Posted 3 days ago

Regular Saver 5% Rate (Existing UK Current Account Required) From December 1st @ HSBC

Shared by santhom
Joined in 2017

About this deal

Savers will see the rate on a fixed-rate account jump from 1% to 5% from December, HSBC UK has announced.

The rate on HSBC’s Regular Saver account is fixed for 12 months from the time of opening the account, under the bank’s terms.

The rise will apply automatically to existing accounts. Interest accrued up to this date will be at the rate offered when the account was opened.

People can pay in between £25 and £250 per month. If regular payments are less than £250 a month, savers can pay more in during later months, up to a total of £3,000.

Customers will receive a lump sum at the end of the 12 month period.

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  1. Avatar
    Are they mean existing UK current account or existing UK HSBC current account? I'm at Barclays..
    You can get 5% from Barclays on their Rainey days saving account upto £5000 which is pretty good deal
  2. Avatar
    I have 20k in my account. What is the best investment?
    In the wrong place if getting investment advice here without any notion of circumstances. Assess your level of risk, how long you want to tie up cash for, how you think interests will go in short term etc

    Head for MSE for further info but also consider a free initial chat with a local Independent Financial Advisor if you have one near you
  3. Avatar
    A good rate at last from HSBC.

    Just don't open a Regular Saver account now at 1% in the expectation you'll get the better rate applied in December.

    Can HSBC change the interest rate?
    No, once your account is opened the rate will remain fixed for the 12 month term.

    EDIT: It looks like they have chosen to override their own T&Cs and will apply the increased rate to existing accounts. Still going to wait for them to advertise the 5% rate on December 1st though, just in case. (edited)
    I've been a bit confused by this as well.
    It seems to contradict what they've said about existing account holders automatically being moved to the higher rate.
    I'm going to wait until 1st Dec to open one anyway.
  4. Avatar
    Really? Every little helps, indeed and 5% seems reasonable. But I'm not sure people realise if they pay £3,000 per year, at the end of 12 months they will get well under £100 interest. (edited)
    ~£75 right? 5%=£150/2=£75 as a rule of thumb. It's actually £81 according to MSE unless you're in the top income tax tier
  5. Avatar
    Surprised at the heat this is getting. It might be one of the better deals but the max amount is so low it really doesn't return much after a year of regular saving. If you decided to cut back on eating out and buying clothes you'd 'save' just as much and barely notice it.
    why not do both?
  6. Avatar
    I just changed to first direct from HSBC as I could no longer take the bad service so wonder if First Direct will follow as its a HSBC company.
    It is incredible that they are the same banking group but polar opposites in terms of experience.
  7. Avatar
    Are you allowed tk have multiple saver accounts like this with different banks?
    yes I have 20k split across many banks. On the first of the month I move the minimum payment from one account to another to tirgger the rate.
  8. Avatar
    They get you dont they with the big percentage number... then slowly there is a catch... then another catch...

    If its too good to be true, then yeah always bloody is
    Dont think there is a catch. HSBC use to have this rate previously. Simply set up a Standing Order from your current account then after 12 Months your money accumulated plus interest will be transferred to a Flexi Saver or whatever saving account this is available.
  9. Avatar
    Was waiting for an improved HSBC savings account, but a maximum of 3 grand? Really? So disappointing
    Agreed. Maximum amount of interest you can earn after a year if paying in the maximum of £250 per month is about £81
  10. Avatar
    We need lower interest rates. No point in saving £30 on your savings to lose £500 a month on your mortgage.
    Not if like the banks have already stated, they want to become the biggest landlords in the country (Lloyds).. it’s a game we never win sadly
  11. Avatar
    If you have the cash, their 3% up to 10K works out better for instant access but 30 days lose of interest - these payg deals always work out to about half the rate per annum over all.
  12. Avatar
    I like the regular saver account. For that reason, nice way to regularly save from your current account. (edited)
  13. Avatar
    First Direct 7%
  14. Avatar
    Would be better off with an unrestricted savings account without this x amount per month nonsense on a limited total pot.
  15. Avatar
    £3k pathetic, have some ice.
    how much do you want to save regularly? although the rates would vary, you can use regular savers from other banks at the same time. (edited)
  16. Avatar
    I'd go for it if a consistent HSBC customer with no chance of leaving, however I've been burned by the First Direct account which is very similar.

