Regular Saver Thread **New and Restarted**

solartom

Re Saffron BS RS

Thank you to all who posted on ways to open this account
It worked a treat

[Deleted User]

This was discussed upthread.

My postal application was successful, despite not being within the catchment area of the Society.

Opening was slow. I posted application form on 30 April with cheque for £500, then received letter requesting hard copy identification documents which I posted on 8 May. Account was opened on 13 May, passbook received today 15 May. Cheque was debited form my current account today.

Advantages:-

Interest rate is 3% (but variable) paid annually on anniversary of opening
Monthly deposit is £500 maximum (maximum of £6000 annually)
Account is unlimited in time (but subject to overall limit of £24,000)

Disadvantages:-

Miss more than 2 monthly payments out of 12 and the account is downgraded to a low interest one.
Withdrawals are not more than 2 per year, each up to £500 (but can close account at any time)
No online access (but payments can be electronic one-offs or SO's)

Ken68

Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.

schiff

This account matures on 31 May. They have given about 4 weeks previously in issuing the What can I do next? letter. I've not had mine yet. There is no new RS account on the website yet; hopefully they will dream up something attractive in June, or even in the letter!

tg99

Ken68 wrote: »

Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.

You don’t have to physically attend head office to close the account - you can write to head office.

bristolleedsfan

I posted application form with 500.00 Cheque together with original ID on 30th April.


Loughborough BS posted new passbook together with ID returned on 1 May which I received on 2nd May, Cheque was debited from my account around 3rd May.

[Deleted User]

Ken68 wrote: »

Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.

I don't see how they can refuse to pay out from the account unless you are applying for a mortgage. There is absolutely nothing in the T and Cs to say that they could do this. The only reference to anything to do with mortgage in the T and Cs is to make it clear that having the account does not, by itself, mean that a mortgage application by the holder will be successful. What happened with Hanley? I asked about the head office requirement for closure. LBS confirmed that you can post your passbook to HO and ask for closure. It's just that you can't deal by post with branches.

Ken68

Thanks Hattie, will have a re-read of the t&c's. Will probably leave this to the homebuyers.

Speculator

schiff wrote: »

This account matures on 31 May. They have given about 4 weeks previously in issuing the What can I do next? letter. I've not had mine yet. There is no new RS account on the website yet; hopefully they will dream up something attractive in June, or even in the letter!

Says "We will contact you at least 14 days prior to maturity to advise you of the maturity date and provide options available at that time"

So should get a letter by Monday.

Hoping for a new Members Regular Saver with similar interest rate. Withdraw by cheque only so cheques will be paid into our Santander 123 for next day clearance.

schiff

Speculator wrote: »

Hoping for a new Members Regular Saver with similar interest rate. Withdraw by cheque only so cheques will be paid into our Santander 123 for next day clearance.

June 1st is a Saturday.