Regular Saver Thread **New and Restarted**

karlie88

Deleted_User wrote: »

I have previous experience of having two Nationwide regular saver products open at the same time in breach of the terms and conditions. I cannot remember the precise names of the accounts but one was a flexclusive regular saver (only available to certain current account holders) and the other was an "ordinary" regular saver, available without a current account.

Yes, the system allowed the second account to be opened but Nationwide were very quickly on to it and closed down the second account, moving the money (which included interest earned to the date of closure) to my current account.

I would suggest that it is not worth the time and effort involved in opening the second account which you know to be in breach of the terms and conditions.

Yes, this has happened to me in the past too. Do correct me if I'm wrong, but that was when the application process was slightly different - you would apply online, then wait a day or two for it to be processed and visible in online banking. It's now instantaneous and the account can be seen online within seconds.

I recall my account was closed within a couple of days. How long did your 2nd account remain open for?

Currently, my 2nd reg saver has been open for about 3 months and both accounts show as earning 5%.

Of course now that I've posted this it could all change. :rotfl:

[Deleted User]

karlie88 wrote: »

Yes, this has happened to me in the past too. Do correct me if I'm wrong, but that was when the application process was slightly different - you would apply online, then wait a day or two for it to be processed and visible in online banking. It's now instantaneous and the account can be seen online within seconds.

I recall my account was closed within a couple of days. How long did your 2nd account remain open for?

Currently, my 2nd reg saver has been open for about 3 months and both accounts show as earning 5%.

Of course now that I've posted this it could all change. :rotfl:[/QUOTE

The second account (which was the "ordinary" regular saver) was open for at most a couple of weeks before Nationwide closed it down, moved the money out and wrote to me to say why they had done this.The interest earned on the initial monthly deposit was minimal.

Can't remember much about the opening process and whether or not the account showed online immediately it was opened.

I know that some institutions have their systems set up to reject an application if the applicant is disqualified by reason of holding another account (eg Halifax) so I don't understand why Nationwide aren't set up this way.

I suppose there is a danger that Nationwide will be alerted to the fact that someone has previously breached the terms and conditions by opening online an account which they are disqualified from opening and decide to end their relationship with that person and close all accounts.

xylophone

Thanks. My VM branch tells me it's available from 2:00pm today (6th) in fact.

Mine says late tomorrow afternoon (Friday 7th) - I booked an appointment for late Tuesday morning as I have another appointment nearby that day.

surreysaver

Frogletina wrote: »

I was contacted by my branch a few minutes ago and have an appointment for 2pm tomorrow. I love the customer service that I receive from my local branch

frogletina

I phoned up today to book my appointment for next week. I was promptly questioned about how I knew about the Issue 14, as they'd literally only just been told!
I just told them there were rumours about it going round on the Internet

EachPenny

Deleted_User wrote: »

I suppose there is a danger that Nationwide will be alerted to the fact that someone has previously breached the terms and conditions by opening online an account which they are disqualified from opening and decide to end their relationship with that person and close all accounts.

On the face of it, that would sound like a disproportionate reaction to a relatively minor issue. If opening more than one account is such a heinous act then their systems should be set up to prevent a customer from inadvertently applying for a product they are not eligible for. I wonder what happens if you attempt to apply if you only paid £749 into your FlexAccount last month? Would that warrant a CIFAS marker?

I'm sure the banks would feel karlie88 deserves to be placed in the stocks and have rotten interest rates thrown at them for the crime of persistent rule exploration... but personally I'm quite appreciative of the tips that get shared with us, even though this one was a couple of months too late for me.

where_are_we

Thanks to all for the VRS14 update. I assume it will follow the same format as earlier store issues ie. 3% fixed interest, maximum deposit limit £3250 (£250x13), and only one account per customer per issue. I prefer the ease of opening online RS`s - are there any more in the pipe line?

steve65e

where_are_we wrote: »

I prefer the ease of opening online RS`s - are there any more in the pipe line?

No, there aren't. Virgin have now divided all their accounts into either online only, or store/post only. I was told that the RegSavers had been made store only because there had been more take up in store.

RSNut

Just to confirm details from Virgin website for information. Definitely available now in branch.

Interest 3% gross, £250 monthly deposit. Maturity date 20 January 2020.

heathrow

On the Virgin Regular Saver 14, presumably one can make 14 months payments - i.e. December 2018, Jan-Dec 2019 and then early Jan 2020?

JamesRobinson48

heathrow wrote: »

On the Virgin Regular Saver 14, presumably one can make 14 months payments - i.e. December 2018, Jan-Dec 2019 and then early Jan 2020?

Actually the T&Cs appear slightly ambiguous. Unlike previous "store" RSAs which matured on the 1st of a calendar month, this one matures on the 20th (similar to the eRSAs), so presumably it could make sense to pay in a final £250 on 1st January 2020. That would bring maximum total payments to 14*£250=£3500, from Dec-2018 to Jan-2020 inclusive. Now, is that allowed or not? The T&Cs say "Maximum deposit limit £3,250 a year".That "year" can't mean "calendar year", as there is anyway a calendar monthly limit of £250. So I imagine that "year" means "any consecutive period of 365 days". If so, paying in £250 next week and then £250 on the 1st of each of the next 13 months should not break any rules. But I'll defer to wiser heads, and also possibly ask them in "store" at my appointment on Monday.