Regular Saver Thread **New and Restarted**

xylophone

you have possibly missed the undercurrent of excitement surrounding this event.

I was told that I was the first to open the new issue in the local branch...I felt that I was among the called and the chosen...:D

solartom

Saffron BS 170th Celebration RS update
the above account is not showing in my online banking
have not had any kind of news from saffron
"Have issue 3 RS and 170th Ann opened via my online account and operated immediately, and two months payments credited via FP and SO. "

looks like it is not going to work for me

veryintrigued

adindas wrote: »

I got a nice letter rated to SaffronBS 170th Celebration RS.
My application is rejected due to " the product t&c relating to the postal areas"

Did they ask you to explain your fraudulent application when you ticked the box that stated this account was solely for members with the listed post codes?

Or even close your existing account for wasting their staffs time?

I understand this is MSE but sometimes....

colsten

Not the most exciting RS for most of us as it can only be opened and managed per post or in branch - nonetheless it could be useful for some:

Loughborough Monthly Saver Issue 4 2% AER, £10 - £250 per month.

dcs34

Perhaps a silly question with the Saffron 170th Regular Saver, but I'm struggling to see how they've worked out the expected final value example on their product website.

Is it the total account value (deposits + monthly interest to date) that earns interest in each subsequent month, or only on the deposit value itself (i.e. increasing £1000 each month)?

colsten

dcs34 wrote: »

Perhaps a silly question with the Saffron 170th Regular Saver, but I'm struggling to see how they've worked out the expected final value example on their product website.

Is it the total account value (deposits + monthly interest to date) that earns interest in each subsequent month, or only on the deposit value itself (i.e. increasing £1000 each month)?

Good spot. It appears they (mis-)calculated with a 3.5% AER

Interest is always calculated on the balance at the end of each business day. The interest is then added to the daily balance, and so on.

polymaff

colsten wrote: »

Good spot. It appears they (mis-)calculated with a 3.5% AER

Interest is always calculated on the balance at the end of each business day. The interest is then added to the daily balance, and so on.

Nearer 4%, actually...:)


I wonder if a screen-shot taken now would force them to pay the higher rate?

colsten

polymaff wrote: »

I wonder if a screen-shot taken now would force them to pay the higher rate?

As is often the case, there is only one way to find out :cool:

polymaff

dcs34 wrote: »

Is it the total account value (deposits + monthly interest to date) that earns interest in each subsequent month, or only on the deposit value itself (i.e. increasing £1000 each month)?

"Interest is calculated daily and paid ... into your account upon maturity at the end of the 12 month term."

So, there is no compounding.

Just a guess, but what they might have used in their dodgy example is the gross rate on a non-compounding monthly account paying 4% AER - i.e. 3.93% Which would yield the figure they give, plus or minus a few pennies. Only a guess.


Look around their website and you'll find various errors - suggesting that Saffron are not exactly the sharpest knife in the box...:)

dcs34

polymaff wrote: »

Look around their website and you'll find various errors - suggesting that Saffron are not exactly the sharpest knife in the box...:)

Indeed, but as this is one of the first products I can open (live within the postcode area but far from a branch) I'm very grateful for a rate just above inflation, and even better if they'll accidentally pay 3-4%!