Regular Saver Thread **New and Restarted**

Snapdragon

Have been wondering about this one for a while, but discounted it on the basis, it needed another bank account and was dependent on a switch, and I didn't have a suitable account to switch. However......

It seems to require at least 2 direct debits although I think I've also seen conflicting info that suggests you may need 4. What I can't make out is, do you have to have existing direct debits on the account that you switch or could the DDs be set up after the switch? Anyone know? Also can anyone confirm is it definitely two or is it four needed if you want the associated regular saver?

I've recently applied and was accepted for a co-op reward bank account (the one that pays £4 a month if you have 4 DDs) but its been a dreadful new customer experience. The online registration process doesn't work, their online chat requires you to be signed in, which of course I can't, the other chat option is permanently unavailable and having emailed a complaint to the email they provide on their contact us page they haven't even bothered to acknowledge it, let alone answered it. So as it stands I have an account but I can't access it and am already thoroughly fed up with co-op lack of customer service, so now wondering can I cut and run and actually use it for a switch, setting up the DDs after the switch?

Anyone have any advice on this one?

youngretired

You only require 2 DD for the regular saver and these can be added to the account once opened, they also don't have to be monthly just active.. The 4 DD is for the switching incentive..

polymaff

Switch: "Once you’ve switched using the Current Account Switch Service, including four active Direct Debits"


Monthly Saver: "Eligibility:
To be eligible you must:
- be a UK resident
- be a current account customer
- have switched to M&S Bank using the Current Account Switch Service
- have two active Direct Debits"

Snapdragon

polymaff wrote: »

Switch: "Once you’ve switched using the Current Account Switch Service, including four active Direct Debits"


Monthly Saver: "Eligibility:
To be eligible you must:
- be a UK resident
- be a current account customer
- have switched to M&S Bank using the Current Account Switch Service
- have two active Direct Debits"

So if I understood correctly, I could potentially use this utterly useless co-op account for a switch, despite it having no DDs set up (because I can't access it to set them up!), but wouldn't get the switching bonus? Would they likely quibble about the co-op account being just an empty account, no SO or DD and no money in it during the switch?

Since its M&S gift card rather than a money offer and I never go near M&S, not sure losing out on the bonus is too great a loss. Then after the switch if I added 2 DDs I would be eligible for the regular saver, which is really the only element I'm interested in. Don't need or really want another bank account but it seems the only option to get decent interest at the moment.

soulsaver

Snapdragon wrote: »

So if I understood correctly, I could potentially use this utterly useless co-op account for a switch, despite it having no DDs set up (because I can't access it to set them up!), but wouldn't get the switching bonus? Would they likely quibble about the co-op account being just an empty account, no SO or DD and no money in it during the switch?

Since its M&S gift card rather than a money offer and I never go near M&S, not sure losing out on the bonus is too great a loss. Then after the switch if I added 2 DDs I would be eligible for the regular saver, which is really the only element I'm interested in. Don't need or really want another bank account but it seems the only option to get decent interest at the moment.

Well you probably could, but the £4-£5.50 pm Co op rewards is worth more than the M&S interest... so may be worth persevering.

And you could always open a donor ac and do the M&S switch as well.

YorkshireBoy

Snapdragon wrote: »

...useless co-op account for a switch, despite it having no DDs set up (because I can't access it to set them up!), but wouldn't get the switching bonus? Would they likely quibble about the co-op account being just an empty account, no SO or DD and no money in it during the switch?

You don't need access to Co-op to set DDs up...you set them up with the DD originator.

The account wouldn't be empty though, would it?...you'd send a tenner or whatever to the sort code and account number you already have first before initiating the switch.

Since its M&S gift card rather than a money offer and I never go near M&S, not sure losing out on the bonus is too great a loss.

M&S have an online presence. You may also have family who could benefit from the gift card, either bits and bobs for a few or as an Xmas present for one of them?

Snapdragon

YorkshireBoy wrote: »

You don't need access to Co-op to set DDs up...you set them up with the DD originator.

The account wouldn't be empty though, would it?...you'd send a tenner or whatever to the sort code and account number you already have first before initiating the switch.

True, thanks. I think I'm letting my frustration with the co-op get the better of my usual common sense! I could go ahead and put some money in the co-op account and even set up the DD's I'd been intending to set up. I just don't like the idea of not being able to 'see' if it got there, if they are set up etc. I have numerous bank accounts and have switched for bonuses before and this co-op one has been the worst experience ever:eek:

Think I'll hold-out a while longer and see if the co-op bother acknowledging my complaint about the online registration issues or even try to rectify them, then decide whether I stick with it.

Poor_Leno

The co-op is an ok account. I had started using it as my main account, but having seen the Barclays one, i'm using that instead and just keeping the co-op one going for the £4 month. I also make 30 purchases of £1 for my NS&I direct saver using the co-op debit card which effectively gives me 5% interest on that small investment. I disagree with MSE's stated advice that the 'bonus' is not worth going for. It is if you utilise the debit card on 'purchases' which go straight back in your pocket.

Fingerbobs

Fingerbobs wrote: »

My Saffron RS is ending next month, and I received the notification email informing me that I can select my maturity instructions online.

However, the only option I am presented with is to transfer the entire balance at maturity into a new Regular Saver. I can't do anything else, so this is what I've selected, but surely that can't possibly work can it?

It's fixed for me now, as per their response to my Secure Message, quoted below.

...as the society have had a system update which has affected some nominated bank accounts being able to be viewed by the customer, when you next log in and go to set your maturity options you should now see this as an option as well as opening a new 12 Month Fixed Rate Regular Saver if this is what you were looking to do.
...the society will also be emailing all customers affected by this.

JamesRobinson48

Today this BS withdrew its attractive "Save to Buy" RSA (paying 3.00%), for new applications.

Separately, they still have a 2.00% RSA product.