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    • Jenwales
    • By Jenwales 10th Apr 18, 6:47 PM
    • 25Posts
    • 18Thanks
    Jenwales
    Savings account advice
    • #1
    • 10th Apr 18, 6:47 PM
    Savings account advice 10th Apr 18 at 6:47 PM
    I have an ISA with HSBC but for the last year or so (and despite a phone call to fix it) it won't let my put more money into it. So I thought I'd open a new account and call it a day. My brother has opened a regular savings account and I was thinking of doing that. I can't always put a regular amount in as I'm saving with my partner in his account. I'm just looking for an account I can put in or take out when I please with no penalties.

    Don't really have much time to sort things out at the moment and my finances may be uncertain as im hoping to buy a house this year.
Page 1
    • ValiantSon
    • By ValiantSon 10th Apr 18, 7:00 PM
    • 1,596 Posts
    • 1,339 Thanks
    ValiantSon
    • #2
    • 10th Apr 18, 7:00 PM
    • #2
    • 10th Apr 18, 7:00 PM
    It isn't entirely clear what you actually want from the account. If you are looking at putting some money away on a semi-regular basis, and it is unlikely to ever be more than c.250 per month, then a regular savings account is a reasonable way to go. If you have an HSBC Advance current account then you can access their 5% regular saver, but otherwise have a look at the available regular savers elsewhere:

    https://www.moneysavingexpert.com/savings/best-regular-savings-accounts

    One note of caution, however, regarding your existing arrangements. You say that you are saving money in your partner's account. This is very high risk as the moment you deposit that money in his account it ceases to be yours and you have no claim on it. Should something go wrong with your relationship, or should he die, you would not have access to that money. I really would advise you to stop doing this straight away. Changing the account to a joint account is a simple solution, but don't keep paying money in to an account that you are not named on.
    • Jenwales
    • By Jenwales 13th Apr 18, 2:33 PM
    • 25 Posts
    • 18 Thanks
    Jenwales
    • #3
    • 13th Apr 18, 2:33 PM
    • #3
    • 13th Apr 18, 2:33 PM
    It isn't entirely clear what you actually want from the account. If you are looking at putting some money away on a semi-regular basis, and it is unlikely to ever be more than c.250 per month, then a regular savings account is a reasonable way to go. If you have an HSBC Advance current account then you can access their 5% regular saver, but otherwise have a look at the available regular savers elsewhere:

    https://www.moneysavingexpert.com/savings/best-regular-savings-accounts

    One note of caution, however, regarding your existing arrangements. You say that you are saving money in your partner's account. This is very high risk as the moment you deposit that money in his account it ceases to be yours and you have no claim on it. Should something go wrong with your relationship, or should he die, you would not have access to that money. I really would advise you to stop doing this straight away. Changing the account to a joint account is a simple solution, but don't keep paying money in to an account that you are not named on.
    Originally posted by ValiantSon
    Thanks for your advice, it's a bit misguided. We've been together for 13 years and are saving in a help to buy isa to buy a house of our own, so this is the best option for us to save for our deposit. It's not high risk, when we buy the house the money will be spent. Under common law I have rights etc since we have lived together for about 4-5 years now, I'm not concerned I have no need to be. But thanks for your concern. We were told not to open a joint account just for paying bills!!!! Banks are not always helpful
    • Westie983
    • By Westie983 13th Apr 18, 3:16 PM
    • 4,283 Posts
    • 14,826 Thanks
    Westie983
    • #4
    • 13th Apr 18, 3:16 PM
    • #4
    • 13th Apr 18, 3:16 PM
    I have an ISA with HSBC but for the last year or so (and despite a phone call to fix it) it won't let my put more money into it. So I thought I'd open a new account and call it a day. My brother has opened a regular savings account and I was thinking of doing that. I can't always put a regular amount in as I'm saving with my partner in his account. I'm just looking for an account I can put in or take out when I please with no penalties.

    Don't really have much time to sort things out at the moment and my finances may be uncertain as im hoping to buy a house this year.
    Originally posted by Jenwales
    Hi,

    A few issues with your projected plan, a HSBC regular saver requires you to fund it each month with 25 - 250 a month and there is no withdrawals, although you can close it at anytime and get the basic interest of 0.50% (or current savings rate) you mention that you are looking to buy a house this year have you considered a help to buy ISA which doesn't require you to fund each month but what you do fund will be increased each year by the government bonus.

    https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

    You mention that you have fixed your ISA this could be why you cant fund it with any more money as its now a closed product till it matures, but this doesn't stop you opening a funding a new ISA for this tax year.

