HSBC are to increase the interest rate on their Regular Saver to 5% on 1 December for both new and existing accounts
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Good to see, however, I already have four at that rate or greater.
Plus First Direct after Thursday too (currently 3.5%)
No fresh money left to take on more.
I wonder if other providers will react to this positively.
I’ll sit on my hands for a bit and see.
I just opened a HSBC Regular Saver. It was opened, funded and showed online immediately as did the monthly standing order.
HSBC have obviously worked on their back end systems. Opening a Global Money Account was equally as quick.
It was this quick back in 2019 when I opened one.
It’s the “joining as a new customer” or “first current account” cases where applications take forever.
Yes, but it also used to take a while for regular savers to be set up for existing customers as well
Seems HSBC have automated whatever manual element used to be part of the progress.
Just opened and funded one in minutes too.
Quick, smooth process.
An old thread but to note that HSBC have increased the interest rate on (new?) regular saver accounts to 7% from today
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With more base rate cuts predicted, IMHO it has never made more sense to get involved in regular savers.
Even the ones with variable interest rates are less likely to have their rates adjusted downward than easy access, and there’s now a decent number of 5.5%+ fixed interest rates which can’t be changed once opened (in rate order Principality, First Direct, HSBC, Club Lloyds, Bank of Scotland and Halifax - the latter trio also allowing access to cash once saved).
It’s a bit of a merry-go-round keeping them all topped up and moving but it’s fun and (depending how much easy-ish access cash you have saved) will make hundreds or even thousands of £s of difference over just leaving it in a top easy access account.
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