Regular Saver Thread **New and Restarted**

tg99

castle96 wrote: »

"I wonder if anyone else has managed to apply via post ? IF yu where did you get the application Form ? "

Appl form IS on their site, BUT "you need to come in to the Branch"

I phoned them this morning and was also told it could not be opened by post and that I would have to come into branch.

guli

You cannot apply the current account by post.

adindas

guli wrote: »

You cannot apply the current account by post.

tg99 wrote: »

I phoned them this morning and was also told it could not be opened by post and that I would have to come into branch.

It is actually contradictory to what it says on their website:
https://firsttrustbank.co.uk/our-products/savings-and-deposits/regular-saver

"You can open an account online it through any of our branches" but you must register to use these channel (on the footnote). I tried to find out how to do that, but I could not find it.

I think it does not make any sense at all to apply online but you will still need to go to Branch. In this instance it is probably better to just go to branch directly.

adindas

Regarding VM regular saver i12, I checked it about an hour ago.
It has already landed on my Bank AC

So check your Bank account now.

xylophone

Regarding VM regular saver i12, I checked it about an hour ago.
It has already landed on my Bank AC

Same here.

guli

Don't waste your breath, adidas. Northern Irish banks still operate like it's in the early nineties.


Just give up applying for its current account online. Speaking from experience here.



You have been warned. :rotfl::rotfl::rotfl:

adindas wrote: »

It is actually contradictory to what it says on their website:
https://firsttrustbank.co.uk/our-products/savings-and-deposits/regular-saver

"You can open an account online it through any of our branches" but you must register to use these channel (on the footnote). I tried to find out how to do that, but I could not find it.

I think it does not make any sense at all to apply online but you will still need to go to Branch. In this instance it is probably better to just go to branch directly.

Special_Saver2

Hi Everybody,


I cannot see anything that has changed for this weekend's update.

I will do the next update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page

1Foz

Unless I'm being dumb (probably), I'm pretty sure Saffron BS have their sums wrong on this :

https://www.saffronbs.co.uk/savings/fixed-rate-savings-accounts/12-month-fixed-rate-regular-saver-issue-4-gr1/

£41.93 interest on their example is actually more like 2.55%...not 3%.

I even did a double check in excel to make sure its not me going mad....I work out 3% as being £48.75 interest :



Forgive me if I overlooked something...but 48.75 interest is even quoted by HSBC for their regular saver that pays the same rate and for the same £250 pay in that Saffron offers (here : https://www.hsbc.co.uk/savings/products/regular-saver/ ).

So....I just thought I'd post this in case anyone happened to open an account with Saffron thinking they were getting 3%...when the £41.93 they are giving you is far from it.

pantaiema

1Foz wrote: »

Unless I'm being dumb (probably), I'm pretty sure Saffron BS have their sums wrong on this :

https://www.saffronbs.co.uk/savings/fixed-rate-savings-accounts/12-month-fixed-rate-regular-saver-issue-4-gr1/

£41.93 interest on their example is actually more like 2.55%...not 3%.

I even did a double check in excel to make sure its not me going mad....I work out 3% as being £48.75 interest :



Forgive me if I overlooked something...but 48.75 interest is even quoted by HSBC for their regular saver that pays the same rate and for the same £250 pay in that Saffron offers (here : https://www.hsbc.co.uk/savings/products/regular-saver/ ).

So....I just thought I'd post this in case anyone happened to open an account with Saffron thinking they were getting 3%...when the £41.93 they are giving you is far from it.

You are correct.
Based on this MSE calculator

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/?&_ga=2.109687429.1455349081.1567944795-1812503022.1567944795#savingscalc

2.55% with £250 monthly instalment you will get £41.28 interest after 1 year
3.0% with £250 monthly instalment you will get £48.53 interest after 1 year

eskbanker

It's not really a matter of right or wrong - these calculations are heavily influenced by the assumptions made, so if the monthly deposits were made late in the month rather than early then this could reduce the interest payable down to the level shown by Saffron. This is because in this scenario each of the interest payments calculated above is effectively delayed by a month, i.e. no interest in month 1 (if there was no balance from the start), only 0.625 in month 2, etc, so the net effect is to remove the final interest payment, dropping the annual total to £41.nn.

I have a vague recollection of another provider making a similar assumption previously, which is of course anathema to hardened MSEers chasing every penny of interest and correspondingly determined to optimise their schedule of deposits!