Regular Saver Thread **New and Restarted**

mgarl10024

Opened up my first Regular saver (well, first account) with Yorkshire Building Society, and it's been quite a faff.

Firstly, as noted on here, there were no forms online, so I had to request them for both me and partner. My pack took 3-5 days and the partner's pack took about 8 days even though they were ordered about 30 seconds apart.
YBS identify my nearest branch being the centre of town several miles away. I sent off cheques and forms.

4-5 days later the cheques and forms are returned. Electronic verification failed for both of us (even though we have so many accounts elsewhere we normally sail through). Paper ID needed, and only originals or certified copies accepted.

Today, visited my local "agency". Handed them the forms, cheque and ID. They asked where I got the forms and I explained that YBS sent them to me. We then waited for 25 mins while the cashier filled in whole new forms, copying the details between them, as "head office might not accept these ones" - even though they were identical. :shocked:

Having filled in the new forms she then says "oh, we've managed to electronically verify you" (the whole reason we gathered up our ID and for the branch visit ).

Seems awfully painful. I asked the cashier "Have you done many of these?" and she said "oh yes, since it went on sale two weeks ago we've been doing loads of them". I did internally wonder how long that would take if they all needed two lots of identical forms.

apt

mgarl10024 wrote: »

Not trying to be picky, but Coventry doesn't have a regular saver?

Yes it does, but it is closed to new savers. Was originally a Stroud & Swindon account.

mgarl10024

apt wrote: »

Yes it does, but it is closed to new savers. Was originally a Stroud & Swindon account.

Oh - I'd not heard of that one. Thanks for the correction.

Wheres_My_Cashback

youngretired wrote: »

How long after applying online did it take to receive paperwork in the post?

Ariived within 48hours with a prepaid 1st class envelope.

Love the little red stickers all over the paperwork. Tedious for the person who has to process the initial paperwork, but probably cuts down on errors.

polymaff

eastofeden wrote: »

It's the drip feeding bit I'd rather use the calculator for!

Are you sure? I suspect that many don't realise that if they have regular income - including regular income from other savings products - that they put into non-regular savings accounts, then the drip-feed calculator may not be relevant.

As for what the drip-feed calculator does, is it meant to show how the feeder interest is reduced by drip feed? If so, it can be thought of as, approximately, a mirror of a regular saver. At the end of a term, an RS has a chunk that's been in for the full N months to a chunk that has only benn in for a single month. For the feeder account, one chunk has been out of the account for N months and another has only been out for 1 month.

The approximate bit is to do with how feeder account interest is deployed - compounded or extracted.

EDIT: I'm not sure either whether this calculator allows for the "make N+1 payments" trick regularly mentioned on MSE. I can't believe that it did, as it would have to ask you if the RS provider allows the extra payment, or, if they actually pay interest on a daily basis (HBSC promise this, but my experience is that they don't keep their promise!)

If it doesn't then it is a bit too elementary for those cunning MSEers.

cosh25

Wheres_My_Cashback wrote: »

Ariived within 48hours with a prepaid 1st class envelope.

Love the little red stickers all over the paperwork. Tedious for the person who has to process the initial paperwork, but probably cuts down on errors.

Do you get a passbook with this account?

Mee

I didn't count the days it took for the pack to arrive, but it wasn't long. I received my passbook promptly by 1st class mail, and a 'phone call to check three things, e.g., purpose of saving, source of savings etc. No request to supply ID.
My only criticism is that I would have preferred to have done it in branch, but on visiting the branch I wasn't impressed with the service so opted for snail mail.

schiff

As the proud possessor of 6 matured store RSs plus 7 open and 6 matured online RSs plus 7 open, I've been e-mailed to supply two items of ID, online or by visiting a store. As it's only 9 days since I was producing ID in the store to open the latest one, I was surprised!!

I didn't notice that in the letter acknowledging the opening of online version 12, this was requested. And then this threat in the e-mail:

"What happens if these documents are not returned?

Unfortunately, we cannot keep an account open if we have not confirmed the identity of the customer(s) named on it. Therefore, we will arrange to close the account and return any funds and accrued interest to the account from which we received them."

This is a bit overkill, isn't it?

liamcov

schiff wrote: »

As the proud possessor of 6 matured store RSs plus 7 open and 6 matured online RSs plus 7 open, I've been e-mailed to supply two items of ID, online or by visiting a store. As it's only 9 days since I was producing ID in the store to open the latest one, I was surprised!!

I didn't notice that in the letter acknowledging the opening of online version 12, this was requested. And then this threat in the e-mail:

"What happens if these documents are not returned?

Unfortunately, we cannot keep an account open if we have not confirmed the identity of the customer(s) named on it. Therefore, we will arrange to close the account and return any funds and accrued interest to the account from which we received them."

This is a bit overkill, isn't it?

I had that constantly too - turned out some of my accounts had a slightly different form of my address on them. Once I changed them all to the same wording they've never asked me to do this again.

Frogletina

Mee wrote: »

I didn't count the days it took for the pack to arrive, but it wasn't long. I received my passbook promptly by 1st class mail, and a 'phone call to check three things, e.g., purpose of saving, source of savings etc. No request to supply ID.
My only criticism is that I would have preferred to have done it in branch, but on visiting the branch I wasn't impressed with the service so opted for snail mail.

I had no problem opening one in the branch and it was all done at the counter. I was a current customer and had current passbook and ID with me.

Frogletina