is 6%, no bank account needed.

Principality 5.5%.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false

Bridlington1 said:

Bigwheels1111 said:

Allways poor rate

The 5% HSBC RS was quite competitive when it first emerged in late November 2022, IIRC top EA accounts were just about hitting 3% at the time.

Bigwheels1111 said:
, FD is better.

West brom is 6%, no bank account needed.

Principality 5.5%.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false

True but what if the OP already has these? Since HSBC is fixed at 5%, they may want to open the account speculatively as it could become useful later if interest rates drop in the near future.

I seem to recall when my HSBC RS matured in December I was able to withdraw the full balance in online banking as soon as the interest was credited. HSBC would be bucking the general trend if they raised the 5% rate so I would imagine they won't raise the rate anytime soon.

Since the account runs on a calendar month basis I'd be tempted to hold off till 1st of the month before reopening it if you are going to do so speculatively though so the account month chimes in better with the bulk of the other regular savers on offer.

Thanks both. @bridlington1 is right that I hold them already, I’m just looking to secure good fixed rate RSs in case rates drop and then 5% becomes good and NLA or something. Good idea - I’ll hold off for now. Is HSBC one of those ones like FD that the application date isn’t actually the opening date because it funds the next day or something please?

ForumUser7

ForumUser7 said:

Bigwheels1111 said:

Allways poor rate, FD is better.

West brom is 6%, no bank account needed.

Principality 5.5%.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false

Bridlington1 said:

Bigwheels1111 said:

Allways poor rate

The 5% HSBC RS was quite competitive when it first emerged in late November 2022, IIRC top EA accounts were just about hitting 3% at the time.

Bigwheels1111 said:
, FD is better.

West brom is 6%, no bank account needed.

Principality 5.5%.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false

True but what if the OP already has these? Since HSBC is fixed at 5%, they may want to open the account speculatively as it could become useful later if interest rates drop in the near future.

I seem to recall when my HSBC RS matured in December I was able to withdraw the full balance in online banking as soon as the interest was credited. HSBC would be bucking the general trend if they raised the 5% rate so I would imagine they won't raise the rate anytime soon.

Since the account runs on a calendar month basis I'd be tempted to hold off till 1st of the month before reopening it if you are going to do so speculatively though so the account month chimes in better with the bulk of the other regular savers on offer.

Thanks both. @bridlington1 is right that I hold them already, I’m just looking to secure good fixed rate RSs in case rates drop and then 5% becomes good and NLA or something. Good idea - I’ll hold off for now. Is HSBC one of those ones like FD that the application date isn’t actually the opening date because it funds the next day or something please?

Looked at my records from my last application. Looks like you open and fund on the same day so can target to 1st. Anyone know of a way to target FD to 1st opening too please? Maybe opening over the phone? Thanks

allegro120

ForumUser7 said:

Hi,

Wondering how I can tell if my HSBC Regular Saver has matured and completed the 5 day process please? The rate has changed to 2%, but the product name is still shown as REG SAVER-1 rather than Flexible Saver. Does this change please?

Also 5% isn't a rate that is competitive for me anymore. Do you think I should just open it speculatively, or wait for a bit in case they increase it closer to FD please?

Thank you

I can't remember the transitional details, but as soon as the interest is paid you can withdraw.

Mine matured is December and I didn't reopen it because the rate was too low, and it is still too low now.  It doesn't make much sense to me depositing from 5.2% EA to 5% RS.  I doubt they will be increasing it and probably won't be decreasing it in near future either.  If 5% for RS becomes competitive I will open HSBC RS, if I miss the boat it won't make any significant difference for my RS portfolio. The only advantage this account has is the rate being fixed for 12 months and considering the current trend it could be worth securing it, but I prefer to observe and jump in as late as possible.  It may not be the best strategy, but it worked for me with fixed bonds, most of cash I've committed to this type of savings last year landed in NS&I @6.2%.

allegro120

Bridlington1 said:

Bigwheels1111 said:

Allways poor rate

The 5% HSBC RS was quite competitive when it first emerged in late November 2022, IIRC top EA accounts were just about hitting 3% at the time.