    I got it a year ago at a pathetic 1% interest. It then got beaten but you can't close it or withdraw and you have to keep paying in or you lose the year's interest. Now obviously in this climate 5% will probably remain good, but 1 year fixes are getting towards 5% anyway.
  17. Avatar
    The interest rate remains less than inflation. In a years time your money will be worth less than it is now and things will cost more than they do now. Rubbish.
    Any better suggestions to invest ?

    maybe hide under a pillow ?
  18. Avatar
    Sounds to be good to be true and yes. Yes it is. Any account that limits how much tou can put in it per month is a barely worth it.
  19. Avatar
    Great deal and recently opened an HSBC account so will look out for this on 01st Dec. Cheers!
  20. Avatar
    Nice found, hopefully no one join it in the last few weeks
  21. Avatar
    Does this definitely apply to existing regular saving accounts? Best value would to open and pay in £250 on 30th Nov then start regular payments from 1st Dec
    Whilst that is true for many regular savers, I'm pretty sure the account month is based on date of opening, and that it has been said in the past that if you try and do that on this account they just don't pay the interest on money you've paid in "early" (e.g. that second payment on 1st Dec wouldn't start getting interest until the 30th December, because that is the earliest date the second payment is allowed from). Systems could have changed of course, but based on their terms you wouldn't have much to argue about if they paid interest in that way.
  22. Avatar
    must remember to sort this dec 1st then
  23. Avatar
    Hope first direct follow this. I’ve reduced my monthly payment to them to £25 and moved my monthly money to Lloyds, Principality, NatWest and RBS. 5% is the minimum rate I’ve set for my regular savers now with the current rates about 
    I think FD are great generally but they are atrocious at advertising or offering good deals, they really go out of their way to not market or upsell their products at all, so I can’t see it happening.
  24. Avatar
    Literally moving my account from them on the 1st! - Heat added
  25. Avatar
    Crazy, my premier saver has rate of 0.5%
  26. Avatar
    Good Rate but the Sister Brand has just smashed the rate with 7%
    Which one??
  27. Avatar
    Thanks op
  28. Avatar
    If thinking about this, check out First Direct proposed 7% offering Here
  29. Avatar
    Will I get taxed?
    depends how much income tax you pay. you get 1000 tax free allowance at 20%, 500 at 40% and 0 at 45%
  30. Avatar
    Anyone knows if we can get anything decent on business account?
  31. Avatar
    as long as you don't have to reach out the "Customer service".
  32. Avatar
    Where can i find this calculator?
  33. Avatar
    where can I deposit lets say like 50k on day one and get such a rate?
    Check out the TSB 3yr bond - you would get £183 per month in interest with that amount if you do it for 3 years (4.4% if you choose monthly payments or 4.5% if you choose annual and yearly payments). Compound interest would help further if you leave it in there. Depends if you likely need access to it or not (edited)
  34. Avatar
    The TSB 3yr fixed bond is better - up to £1m is covered at 4.5% interest and pays out either monthly (4.4%) or yearly (4.5). So if you happened to have £150k....thats £550 per month you would get in interest!
  35. Avatar
    Question on this....might sound really daft..if I've added a lump sum on a new savings account on the 1st of the month....will I receive any interest for that month at all?
    Just on the HSBC savings new account ..added lump sum on the 1st November. Hasn't generated any interest at all (edited)
  36. Avatar
  37. Avatar
    Why so hot??! It’s rubbish! £81 a year?
    Have a guess
  38. Avatar
    Perfect timing! Thank you!
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