The Old Regular Savers Discussion Thread 28/12/24-29/1/26

ForumUser7

s71hj said:

masonic said:

s71hj said:

My HSBC regular saver appears to mature soon - opened 16th September 24. Does anybody know maturity process. I can't see an equivelant account to open when it matures, unlike First Direct, only a 5% one which is below my 5.5% cut off. Am I missing something as I seem to recall in previous years they seemed to offer pretty similar products? 

Unless they repeat the offer for Savings Week, 5% is the current rate for the RS.

I won't be getting another at that rate.

I assume it'll mature into the HSBC Current account on 1st anniversary? Then the question is do I keep the HSBC current account. Do they ever do switching offers if you open a new one after a period of time? 

The HSBC Regular Saver matures into the HSBC Flex Saver AFAIK

janusd

s71hj said:

masonic said:

s71hj said:

My HSBC regular saver appears to mature soon - opened 16th September 24. Does anybody know maturity process. I can't see an equivelant account to open when it matures, unlike First Direct, only a 5% one which is below my 5.5% cut off. Am I missing something as I seem to recall in previous years they seemed to offer pretty similar products? 

Unless they repeat the offer for Savings Week, 5% is the current rate for the RS.

I won't be getting another at that rate.

I assume it'll mature into the HSBC Current account on 1st anniversary? Then the question is do I keep the HSBC current account. Do they ever do switching offers if you open a new one after a period of time? 

from the terms...

You can close your account before the end of the 12 month term however you will receive interest up to the date of closure at our Flexible Saver rate.

At the end of 12 months we'll transfer your savings into your Flexible Saver (1.30%) or Premier Savings (1.35% for Premier customers). If you have more than one of these accounts we'll pay your savings into the account which pays the best interest. And if you don't have any of these accounts, we'll convert your Regular Saver to a Flexible Saver.

I think the last time HSBC had an offer, it was open to new customers, or anyone who hadn't had an account with them for 5 years - though happy to be corrected on that.

mine matures on the 10th and i'm not going to open a 5% RS with them - i'll hold on until Savings Week a fortnight later and if nothing happens with them, i'll just keep the current account unused (or use it for switching) - you only need to use it once every 2 years to keep it active.

Dizzycap

jameseonline said:

Bridlington1 said:

Market Harborough BS have launched a Limited Edition Regular Saver (04.11.2026) – Branch Exclusive at 6% Fixed, £300/mth max. Branch opening only but can be managed online.

They should just have the option to open online like they had with the one I have due to end in November meh 😕 😑, also I swear the one I currently have is longer than a year, hmm

Yes, MH RS (Issue1) runs until the end of November, regardless of when you opened it. Mine runs for 12 months & 2.5 weeks   

** Don't forget the up & coming Savings Week in September - 22nd-28th & I'm hoping that we see some nice deals on offer  It would be great to see the MH Ltd Ed RS available as an online application offer during that week, but I won't hold my breath   

masonic

janusd said:

s71hj said:

masonic said:

s71hj said:

My HSBC regular saver appears to mature soon - opened 16th September 24. Does anybody know maturity process. I can't see an equivelant account to open when it matures, unlike First Direct, only a 5% one which is below my 5.5% cut off. Am I missing something as I seem to recall in previous years they seemed to offer pretty similar products? 

Unless they repeat the offer for Savings Week, 5% is the current rate for the RS.

I won't be getting another at that rate.

I assume it'll mature into the HSBC Current account on 1st anniversary? Then the question is do I keep the HSBC current account. Do they ever do switching offers if you open a new one after a period of time? 

from the terms...

You can close your account before the end of the 12 month term however you will receive interest up to the date of closure at our Flexible Saver rate.

At the end of 12 months we'll transfer your savings into your Flexible Saver (1.30%) or Premier Savings (1.35% for Premier customers). If you have more than one of these accounts we'll pay your savings into the account which pays the best interest. And if you don't have any of these accounts, we'll convert your Regular Saver to a Flexible Saver.

I think the last time HSBC had an offer, it was open to new customers, or anyone who hadn't had an account with them for 5 years - though happy to be corrected on that.

mine matures on the 10th and i'm not going to open a 5% RS with them - i'll hold on until Savings Week a fortnight later and if nothing happens with them, i'll just keep the current account unused (or use it for switching) - you only need to use it once every 2 years to keep it active.