Emerged a bit earlier, but yes, it was at the top of the league In Nov 2015 HSBC RS was 6%, at the same time Club Lloyds was 4%. In Nov 2016 HSBC RS was 5%, Club Lloyds RS was paying 3%. In Nov 2017 CL dropped to 2.5% whilst HSBC was held at 5%.

Bridlington1

allegro120 said:

Bridlington1 said:

Bigwheels1111 said:

Allways poor rate

The 5% HSBC RS was quite competitive when it first emerged in late November 2022, IIRC top EA accounts were just about hitting 3% at the time.

Emerged a bit earlier, but yes, it was at the top of the league In Nov 2015 HSBC RS was 6%, at the same time Club Lloyds was 4%. In Nov 2016 HSBC RS was 5%, Club Lloyds RS was paying 3%. In Nov 2017 CL dropped to 2.5% whilst HSBC was held at 5%.

I appreciate I could've probably been clearer but when I said ``it first emerged in late November" I was referring to when the rate jumped from 1% to 5%, which was in Nov 2022 IIRC.

Like yourself though I haven't bothered to reopen it as the rate was too low and my savings are set to be decimated over the coming months anyway so I can't see it becoming competitive enough for me to warrant funding it over the next 12 months. If it didn't have the minimum monthly pay in and/or offered penalty free withdrawals/early closure I would likely have gone for it though just on the off chance. 

ForumUser7

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Bigwheels1111 said:

Allways poor rate

The 5% HSBC RS was quite competitive when it first emerged in late November 2022, IIRC top EA accounts were just about hitting 3% at the time.

Emerged a bit earlier, but yes, it was at the top of the league In Nov 2015 HSBC RS was 6%, at the same time Club Lloyds was 4%. In Nov 2016 HSBC RS was 5%, Club Lloyds RS was paying 3%. In Nov 2017 CL dropped to 2.5% whilst HSBC was held at 5%.

I appreciate I could've probably been clearer but when I said ``it first emerged in late November" I was referring to when the rate jumped from 1% to 5%, which was in Nov 2022 IIRC.

Like yourself though I haven't bothered to reopen it as the rate was too low and my savings are set to be decimated over the coming months anyway so I can't see it becoming competitive enough for me to warrant funding it over the next 12 months. If it didn't have the minimum monthly pay in and/or offered penalty free withdrawals/early closure I would likely have gone for it though just on the off chance. 

I stopped funding it after a few months - I asked HSBC and they said that was fine. Funny as it contradicted the terms, but I got them to double check and they came back with the same. Thinking this time, I'll make the initial minimum deposit, and then just have it sit

allegro120

Bridlington1 said:

allegro120 said:

Bridlington1 said:

Bigwheels1111 said:

Allways poor rate

The 5% HSBC RS was quite competitive when it first emerged in late November 2022, IIRC top EA accounts were just about hitting 3% at the time.

Emerged a bit earlier, but yes, it was at the top of the league In Nov 2015 HSBC RS was 6%, at the same time Club Lloyds was 4%. In Nov 2016 HSBC RS was 5%, Club Lloyds RS was paying 3%. In Nov 2017 CL dropped to 2.5% whilst HSBC was held at 5%.

I appreciate I could've probably been clearer but when I said ``it first emerged in late November" I was referring to when the rate jumped from 1% to 5%, which was in Nov 2022 IIRC.

Like yourself though I haven't bothered to reopen it as the rate was too low and my savings are set to be decimated over the coming months anyway so I can't see it becoming competitive enough for me to warrant funding it over the next 12 months. If it didn't have the minimum monthly pay in and/or offered penalty free withdrawals/early closure I would likely have gone for it though just on the off chance. 

Indeed, there was a period when HSBC's RS offer was ridiculously low. 

AmityNeon

I also stopped funding when EA rates surpassed it. Prior to this, I cancelled the SO and made internal transfers at the beginning of each month (account was opened later in the month), and never had any issues.