Regular Saver Thread New and Restarted

Frogletina · 1 February 2018 at 7:02PM

adindas wrote: »

Does anyone know the most efficient way to close those account ?
Is there any way to close those account without the need to go into Branch ??

Thanks

veryintrigued wrote: »

Assume you've looked at the T&Cs - these are for the latest in Store RS:

You can have access to your money whenever you need it. To request a withdrawal simply send your written instructions to Savings Operations, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL or you can take money out in the following ways:
Cash – Store** only.
Cheque – simply complete a Transaction Slip and a cheque will be sent promptly to your correspondence address.
Electronic transfer.
CHAPS.
Transfer to another Virgin Money account, subject to the terms and conditions of that account.

I have just spoken to someone at Virgin Money and advised them that the Key product information leaflet details for withdrawal, as above, is unclear.

The use of the word or in the information implies that you can get your money out via electronic transfer rather than a letter, but not, as the adviser told me, that the electronic transfer has to be requested at the branch.

He told me he would pass this back to be looked at.

frogletina

schiff · 1 February 2018 at 7:17PM

I feel quite lucky to have a store within easy striking distance

Ken68 · 1 February 2018 at 7:20PM

Just got back from the store. Had to provide identity for Faster Payment process. (as if passbook, Virgin letter and debit card for the receiving account weren't enough.)
Money received OK. Can't recall other settlements being so unclear.

Westie983 · 2 February 2018 at 4:15AM

I was told I can either write a letter or close in Branch, annoyingly I was there a week ago to open Branch 9, I was only allowed to get £2000.00 in cash the rest was transferred via faster payment.

So you have been told right, you can use electronic payment but this is initiated in branch. I asked if I could ring up and do it over the phone, as I use crutches and struggling to walk around atm, but was told it was branch in person or letter.

As I wanted the funds to be able to fund issue 9, I made a trip into Brighton to get my cash/faster payment, although I didn't get any closing interest as this only appears over night, so will sort that out when Issue 3 matures, or I am back in branch for issue 10, (which ever comes first)

Roll on 20th for Online Issue 3 to mature.

Westie983

skitskut · 2 February 2018 at 2:43PM

adindas wrote: »

Is the Faster Payment (FPO) from BM to other current A/C instant or at least same day if you request the transfer in the morning ??

I've requested one before in the morning, it was same day but didn't arrive until about 5 or 6 in the evening.

JamesRobinson48 · 3 February 2018 at 9:36PM

PRINCIPALITY BUILDING SOCIETY NEW RS ISSUE

The Principality BS has just released its new RS, Issue 18. Terms seem to replicate Issue 17: 2.00% fixed, 12 months term, max £500 per month. It is allowed to hold and contribute to both Issue 17 & 18 at the same time.

I know that some respected and esteemed contributors to this thread are not keen on a 2.00% RS, given higher rates available from various other providers. But I currently have quite a lot of monthly cash flow needing a shelter, and I've got the full set of Virgins and similar. So personally I'm content to grab 2.00% for a one year fix from any and every building society that offers it. When something better comes along I'll probably go for that too.

EachPenny · 3 February 2018 at 10:11PM

Westie983 wrote: »

I was told I can either write a letter or close in Branch, annoyingly I was there a week ago to open Branch 9, I was only allowed to get £2000.00 in cash the rest was transferred via faster payment.

I asked them to do internal transfers from Issue 2 to all the other store-based accounts and then took the rest of the balance as a cheque and paid that in elsewhere straight away. I would have taken the balance as a FP, but the system apparently won't allow that the same day as internal transfers. If your store deals with cash then the internal transfers plus a cash withdrawal might be the most efficient way to do it.

Westie983 wrote: »

As I wanted the funds to be able to fund issue 9, I made a trip into Brighton to get my cash/faster payment, although I didn't get any closing interest as this only appears over night, so will sort that out when Issue 3 matures, or I am back in branch for issue 10, (which ever comes first)

Don't forget the Matchday version matures 1st March - you could be heading back to the branch sooner than you thought

mhoc · 4 February 2018 at 6:54PM

JamesRobinson48 wrote: »

PRINCIPALITY BUILDING SOCIETY NEW RS ISSUE

The Principality BS has just released its new RS, Issue 18. Terms seem to replicate Issue 17: 2.00% fixed, 12 months term, max £500 per month. It is allowed to hold and contribute to both Issue 17 & 18 at the same time.

I know that some respected and esteemed contributors to this thread are not keen on a 2.00% RS, given higher rates available from various other providers. But I currently have quite a lot of monthly cash flow needing a shelter, and I've got the full set of Virgins and similar. So personally I'm content to grab 2.00% for a one year fix from any and every building society that offers it. When something better comes along I'll probably go for that too.

Does anyone think that it is possible to have both 17 and 18 and also the Member Only Regular Saver Bond 4% account - I will be on my 2nd year in a few months time and there is a branch in Chester (its branch opening) ... The worrying line "one bond only per person" is amongst the rules and regs ...

Steve_xx · 4 February 2018 at 10:44PM

mhoc wrote: »

Does anyone think that it is possible to have both 17 and 18 and also the Member Only Regular Saver Bond 4% account - I will be on my 2nd year in a few months time and there is a branch in Chester (its branch opening) ... The worrying line "one bond only per person" is amongst the rules and regs ...

Yes I reckon it is possible to have all three. The terms look to be specific to each issue of the bonds. I definitely would not question Principality about it in case they seek to further clarify it, thus causing you some disadvantage. Sometimes it's best to say nowt and see what happens. At worse they'll close any account you try to open when not entitled to. But in this particular instance you could reasonably argue ambiguity in the terms.

jimbow25 · 9 February 2018 at 5:39PM

Special_Saver2 wrote: »

HSBC Regular Saver

Interest rate: 5% gross p.a. fixed rate but only available if you have a HSBC Premier or Advance account
Monthly payment: £25-£250
Miss any payments: Yes, you can cancel and resume your standing order whenever you wish
Penalty-free withdrawals: No, but you can close the account early (with interest paid at a lower rate for the entire term - paid at the standard Flexible Saver interest rate)
Age of applicant: Same age as whichever current account is opened at the same time (which is age 16, 17 or 18 depending on the current account chosen)
How to open account: In branch, online or telephone
Special conditions: Must hold a current account with HSBC and the standing order must come from that account. If you pay in less than £250 per month then you can make up the extra amount in future months - your maximum balance goes up by £250 per month. For a version of this account which requires a current account that does not have a fee, see below. You may also have difficulty opening this account if you do not have a regular income - see page 85 of this thread. Advance account now available free of charge - see post 2895.

I opened this account a year ago today.
I logged on today and can see the interest has been added and the new interest rate is 0.1%. However the account is still called PREF REG SAV and the system blocks my attempts to open a new regular saver because I "already have one".

I spoke to both web and telephone customer services and they said I have to wait up to 5 working days for the system to cease to recognise it as a regular saver before the system will allow me to open a new one. Has anyone else encountered this issue or know of a resolution?
I can see that this "works" for the First Direct saver as per Special Saver's post so I'm a bit surprised it doesn't here. Also frustrating as the refusal message says you can open a new one "on or after maturity date". and, I wanted to keep the same anniversary date ideally.

Thanks for the continuing updates to this excellent thread. Ten or so years and going strong! Even if regular savers are not what they once were.

Regular Saver Thread New and Restarted

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