I managed to get the HSBC 7% account and I regularly held previous RS issues, though I think I passed on it the year prior to the offer.

Mrs_Trellis_of_North_Wales

I'm getting confused by the MSE regular savings calculator Regular Savings Calculator – MoneySavingExpert and drip-feeding for a higher rate tax payer.

If I put How long will you save for = 1 year 0 months, Higher rate tax payer, lump sum = £36000, normal savings rate = 4.35%, move across each month = £3000, regular savings rate = 6%, I get this:

After drip-feeding the cash for 12 months, you'd have earned...
£1,173 in interest
£539 from the regular saver + £634 from the normal savings account

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£1,174 in interest

So it calculates that you're £1 worse off by drip-feeding. For None, Basic and Additional rates, drip-feeding comes out higher as expected.

Sorry if I'm making a basic error, but what's going on here?

ThePirates

kimwp said:

Sorry if this has already been discussed - the Monmouthshire regular saver seems pretty good, how come it's not on the main website regular savings page?

App or branch only
Existing Customers only

kimwp

ThePirates said:

kimwp said:

Sorry if this has already been discussed - the Monmouthshire regular saver seems pretty good, how come it's not on the main website regular savings page?

App or branch only
Existing Customers only

Thank you. I realised it is actually on there, but it is existing customer only. I've signed up for the their 6%, so that's not bad.

clairec666

Mrs_Trellis_of_North_Wales said:

I'm getting confused by the MSE regular savings calculator Regular Savings Calculator – MoneySavingExpert and drip-feeding for a higher rate tax payer.

If I put How long will you save for = 1 year 0 months, Higher rate tax payer, lump sum = £36000, normal savings rate = 4.35%, move across each month = £3000, regular savings rate = 6%, I get this:

After drip-feeding the cash for 12 months, you'd have earned...
£1,173 in interest
£539 from the regular saver + £634 from the normal savings account

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£1,174 in interest

So it calculates that you're £1 worse off by drip-feeding. For None, Basic and Additional rates, drip-feeding comes out higher as expected.

Sorry if I'm making a basic error, but what's going on here?

I reckon there's something wrong with the calculator. I've inputted the same amounts as you and am getting the same results.
There's another error - if you look at "leaving it in normal savings" then it shows £1536 interest for both basic rate tax payer and no tax, but surely basic rate should be paying 20% tax on £536 bringing the total down to £1428.80.

clairec666

jameseonline said:

s71hj said:

My HSBC regular saver appears to mature soon - opened 16th September 24. Does anybody know maturity process. I can't see an equivelant account to open when it matures, unlike First Direct, only a 5% one which is below my 5.5% cut off. Am I missing something as I seem to recall in previous years they seemed to offer pretty similar products? 

HSBC have done 5% as a standard for a while the only exception was during savings week last year they did a 7% version (which matched First Direct) & if you already had the 5% you were excluded, think that's all right, anyone feel free to correct me if I'm wrong.

As your HSBC one seems to end before savings week starts hold off opening other accounts and see if HSBC does something better than 5%

I must have been late in opening/funding HSBC last year - mine matures on 2nd October. Hopefully if they offer something good in savings week there's a long enough window for opening it, as I assume I won't be able to open a new one until last year's matures.

AndyTh_2

Mrs_Trellis_of_North_Wales said:

I'm getting confused by the MSE regular savings calculator Regular Savings Calculator – MoneySavingExpert and drip-feeding for a higher rate tax payer.

If I put How long will you save for = 1 year 0 months, Higher rate tax payer, lump sum = £36000, normal savings rate = 4.35%, move across each month = £3000, regular savings rate = 6%, I get this:

After drip-feeding the cash for 12 months, you'd have earned...
£1,173 in interest
£539 from the regular saver + £634 from the normal savings account

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£1,174 in interest

So it calculates that you're £1 worse off by drip-feeding. For None, Basic and Additional rates, drip-feeding comes out higher as expected.

Sorry if I'm making a basic error, but what's going on here?

The way they implemented the tax seems broken. No way £1,883 interest after tax is less than £1,536 after tax.

It does seem to take into account Personal Savings Allowance, but goes a bit odd on the drip-feeding side, where almost none/or no PSA is taken into account.