Regular Savings Accounts Article Discussion

schiff

It's very simple. If you open the account on the 18th say, future payments are due on the 18th or the next working day after.

schiff

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.

Are you confident that you will be paid interest from the 1st of the month to the 'official' mid-month date? For 11 months?

Soozy is going to end up a bit confused I fear.

SoozyJ22

schiff wrote: »

Soozy is going to end up a bit confused I fear.

Oh, I'm already confused! Aside from the interest side I'd really like to be able to change the date to one just after pay day rather than just before . I might send HSBC a message later today to get official clarification.

Wheres_My_Cashback

isasmurf wrote: »

HSBC requires payments on the same date each month

I've had an HSBC RS for 5-6 years now and have ammended it to the 1st over the phone without issue.

I don't believe you can with FD or M&S now, however I did run M&S RSs for 5 years with ammended dates of the 1st for 5 years until they did an audit and told me I couldn't even though it had been done over the phone by them. They apologised for their error and gave me a £50 boost

pafpcg

Westie983 wrote: »

You can amend the standing order date for HSBC after the first payment has gone out. .........
The only regular saver that I have that you cant change the Standing Order on is First Direct

I seem to recall from the dim & distant past when I set-up my first HSBC regular saver, that it was possible to change the date of the standing order AFTER the first payment of the standing order (ie for the third month of the 12 months and subsequent payments). It was such a hassle that I've never bothered in subsequent years. Nor have I even attempted to change the date for my First Direct accounts. I can confirm that M&S, HSBC's other retail brand, are adamant that the date of the standing order for M&S regular savers CANNOT be changed - I've tried and failed.

SoozyJ22 wrote: »

I'd really like to be able to change the date to one just after pay day rather than just before . I might send HSBC a message later today to get official clarification.

Yes, check with HSBC - even if they refuse, you've only lost your time. But be wary about what date to choose - what is your pay date? If it's late in the month and you select a day later, there may be one or more days in a year when due to weekends & public holidays the standing order doesn't get activated until the 1st of the FOLLOWING month - then you'll have missed a month and may make two payments in one month!

SoozyJ22

pafpcg wrote: »

Yes, check with HSBC - even if they refuse, you've only lost your time. But be wary about what date to choose - what is your pay date? If it's late in the month and you select a day later, there may be one or more days in a year when due to weekends & public holidays the standing order doesn't get activated until the 1st of the FOLLOWING month - then you'll have missed a month and may make two payments in one month!

I get paid on the last working day of the month so would set up the SO for the 1st or 2nd of the month so should be ok from that perspective.

typistretired

Good news - the interest rate on your Virgin Money savings account is increasing

We are pleased to let you know that on 2 August 2018, the Bank of England increased the Base Rate* to 0.75%. Following this change, we will be increasing the interest rate on your Virgin Money savings account shown below.

From 1 September 2018, your account will earn:
interest % On savings balances
Gross† AER††
Regular E-Saver Issue 9
2.50% 2.50% 2.47% 2.50% £1+**

veryintrigued

typistretired wrote: »

Good news - the interest rate on your Virgin Money savings account is increasing

We are pleased to let you know that on 2 August 2018, the Bank of England increased the Base Rate* to 0.75%. Following this change, we will be increasing the interest rate on your Virgin Money savings account shown below.

From 1 September 2018, your account will earn:
interest % On savings balances
Gross† AER††
Regular E-Saver Issue 9
2.50% 2.50% 2.47% 2.50% £1+**

And issues 7 and 8 (so far) too ..

Westie983

OceanSound wrote: »

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?

You can amend the standing order date after the first payment has gone out, you have quoted me but taken bits out,

Sorry I don't understand your question.

Westie983

veryintrigued

veryintrigued wrote: »

And issues 7 and 8 (so far) too ..

And now notification for issue 10 too.

That's 7-10....so far