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Regular saver bank glitch - will the bank pay me?

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Hi two months ago I opened a regular saver with a bank and when I got to the completion page it said they was an error.

I tried again and this time it worked successfully.

A few days later I checked my online banking and found that there were two regular saver accounts each with a different account number and both had money transferred into it from my current account.

I was just wondering will the bank pay me when the product matures for both of the regular saver accounts since technically I'm only suppose to have one per the T&C's but this month both accounts had money transferred into it again so it seems like the bank hasn't picked this up.

Thank you.
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Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    If they haven't said anything yet then they'll pay you.

    Don't worry about it.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
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    I wouldn't be so sure, after all it is a bank and if there is anything they know about its how to hang on to their own money, so they could be asking for your second account to be closed an the interest to be paid back.

    OTH, they may not care or have the systems to identify duplicate ownership.

    Stick with it, fj
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    This happened to me with Nationwide, I closed down the duplicate one as I didnt want them to not pay the interest out on either, as you only find out after the year is up..

    I would just close the duplicate regular saver as not to risk the interest on the remaining one.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • djpailo
    djpailo Posts: 550 Forumite
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    Inform the bank at once. If its against the T&C's, then there is absolutely nothing to stop them deciding not to pay out the account. If there was a glitch that made them take more bank fee's out then normal, you'd be rightly upset about it, so it should go both ways.
  • Superscrooge
    Superscrooge Posts: 1,171 Forumite
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    edited 3 January 2016 at 1:42AM
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    I also wouldn't be too sure they will pay out on both.

    If they do spot you have two linked accounts I would expect they will just close one and return the cash deposited without any interest.

    Because the interest is only paid out after 12 months and not monthly, it's actually in the banks interest (no pun intended!) to 'not notice' you have two accounts until they are about to add the interest after 12 months, as they will then have had your money for 12 months and won't have had to pay any interest.

    The bank can then quote their T&C's, refund the cash without interest and I don't think you would have a valid argument against this.
  • bsms1147
    bsms1147 Posts: 2,261 Forumite
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    Westie983 wrote: »
    This happened to me with Nationwide, I closed down the duplicate one as I didnt want them to not pay the interest out on either, as you only find out after the year is up..

    I would just close the duplicate regular saver as not to risk the interest on the remaining one.
    I would have kept mine open.

    Gotta be in it to win it.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    bsms1147 wrote: »
    I would have kept mine open.

    Gotta be in it to win it.

    your choice, I rather be guaranteed 5% then take the risk that I may get 10% but could get 0%.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Westie983 wrote: »
    your choice, I rather be guaranteed 5% then take the risk that I may get 10%


    5% on one account or 5% on two accounts you mean?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    5% on one account or 5% on two accounts you mean?
    Indeed. The "risk" is the loss of interest the other £500 a month would have made elsewhere.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    edited 3 January 2016 at 6:52PM
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    5% on one account or 5% on two accounts you mean?

    5% on regular saver (1) 5% on regular saver (2) = 10%

    could also risk getting 0% on both due to breached T&C's or get 5% on (1) and 0% on (2) as you can only have one regular saver even though it was a system error, but wouldnt know till 12 months later when the account matures.

    I decided it wasn't worth the risk I have kept just one, and will get 5% on it, and my money is earning 5% in TSB.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
This discussion has been closed.
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