Your Regular Saver is ending – what next?
If a Regular Saver has worked for you, you might want to start building another pot of money straight away by opening a new Regular Saver. With an HSBC Regular Saver you can save between £25-250 each month for 12 months, with a fixed interest rate. This means you’ll know exactly how much you’re going to earn over the course of the year.
You can apply to open a new Regular Saver once your current Regular Saver has matured. Be aware though that you won’t be able to move the full balance of your matured Regular Saver into the new one immediately, as you can only pay in a maximum of £250 per month.
2) Consider other savings products
Depending on your plans and goals, you may not want to lock your savings away in another Regular Saver, where you won’t be able to access the money for 12 months. If this is the case, you might want to consider moving your money into one of our other savings accounts.
A Flexible Saver or an Online Bonus Saver could be a good match if you want the option to start spending your money straight away. With these accounts, you can withdraw your money when you need it.
If you want to keep building your savings, our Fixed Rate Saver may offer a higher interest rate provided you are happy to lock away the funds for a 1 or 2-year period.
If you’re looking to make the most of your tax allowances, a Cash ISA could be up your street. You can save up to a certain amount each tax year without having to pay tax on the interest you earn. For full details on ISA limits, see our Cash ISA page.
3) Repay debts
If you have debts that are incurring high levels of interest, it may make sense to use some of your savings to pay them off. Typically, it’s best to repay the debt with the highest interest rate first, as that’s costing you the most money.
Keep in mind that each debt may have certain conditions you need to meet. Check you won’t be charged for early repayments, or overpayments.
See how to repay debts.
4) Explore investing
It’s good to have something set aside for emergencies, but if there’s a large amount sitting in your savings account, you might be able to make more of your money.
If you’ve never invested before, our beginner’s guide is a good place to start. It introduces you to the key things you need to know about investing, along with the different ways you can get started.
Bear in mind, the value of investments and any income they generate can go down as well as up, meaning you may not get back what you invest. You can access your money if you need to, however you should aim to invest for at least 5 years.
Our investment services involve a one-off advice fee, along with applicable investment charges. The advice fee is payable from selected HSBC current or savings accounts so you’d need to hold one of these to access the services.
Keen to explore your options? See our ways to invest.
If you decide not to take any action, then when your account ends, we'll transfer your savings into your Flexible Saver or Premier Savings account. If you have more than one of these accounts, we'll pay your savings into the account which pays the best interest. And if you don't have any of these accounts, we'll convert your Regular Saver to a Flexible Saver.