MSE News: Car giant Ford gears up to launch market-leading regular savings

EachPenny

soulsaver wrote: »

I'd have let this go, but I'll give it some hassle when someone tries to fudge th e facts.

For me the tipping point came when the summary box was quietly amended.

gilly56

I'm now able to log in again and I've now received all my letters in post confirming my new account numbers, etc for my 3 accounts - the Flexible Saver, the Reg Saver and the Reg Saver ISA. Can those who also have a Flexible Saver account please advise me - to add more money to the Reg Savers, is the quickest and easiest way by transferring money into the Flexible Saver account first? And then log in later and transfer it over to the Reg Savers? Is that done instantly? (I'm not setting up standing orders as I may not have the full £250 for both accounts each month). Thanks.

Speculator

gilly56 wrote: »

I'm now able to log in again and I've now received all my letters in post confirming my new account numbers, etc for my 3 accounts - the Flexible Saver, the Reg Saver and the Reg Saver ISA. Can those who also have a Flexible Saver account please advise me - to add more money to the Reg Savers, is the quickest and easiest way by transferring money into the Flexible Saver account first? And then log in later and transfer it over to the Reg Savers? Is that done instantly? (I'm not setting up standing orders as I may not have the full £250 for both accounts each month). Thanks.

Here's what I do.

Just after midnight on a working day (Mon-Fri) I transfer my money from current a/c to the Flexible saver. The money nearly always arrive in my Flexible saver at 10.19am, same day. Then I transfer the money from my flexible saver to my Regs and it's instant.

Also, when you choose the accounts to transfer to using the drop down menu, you have to wait a few seconds for it to update, otherwise it logs you out for some reason.

gilly56

Ta Speculator, sounds like a good plan! And I'm a night-owl so won't be a problem.

Speculator

to maximise interest, maybe a good idea to do the transfer Mon-Thurs. Not sure if Ford pay interest from the next working day. If so, you may lose 2 days interest if you do the transfer on a Friday.

Ed-1

So did anyone open more than one Regular Saver ISA other than adindas who I believe has 7? If so, how many?

EachPenny

Ed-1 wrote: »

So did anyone open more than one Regular Saver ISA other than adindas who I believe has 7? If so, how many?

Well if they did they were very naughty boys and girls, it was clearly against the terms and conditions to do so, or was it?

Arrrghhh! I'm so confused now.

Ed-1

EachPenny wrote: »

Well if they did they were very naughty boys and girls, it was clearly against the terms and conditions to do so, or was it?

Arrrghhh! I'm so confused now.

If I remember rightly you opened a few accounts - were they the non-ISA reg savers and have they been closed?

I'm normally one for liking a risk or two when it comes to playing banks' systems and terms (I'm surprised if YorkshireBoy hasn't tried it with the Ford ISA after missing the non-ISA version) but as I have ongoing contributions to a 4% Help to Buy ISA, I decided I wasn't going to bother with one Ford reg saver ISA for the sake of a year at the same interest rate for just an extra £50 a month contribution limit when I'd read their stance on the terms on Facebook of one account per product per customer and would have to transfer this year's H2B ISA contributions to Ford. I also plan to contribute £4,000 to a Lifetime ISA so a chunk of my ISA limit would have been used up even if I'd gone for multiple ISAs.

I would however have attempted to open multiple non-ISA regular savers if I hadn't read their stance on the terms on Facebook and had the chance to before they closed applications. As it is, I got one just before they pulled it on the Monday and they would have been closed anyway as it happens.

EachPenny

Ed-1 wrote: »

If I remember rightly you opened a few accounts - were they the non-ISA reg savers and have they been closed?

I already have my cash ISA with the Notts, and the existing cash ISA funds I have which are free to move wouldn't have made it worthwhile transferring into the Ford products.

I opened more than one standard RS, but don't really want to say on a public forum how many exactly - other than it is nowhere near as many as some people think. Somewhere way back I did a post about the number being reasonable for my needs rather than going 'grab it while you can' crazy and opening as many as possible. Like others have reported, all but one of mine have been closed and the funds returned to my nominated account with interest. The interest alone made it worthwhile as the T&C's suggest the funds should have been returned without interest added.

It would be interesting to see how Ford would handle a complaint from someone who only opened one ISA RS on the basis of the FB post - which is not consistent with the T&C's. If they have admitted the T&C's didn't make it adequately clear that only one ISA RS was allowed, then telling people they could only have one in the FB post would, on the face of it, be in conflict with the account T&C's. I would speculate that a post on FB by an official company representative would be something covered by BCOBS.

But it's all water under the bridge. People can decide whether to complain, or to just let things rest - in the same way people would if they were overcharged for something, or perhaps missed out on an interest payment because a bank used an obscure part of the T&C's to avoid doing so. Hopefully everybody will respect the rights of individuals to make that choice for themselves.

YorkshireBoy

Ed-1 wrote: »

I'm surprised if YorkshireBoy hasn't tried it with the Ford ISA after missing the non-ISA version)

No, didn't bother as the RS ISA T&Cs were clear to me that only one per customer was allowed.

I'm hopeful of getting my non-ISA RS £65 another way though (or at least most of it...negotiations are underway).