Saffron BS - Regular Saver Cash ISA for 2009/2010?

Milarky

oxenryd wrote: »

Earlier I was thinking, if I send my app with a cheque and I then find a better ISA, then I could cancel the cheque with my bank which means they couldn't pay it in (Well it would be returned) and then open a new ISA. Technically I would have only paid into 1 ISA.

Provided the date for opening is later than you managed to open a different ISA for the same tax year instead, the first opened account becomes your ISA for the year. So you can cancel simply by writing to Saffron. But if the cheque should be presented in the meantime it isn't fatal...

thepearce

Milarky wrote: »

If this type of application can be accepted then there is a small added benefit of the Saffron 7% over the First Direct 7% regular saver anyway - and that this the ability to vary the dates with the former. As you can pay in up to £300 per calendar month then the opening (post dated) cheque could be for a day late in the month of April eg 28th (and cheque 'clears' by 30th) which then becomes the opening date. This allows the second amount to be paid (by variable-dated standing order) almost immediately

Using this example (28th opening date) then the estimated average balance (at 7% tax free) could be approx £2190 - compared to the average balance in the First Direct ISA (with same-day per calendar month restriction) of £1950 - hence 10% plus more interest for those that worry about these things...

BTW: Applications from out of area need to be received before close of business on Monday (2nd March)

I'll admit it took me a while to figure out how paying money in later in the month could be benficial, but now I see.

I've just called Saffron asking if it's ok to send a cheque, and open the account for a day in late April (I used 25th). The person had to check but did then confirm this would be ok, as long as it is clearly stated on the covering letter.

stamfordblue

Never heard of Saffron Building Society.
These "Regular Saver" ISAs are starting to creep into the market.
Were these around last year???

thepearce

Website now states:

PLEASE NOTE:
We are now busy processing national applications for this product. We will write to all customers confirming receipt of their applications in the next couple of weeks. We would be extremely grateful if customers could refrain from calling us for confirmation of receipt at this time.
We are now [sic] longer posting out application packs to addresses outside of our branch area for our Regular Saver Cash ISA. You can still apply by downloading an application form here

We will be accepting national applications on this product until 5pm on Monday 2nd March 2009, after which only applications from within our branch area will be accepted. However, we also reserve the right to withdraw this product at anytime without notice.

Saffron's branch area is:

Essex
Hertfordshire
Cambridgeshire
Suffolk
Norfolk
London where the postcode starts with E.

We have introduced a new way to identify customers and validate addresses electronically using information held by credit reference agencies including the Electoral Register. If this fails to provide us with the level of proof we require, we will ask you to provide proof of identity and/or address.

giruzz

I rang Saffron yesterday and I was told by the CustServ Rep that 'it would have been better to open the ISA ASAP and not to wait until Saturday'.

I went to their Stratford branch expecting a huge queue but I found only two people and only one was waiting for the ISA.

I found disappointing that they didn't accept my gf application because she doesn't hold a European passport and she doesn't have a Indefinitive Leave to Remain.

Anyway, I had my application ready and I opened my ISA in 10 minutes. I just had a small paper received and I was told that everything will be processed in a few weeks and to wait for a confirmation by post.

Hope it helps

Giruzz

thepearce

giruzz wrote: »

I found disappointing that they didn't accept my gf application because she doesn't hold a European passport and she doesn't have a Indefinitive Leave to Remain.

Did they give a reason? Is she "resident" in the UK?

My wife has LLR (and a non-EU passport) and has applied (by post) so wonder what will happen with that. Birmingham Midshires don't seem to have had a problem opening one for 2008/9.

johnc

I called today and they said I cant even come into the branch to make an application (Stratford) because they will only accept applications from local residents ie with the postcode starting with E.

Has anyone been in today and found that to be true or not? I am thinking to perhaps go along anyhow but since it is a bit of a hike for me it would be an annoying wasted trip if that is indeed the case. Really annoying. And how about if I posted an application - would they really reject it?

Sebby*

It's too late for postal applications now - they had to be received by Monday. I've no idea about the postcode thing.

giruzz

thepearce wrote: »

Did they give a reason? Is she "resident" in the UK?

My wife has LLR (and a non-EU passport) and has applied (by post) so wonder what will happen with that. Birmingham Midshires don't seem to have had a problem opening one for 2008/9.

Hi,

My gf has the same thing but we applied under European law as I am EU Citizien and the visa is called EEA Family Member permit (and it is valid for 5yrs).

The lady at the counter said that they are a building society and they don't open accounts to people without ILR. Then I replied 'but we have an account with Nationwide' (and I showed) my bank statement, her reply was 'we are a small building society'.

I asked to confirm by phone and I said that we want to put money in, we don't want to ask for a loan. The lady rang somebody in a 'central office' and she confirmed that they cannot accept application from non EU without an ILR.

Regarding the post code, I can confirm that they only accept applications from people living in an area with postcode starting with E (if you want to apply in Stratford). They also say that on the phone if you call for info and on the website.

Hope it helps

giruzz

tartmaster.simon

Hi,

My wife and I both applied for the Saffron 7% ISA and sent our applications by recorded delivery. I have confirmation they were delivered on Saturday 28th Feb (deadline was 5pm Monday 2nd March), but now, over two weeks later, I've heard nothing.

I wasn't entirely certain about the £25 minimum opening deposit, but we both included cheques (current date) for that amount. They haven't been cashed yet, but I wondered if they'd hang on to them and not cash them until the new financial year begins.

What are your experiences?

Cheers,
Simon.