Regular Savings Accounts: The Best Currently Available List!

[Deleted User] · 15 March 2017 at 5:01PM

I had a regular saver with TSB, when it matured they switched it to some account paying diddly-squat. I emptied it then rang them to close it and they said I had to either write a letter or go into a branch to close it. This I'm going to do but they've got a nerve, making me to go out of my way to close an account I didn't even open.

KTF · 15 March 2017 at 5:04PM

The regular saver converts into an instant access account at the end of the term. What did you think would happen?

[Deleted User] · 15 March 2017 at 5:07PM

Nothing. But the account was opened online so I would have expected that it could be closed in the same fashion.

Jo_Blogs · 15 March 2017 at 5:11PM

Deleted_User wrote: »

I had a regular saver with TSB, when it matured they switched it to some account paying diddly-squat. I emptied it then rang them to close it and they said I had to either write a letter or go into a branch to close it. This I'm going to do but they've got a nerve, making me to go out of my way to close an account I didn't even open.

It's common practice for banks to do this upon RS maturity. However, I do agree that to have write or go into branch to close an account can be a real pain at times, to say the very least

xylophone · 15 March 2017 at 5:16PM

I agree, though I notice that despite the account type having been redesignated, the account number remains unchanged.

You think the weasel words will prevent our demanding compo?:D

And there was I planning my next cruise.....:)

steve65e · 15 March 2017 at 7:59PM

colsten wrote: »

It appears that Santander are confusing everyone by changing the account to an esaver a day before the anniversary.

And depriving us of a day's interest (32p) on the full amount?

Westie983 · 15 March 2017 at 8:13PM

Stompa wrote: »

My Santander Regular eSaver has matured today, and been converted to an Everyday Saver account. There's no sign of any interest though. Is there normally a delay for this to appear? (or perhaps I'm just being impatient, and it'll be there by the end of the day!)

I have just called up to find out, and they said they are aware of the issue..

I have a deja vu of Nationwides problem last christmas, when the first batch of regular savers matured...

I have been told just to wait but my interest will be added in time.

Westie983

Westie983 · 15 March 2017 at 8:16PM

colsten wrote: »

Not had my interest paid either by Santander even though the account has changed to an esaver overnight. All they could tell me is that it will "probably" be added overnight, and that they would investigate it and call me back on Monday (!).

On closer examination, I think it's correct that my interest doesn't get paid until tomorrow, as the T&Cs say "interest is .......added to this account annually on the anniversary of account opening", and my account was opened on March 16 2016. It appears that Santander are confusing everyone by changing the account to an esaver a day before the anniversary. They did write to me a couple of weeks ago though to say the account would mature today.

I also got a letter saying the account would mature on the 15th so maybe the interest will be added tomorrow?

That said the call handler I just spoke too, said it has been escalated to back office to look into and I should just be patient..
I have waited 12 months, what one more day...

I have opened a new one to start again...

And the cycle continues

Westie983

colsten · 15 March 2017 at 8:17PM

steve65e wrote: »

And depriving us of a day's interest (32p) on the full amount?

How did you conclude that from me saying "I think it's correct that my interest doesn't get paid until tomorrow".

Vortigern · 15 March 2017 at 8:40PM

Deleted_User wrote: »

I had a regular saver with TSB, when it matured they switched it to some account paying diddly-squat. I emptied it then rang them to close it and they said I had to either write a letter or go into a branch to close it. This I'm going to do but they've got a nerve, making me to go out of my way to close an account I didn't even open.

If they are causing you some effort or expense to close an unwanted account, don't close it! Just leave it empty until they declare it dormant. It may take a while and they'll probably send you an annual statement. Their problem, not yours or mine.

Regular Savings Accounts: The Best Currently Available List!

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free