Aug 19 2008

Started An Automatic Savings Plan With HSBC Direct


HSBC Direct - Strategy

I’ve been with HSBC Direct for about a year and I didn’t know how to start an automatic savings plan (or even bothered looking to do so). This was also due to the difficult website interface from HSBC Direct that made it hard to find. ING Direct actually gives you the choice of starting an automatic savings plan but I went with the bank with the higher interest rate.

For those who use HSBC Direct, follow these steps:

1. After logging in, click “Bank to Bank Transfer” on the left sidebar and “Continue”(a new window opens).


2. Look at the tabs at the top and click “Transfer Funds”.
3. Set the accounts To/From (to online savings from checking account or whatever account you want to fund it with).
4. Make sure to click “Recurring Transfer”.

5. Next, put in how much want to transfer, name of the plan (PATH TO PROSPERITY!), frequency, and duration of transfers (I suggest Until I edit or cancel).

6. Submit and confirm. Done. (Make sure you always have enough money in the “From” account)

To manage your automatic savings plan, go to the “History” tab and click “View Recurring Transfer Plans”.

As you can see, my automatic savings plan is set for $50 at the end of the month. I always have a few hundred dollars in my checking account and I don’t remember the savings plan and let it do its magic (they send you an email a few days before they are about to initiate a transfer).

In this case, the words of Ron Popeil, “set it and forget it” is very appropriate.

If you liked this post, please leave a comment, share it, or subscribe to my RSS feed.

6 Comments on this post

Trackbacks

  1. Carnival of Personal Finance #167 - Highlights from the Beijing 2008 Olympics — Broke Grad Student wrote:

    [...] Started An Automatic Savings Plan With HSBC Direct [...]

    August 25th, 2008 at 7:04 am
  2. The Psychological Effects Of An Automatic Savings Plan wrote:

    [...] to subscribe to my RSS feed. Thank you for visiting and I hope you enjoy the posts!Last month, I started an automatic savings plan with HSBC Direct and so far, I realize that it has had some effects on my mentality towards the [...]

    August 26th, 2008 at 6:08 pm
  3. Switching From HSBC Direct to ING Direct | Realm of Prosperity wrote:

    [...] course of the year since I had very little money to put into it. Recently, I’ve implemented an automatic savings plan after doing a good amount of messing around with HSBC’s web interface. Then, HSBC Direct [...]

    September 30th, 2008 at 3:33 pm
  1. Scott @ The Passive Dad said:

    Simon, that’s a great idea to set it up for automatic deposit. It’s easy to forget something like this, as it help build up that compound interest. HSBC sure has a great rate right now. Do you know how long the 3.5 is good for?

    August 19th, 2008 at 6:34 pm
  2. Simon said:

    HSBC Direct’s email claims that this rate will be good until September 15, 2008. If the economy doesn’t head downhill, this rate probably would be extended (or increased, hopefully).

    August 19th, 2008 at 7:32 pm
  3. yanjiaren said:

    I always like to see new ways of saving as I like to diversify my assets and investments. Thanks for the post as I am also thinking of swirching to HSBC as I travel abroad a lot.

    August 20th, 2008 at 5:54 am

LEAVE A COMMENT

Subscribe Form

Subscribe to Blog

null

null

null

Useful Links

LMI Landlord Insurance
UK Commercial & Residential Let Insurance Brokers.
Landlord Insurance Policies include Repair, Rent Loss & Liability cover.


UK Caravan Insurance
Caravan Insurance from Insure My Caravan


Public Liability Insurance
CETA provide Online Quotes for UK Employers & Public Liability Insurance policies.


Home Insurance Quote
UK Buildings & Contents Home Insurance Policies


Home Insurance quotes online, Buildings and Contents Insurance.

Topics

Proud Member of the Yakezie Challenge