HSBC and First Direct have cut the interest paid on their regular savings accounts from 2.75% to 1% for new customers, just days after MoneySavingExpert.com warned a rate reduction was on the cards...
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'HSBC and First Direct cut top regular savings rates to 1% after MSE warning'
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Comments
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Thank you very much for confirming this! Very sad indeed! The regular savers with 'big banks' were one good way to kickstart a savings habit for people (like my mother) with far too much money in current accounts with these banks because they simply haven't put the effort into saving money regularly. The danger now is that people like this won't bother at all with any sort of saving (because a 1% regular saver is no incentive whatsoever to do so), let alone investing, and a lot of money will end up being left in current accounts earning basically nothing at all!wiseonesomeofthetime said:1 -
Just got my FD and HSBC renewals in in time.0
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Just opened a First Direct, though waiting for something in the post, Looks like a no no for the RS.0
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Chorley BS has just announced a Seasonal Regular Saver, available from 1st December, paying 1.25% variable: max £250 pm, matures on 30th November 2021.
Importantly, this product won't be available to those of us with an existing Chorley seasonal saver. We've separately been offered a follow-on RS.
For those unfamiliar with the Chorley's approach to regular savers, for some years now they've had a practice of providing an invitation-only, follow-on RS product when an existing RS matures, typically at a slightly better rate than available to the general public. So even if today's new issue isn't a market-leading variable rate, one might ultimately find it reasonably worthwhile if past form is anything to go by.11 -
How easy is it to apply for a Chorley BS Regular saver, please? I.e. do you have to post in documents for identity purposes which is a bit of a faff to say the least or can the application process basically be done online?1
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Thanks very much! Yes I've also just had a look at their website myself for the very 1st time and this does indeed seem to be the case. As it happens I don't live a million miles away from Chorley (about 25 miles in fact) so in the worst case scenario I would be prepared to travel to one of their branches for a one-off visit if necessary.JamesRobinson48 said:
If you take a look at their Identification Requirements page you'll see that, like many BSs, they say that they first attempt electronic verification and only ask you for docs later on if that fails. Personally, touch wood, I've never had any ID issue with them.cricidmuslibale said:How easy is it to apply for a Chorley BS Regular saver, please? I.e. do you have to post in documents for identity purposes which is a bit of a faff to say the least or can the application process basically be done online?1 -
Re Chorley RSHow good are the maturity arrangements please? They say that they use BAC's which can take up to 5 days or into an easy access account, can this be accessed online?Thank youEPC2
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The seasonal saver has to be opened by post or in branch, there is no online applications so no electronic verification of identity and need to send ID and deposit with application.cricidmuslibale said:
Thanks very much! Yes I've also just had a look at their website myself for the very 1st time and this does indeed seem to be the case. As it happens I don't live a million miles away from Chorley (about 25 miles in fact) so in the worst case scenario I would be prepared to travel to one of their branches for a one-off visit if necessary.JamesRobinson48 said:
If you take a look at their Identification Requirements page you'll see that, like many BSs, they say that they first attempt electronic verification and only ask you for docs later on if that fails. Personally, touch wood, I've never had any ID issue with them.cricidmuslibale said:How easy is it to apply for a Chorley BS Regular saver, please? I.e. do you have to post in documents for identity purposes which is a bit of a faff to say the least or can the application process basically be done online?1 -
Hi all,
We've seen you're discussing the HSBC and First Direct rate drops today - here is MSE's most recent news story on the reductions:3 -
Many thanks for this as was looking for something to replace an existing RS thats due to mature in a couple of monthsJamesRobinson48 said:Chorley BS has just announced a Seasonal Regular Saver, available from 1st December, paying 1.25% variable: max £250 pm, matures on 30th November 2021.
Importantly, this product won't be available to those of us with an existing Chorley seasonal saver. We've separately been offered a follow-on RS.
For those unfamiliar with the Chorley's approach to regular savers, for some years now they've had a practice of providing an invitation-only, follow-on RS product when an existing RS matures, typically at a slightly better rate than available to the general public. So even if today's new issue isn't a market-leading variable rate, one might ultimately find it reasonably worthwhile if past form is anything to go by.#40 Save £1 a day for Christmas 2020 £109/366
#9 Save 12k in2020 £3705/12000.001
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