The Top Regular Savers Discussion Thread

Stargunner

poshrule_uk said:

My HSBC regular saver finishes today. Will it be quicker to get my funds if I message them today to close my account?

My HSBC RS matured today Checking in the app this morning it has become a PREF REG SAVER paying 1.3% interest. The £115 interest had been added and I transferred all the funds to my HSBC Advance account and then withdrew them.
I will use the online chat later today to close the account. 

friolento

Stargunner said:

poshrule_uk said:

My HSBC regular saver finishes today. Will it be quicker to get my funds if I message them today to close my account?

My HSBC RS matured today Checking in the app this morning it has become a PREF REG SAVER paying 1.3% interest. The £115 interest had been added and I transferred all the funds to my HSBC Advance account and then withdrew them.
I will use the online chat later today to close the account. 

Mine has also turned into a PREF REG SAVER but I am unable to transfer anything out of this account

WillPS

Hattie627 said:

Yorkshire BS £50 Regular Saver

Opened on the first day of issue last year (10/09/24). Interest of £27.06 now credited (0200 hours, 9th September 2025). Account closed at £627.06 and funds moved out (due in current account on 10th).

Although the rate of 8% was impressive, the return is less than exciting after a year's saving. Still, every penny counts.

There is nowhere else you could have earned more on those £50s. You're in the wrong game if you want to see single chunky maturity payouts, even on the more generous accounts - it's all about the amount of interest you earn in total and the effective interest rate that represents.

Anything that moves the needle on that blended interest rate upwards, however slight, is a job well done.

OrangeBlueGreen

WillPS said:

The only piece I don't understand is why they couldn't submit the message to the correct department themselves, but there probably is a good reason for that.

Ultimately it will be subjective as to what a customer finds acceptable or not. Your sentence is the point I was trying to highlight. They should do it themselves and asking the customer to do it is putting the onus back on the customer. Glitches happen but this appears to be a longstanding issue and is therefore a choice to not fix the issue. It's also a choice to ask the customer to submit a message instead of them having an exceptional internal process as to not inconvenience customers.

Hattie627

WillPS said:

Hattie627 said:

Yorkshire BS £50 Regular Saver

Opened on the first day of issue last year (10/09/24). Interest of £27.06 now credited (0200 hours, 9th September 2025). Account closed at £627.06 and funds moved out (due in current account on 10th).

Although the rate of 8% was impressive, the return is less than exciting after a year's saving. Still, every penny counts.

There is nowhere else you could have earned more on those £50s. You're in the wrong game if you want to see single chunky maturity payouts, even on the more generous accounts - it's all about the amount of interest you earn in total and the effective interest rate that represents.

Anything that moves the needle on that blended interest rate upwards, however slight, is a job well done.

I've been doing RS's since 2016 and currently have 51. So I kind of understand how it works. Not sure though I want to go as low as £50 a month, even for 8%. YVMV

allegro120

friolento said:

Stargunner said:

poshrule_uk said:

My HSBC regular saver finishes today. Will it be quicker to get my funds if I message them today to close my account?

My HSBC RS matured today Checking in the app this morning it has become a PREF REG SAVER paying 1.3% interest. The £115 interest had been added and I transferred all the funds to my HSBC Advance account and then withdrew them.
I will use the online chat later today to close the account. 

Mine has also turned into a PREF REG SAVER but I am unable to transfer anything out of this account

HSBC
I couldn't withdraw in the app, went online and withdrawal worked fine.

BestSeagull

friolento said:

Stargunner said:

poshrule_uk said:

My HSBC regular saver finishes today. Will it be quicker to get my funds if I message them today to close my account?

My HSBC RS matured today Checking in the app this morning it has become a PREF REG SAVER paying 1.3% interest. The £115 interest had been added and I transferred all the funds to my HSBC Advance account and then withdrew them.
I will use the online chat later today to close the account. 

Mine has also turned into a PREF REG SAVER but I am unable to transfer anything out of this account

Transfer to your current account and then out from there? I actually found I had to set up a new payee from the current account, I'm sure I must have transferred out in the past so perhaps it's a security measure.

OrangeBlueGreen

Hattie627 said:

I've been doing RS's since 2016 and currently have 51. So I kind of understand how it works. Not sure though I want to go as low as £50 a month, even for 8%. YVMV

And there was me thinking I had too many at ....6!  :-)

exel1966

BestSeagull said:

friolento said:

Stargunner said:

poshrule_uk said:

My HSBC regular saver finishes today. Will it be quicker to get my funds if I message them today to close my account?

My HSBC RS matured today Checking in the app this morning it has become a PREF REG SAVER paying 1.3% interest. The £115 interest had been added and I transferred all the funds to my HSBC Advance account and then withdrew them.
I will use the online chat later today to close the account. 

Mine has also turned into a PREF REG SAVER but I am unable to transfer anything out of this account

Transfer to your current account and then out from there? I actually found I had to set up a new payee from the current account, I'm sure I must have transferred out in the past so perhaps it's a security measure.

Ditto, for some reason my 2 payees had disappeared and I had to set up a new one. Holding off now for another 7%er during savings week hopefully.

Hattie627

OrangeBlueGreen said:

Hattie627 said:

I've been doing RS's since 2016 and currently have 51. So I kind of understand how it works. Not sure though I want to go as low as £50 a month, even for 8%. YVMV

And there was me thinking I had too many at ....6!  :-)

I do wonder how low the monthly payment and how high the interest rate could reach before people lose interest (pun intended). The next marketing wheeze might be a 10% interest with a £25 monthly limit. Yes, you won't get a better rate for those chunks of £25 while it lasts, but when does the effort of opening, managing, closing and keeping records for tax purposes outweigh the benefit? Particularly when you're paying tax at 40%.