    As others have said be careful about putting money into your partners account as it becomes his money as soon as you do and if anything (I hope not but being realistic) then you have no claim to the money.

    Good luck with your deposit savings

    Westie983
    Save 12k in 2018 #10 Total (25,000)+10,000/12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 10/800 = 1.25% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 600/1,000 = 60.00%
    2 Savers Club 2018 #16 Total (1,500)+-486/2,000 = 50.70%

    Total 10,686.59/16,165 = 66.10%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • eskbanker
    • By eskbanker 13th Apr 18, 3:34 PM
    • 6,823 Posts
    • 7,075 Thanks
    eskbanker
    • #5
    • 13th Apr 18, 3:34 PM
    • #5
    • 13th Apr 18, 3:34 PM
    You mention that you have fixed your ISA this could be why you cant fund it with any more money as its now a closed product till it matures, but this doesn't stop you opening a funding a new ISA for this tax year.
    Originally posted by Westie983
    I could be wrong but suspect that OP's reference to "a phone call to fix it" meant a phone call to try to correct a problem with it (not being able to pay in), rather than a phone call to convert from a variable rate product to a fixed rate one!
    • YorkshireBoy
    • By YorkshireBoy 13th Apr 18, 3:36 PM
    • 30,133 Posts
    • 17,986 Thanks
    YorkshireBoy
    • #6
    • 13th Apr 18, 3:36 PM
    • #6
    • 13th Apr 18, 3:36 PM
    You mention that you have fixed your ISA this could be why you cant fund it with any more money as its now a closed product till it matures
    Originally posted by Westie983
    I read the post differently. There was a problem (couldn't fund it during the last tax year) which required a "fix".

    OP tried (unsuccessfully) to "fix" the problem by ringing them.

    I think this may be something as simple as a re-activation being required. If you don't fund an ISA for a full tax year HMRC rules dictate you must re-activate it. Maybe the OP didn't fund the account during the 2016/17 tax year?
    • ValiantSon
    • By ValiantSon 13th Apr 18, 4:17 PM
    • 1,596 Posts
    • 1,339 Thanks
    ValiantSon
    • #7
    • 13th Apr 18, 4:17 PM
    • #7
    • 13th Apr 18, 4:17 PM
    Thanks for your advice, it's a bit misguided. We've been together for 13 years and are saving in a help to buy isa to buy a house of our own, so this is the best option for us to save for our deposit. It's not high risk, when we buy the house the money will be spent. Under common law I have rights etc since we have lived together for about 4-5 years now, I'm not concerned I have no need to be. But thanks for your concern. We were told not to open a joint account just for paying bills!!!! Banks are not always helpful
    Originally posted by Jenwales
    If your partner dies and he has not left you this money in his will then you have no rights to it. Whoever has told you otherwise is the one who is misguided. Even if you are named in his will it will likely take six to twelve months before you can access the account because of the time taken for probate to be granted. Without a will the law ignores you; there is no such thing as common law marriage in England and Wales.

    There are also no rights in the event of your relationship breaking down.
    • sleepymans
    • By sleepymans 13th Apr 18, 4:25 PM
    • 702 Posts
    • 1,040 Thanks
    sleepymans
    • #8
    • 13th Apr 18, 4:25 PM
    • #8
    • 13th Apr 18, 4:25 PM
    To the OP: what are these common law rights to which you refer? I!!!8217;ve never heard of them. Others might also find it useful information.
    Thanks
    Goddess
    • Westie983
    • By Westie983 13th Apr 18, 5:10 PM
    • 4,283 Posts
    • 14,826 Thanks
    Westie983
    • #9
    • 13th Apr 18, 5:10 PM
    • #9
    • 13th Apr 18, 5:10 PM
    I read the post differently. There was a problem (couldn't fund it during the last tax year) which required a "fix".

    OP tried (unsuccessfully) to "fix" the problem by ringing them.

    I think this may be something as simple as a re-activation being required. If you don't fund an ISA for a full tax year HMRC rules dictate you must re-activate it. Maybe the OP didn't fund the account during the 2016/17 tax year?
    Originally posted by YorkshireBoy
    I can see the way you read it and tbh sounds more plausible, as it could well be a re designation/dormant issue instead.

    Westie983
    Save 12k in 2018 #10 Total (25,000)+10,000/12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 10/800 = 1.25% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 600/1,000 = 60.00%
    2 Savers Club 2018 #16 Total (1,500)+-486/2,000 = 50.70%

    Total 10,686.59/16,165 = 66.10%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
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