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Is HSBC about to slash its regular saver to 1%? Fears sparked after customers sent wrong welcome packs
Finance

Is HSBC about to slash its regular saver to 1%? Fears sparked after customers sent wrong welcome packs 

How to max out your regular savings interest

We’ve already been telling HSBC and First Direct current account customers who want to take advantage of the 2.75% regular savers to go quick in case the banks follow M&S Bank and cut their offers. And while HSBC hasn’t confirmed whether there will be a rate cut, these emails should be an extra nudge to get your skates on.

You’ll need a current account with the relevant bank to open a linked regular saver, and once open you can deposit £25-£250 a month with HSBC, or £25-£300 a month with First Direct. Both let you carry your allowance over, so if you don’t pay in the max each month, you can pay more in later. No withdrawals are allowed during the term and, after 12 months, your money will be transferred into an easy-access account with the relevant bank. 

If you don’t have an HSBC or First Direct current account, we’re checking with the banks how long it would take to open a current account with them and then take out a regular saver. But in any event, you may be able to beat HSBC and First Direct’s current rate of 2.75% with a regular saver linked to a different bank.

For example, NatWest and RBS both pay 3.04% variable interest on their regular savings accounts, and let you deposit £1-£50 per month. Again, you’ll need a current account with the relevant bank to open a linked saver – and both banks currently have switching bonuses, of £125 for NatWest and £100 for RBS. We’ve full info in our Regular Savings Accounts guide.



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