Regular Savings Accounts Article Discussion

Mr.Saver

OceanSound wrote: »

Did you make the £250 deposit on the 01st of each month?

No, I made the deposit every 30 days. (OK, in fact that's how HSBC's regular saver works, I didn't touch the SO settings)

eskbanker

Mr.Saver wrote: »

No, I made the deposit every 30 days. (OK, in fact that's how HSBC's regular saver works, I didn't touch the SO settings)

That's an odd way to fund a regular saver, most of which have limits on contributions made per month or per calendar month - depositing every 30 days runs the risk of two payments in 31-day months (one of which would be rejected) or none at all in February (thereby losing one of your months).

You could mitigate the effect by scheduling the first payment to be after the first week or so of the month but then you may lose out on some interest, so your oddly-scheduled SO probably did cause the small shortfall in annual interest that you were curious about a few posts back....

surreysaver

Mr.Saver wrote: »

No, I made the deposit every 30 days. (OK, in fact that's how HSBC's regular saver works, I didn't touch the SO settings)

Just out of curiosity - what is your thinking behind scheduling a standing order every thirty days rather than monthly?

Mr.Saver

eskbanker wrote: »

That's an odd way to fund a regular saver, most of which have limits on contributions made per month or per calendar month - depositing every 30 days runs the risk of two payments in 31-day months (one of which would be rejected) or none at all in February (thereby losing one of your months).

You could mitigate the effect by scheduling the first payment to be after the first week or so of the month but then you may lose out on some interest, so your oddly-scheduled SO probably did cause the small shortfall in annual interest that you were curious about a few posts back....

surreysaver wrote: »

Just out of curiosity - what is your thinking behind scheduling a standing order every thirty days rather than monthly?

As I've said in my previous post, it's the HSBC regular saver, and it automatically creates the standing order from my HSBC current account. I didn't change the standing order at all. I don't know how they calculate the interest and deposit. Maybe based on calendar month or rolling 30 days window from the account opening date, or something else.

surreysaver

Mr.Saver wrote: »

As I've said in my previous post, it's the HSBC regular saver, and it automatically creates the standing order from my HSBC current account. I didn't change the standing order at all. I don't know how they calculate the interest and deposit. Maybe based on calendar month or rolling 30 days window from the account opening date, or something else.

Didn't realise that - I haven't done the HSBC RS. That'll be one to keep an eye on if I do!

greenglide

I have an M&S regular saver (M&S bank is owned by HSBC) and they use a calendar monthly DD like everybody else.


Having looked at the T&C's for the HSBC regular I can find no mention of payments every 30 days.

Westie983

You can amend the standing order date for HSBC after the first payment has gone out, you cant choose the date as its opened and funded on the day you open the regular saver.

I opened mine mid/end month, and then changed the standing order to the 1st so I had two payments close together to maximise the interest in a years time.

The only regular saver that I have that you cant change the Standing Order on is First Direct so I had to take the hit on that one as its funded on the 3rd of the month, due to the weekend losing two days when I applied but wasn't opened till the next working day.

Westie983

OceanSound

Westie983 wrote: »

You can amend the standing order date for HSBC after the first payment has gone out, you cant choose the date as its opened and funded on the day you open the regular saver....

How do you mean 'can amend the standing order date...'...'you cant choose the date....'

Surely if you can amend the date, then you can choose the date?

SoozyJ22

Westie983 wrote: »

You can amend the standing order date for HSBC after the first payment has gone out, you cant choose the date as its opened and funded on the day you open the regular saver.

I opened mine mid/end month, and then changed the standing order to the 1st so I had two payments close together to maximise the interest in a years time.

Can you clarify "after the first payment has gone out" please? Do you mean the first standing order payment or the initial payment to fund the account? I opened a RS yesterday and the initial payment has gone in with the standing order set up with next payment date of 23rd of September. I can't see a way to change the date - or by 'change' do you mean set up a new SO for the 1st of the month and delete the mid-month one?

Thanks very much.

isasmurf

Westie983 wrote: »

You can amend the standing order date for HSBC after the first payment has gone out, you cant choose the date as its opened and funded on the day you open the regular saver.

I opened mine mid/end month, and then changed the standing order to the 1st so I had two payments close together to maximise the interest in a years time.

The only regular saver that I have that you cant change the Standing Order on is First Direct so I had to take the hit on that one as its funded on the 3rd of the month, due to the weekend losing two days when I applied but wasn't opened till the next working day.

Westie983

HSBC requires payments on the same date each month