HSBC 7% Regular Saver

CricketLady

For anyone not following the highly entertaining Regular Saver thread (I know, I need to get out more...)

HSBC have just upped their Regular Saver rate to 7% on £250

Enjoy!

Mark_d

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

Digital_Payback

Mark_d said:

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

That of course assumes that you have a £3000 lump sum to put into the 4% account upon opening!
Otherwise the regular saver is more suitable, albeit at a loss of £4 interest over the 12 mths. 

25_Years_On

Mark_d said:

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

But if you pay in the £250 from the savings account you would have £3168 in total.

jaypers

Mark_d said:

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

And if you pay £3000 into a 4% savings account and drip feed £250 out of that per month into the 7% regular saver you would have about £3176 by the end of month 12!

jimjames

Mark_d said:

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

You're assuming that the £3000 earns nothing when it's not in the HSBC account. If you already have £3000 then it's likely to be earning interest. If you don't have it then paying in £250 is the better option anyway.

masonic

Haven't seen a "you don't really earn the headline rate" comment in a while. Feels rather nostalgic.

Wheres_My_Cashback

Mark_d said:

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

Clearly someone not understanding the benefits of RS accounts, the drip feeding concept.

Wheres_My_Cashback

jaypers said:

Mark_d said:

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

And if you pay £3000 into a 4% savings account and drip feed £250 out of that per month into the 7% regular saver you would have about £3176 by the end of month 12!

And potentially up to £3200 if you get your deposit timings right (not this particular RS, but similar which are PCM)

allegro120

jaypers said:

Mark_d said:

If you pay in £250 per month then at 7% interest you'd have £3116 by the end of month 12.

if you pay in £3000 into a 4% savings account then you'd have £3120 by the end of month 12.

And if you pay £3000 into a 4% savings account and drip feed £250 out of that per month into the 7% regular saver you would have about £3176 by the end of month 12!

And if you use easy access accounts that pay competitive rates you would have even more

george4064

Thanks for the heads up, applied and opened within minutes (existing customer).