Regular Saver Thread **New and Restarted**

karlie88

schiff wrote: »

The conditions seem to emphasise 'by one standing order'.

Does this mean that they are like HSBC/First Direct/M&S Bank and Santander with a fixed date that may not be the FOTM? And does it mean that once set the amount of the standing order can't be changed?

TIA

Amount and date can be changed.

It also allows a 13th payment with interest being earned on the 13th payment.

youngretired

How long does it take to receive a application in the post after applying online as a new customer?

I'm hoping no ID is required as I won't pay for my details to be verified.

RG2015

youngretired wrote: »

How long does it take to receive a application in the post after applying online as a new customer?

I'm hoping no ID is required as I won't pay for my details to be verified.

I applied online at 4.00 pm on Sunday and was accepted and had my account details within 10 minutes.

I registered for online access and was told they had to post my security grid card to me. I received this today and am now fully up and running with the £1 test deposit showing in my account. I can deposit up to £500 from 6 Oct to 5 Nov and my second month of twelve runs from 6 Nov to 5 Dec for the next month’s deposit of up to £500.

This is the fastest and easiest opening of a new account with a new institution I have ever experienced!

youngretired

It would appear that I might have to provide ID then, as at the end of the application I just got a message saying that the application would be sent in the post to be signed.

schiff

karlie88 wrote: »

Amount and date can be changed.

It also allows a 13th payment with interest being earned on the 13th payment.

TY I suppose what I'm asking is if I pay £400 mid-month when my switch completes, can I pay in a further £400 on November 1st? I would worry that having set a deposit date mid-month, would I still be granted full interest from November 1st, rather than from the monthly opening date, ie missing out on half a month's interest for the rest of the term?

Speculator

Kazza242 wrote: »

I received a letter from Chorley Building Society today to notify me that my Loyalty Santa Saver account, paying 2.50% is due to mature on 31st October 2019.

They are launching a new regular saver account, called Loyalty Seasonal Saver (issue 1), paying 2.50% which will be available from 1st November 2019:

- Pay in up to £350 per month.

- No withdrawals allowed prior to maturity.

- The account matures on 31st October 2020.

- The account has a variable interest rate.

- The account is managed by post or branch only.

- The account is open to existing Chorley building society members only, who have held an account with them for at least 12 months prior to the opening of this product.

For new customers, they are launching Seasonal Saver. I suspect that they will only be allowed to pay in £250 per month.

Received the letter yesterday.

Withdraw by cheque only again. Don't understand why they can't allow withdrawals by Faster payment like most other Banks and Building Societies.

Also, to open the new regular saver, you have to send them a cheque for the opening payment. You cant simply transfer £350 from the maturing account.

adindas

schiff wrote: »

TY I suppose what I'm asking is if I pay £400 mid-month when my switch completes, can I pay in a further £400 on November 1st? I would worry that having set a deposit date mid-month, would I still be granted full interest from November 1st, rather than from the monthly opening date, ie missing out on half a month's interest for the rest of the term?

Yes. That is what I have been doing. I believe many of people hanging in this thread have been doing it as well with Club LLoyds Monthly saver. By moving the SO date to day one each month people will gain extra interest.

mgarl10024

Speculator wrote: »

Received the letter yesterday.

Withdraw by cheque only again. Don't understand why they can't allow withdrawals by Faster payment like most other Banks and Building Societies.

Also, to open the new regular saver, you have to send them a cheque for the opening payment. You cant simply transfer £350 from the maturing account.

Agreed. I also find the forms a little tiresome - you have to fill out all your details on the maturity form, and then again on the application form for the new account. Twice if you have a partner with their own account. I think it took me about an hour, compared to a few minutes online from even the smallest building societies.

They're nice to deal with though, so I keep filling in their survey and hoping.

colsten

RG2015 wrote: »

This is the fastest and easiest opening of a new account with a new institution I have ever experienced!

You not done Marcus, Starling, Monzo then? With none of whom you have to wait for some quaint grid card to come through the post. [I know that neither of them do an RS]

RG2015

RG2015 wrote: »

This is the fastest and easiest opening of a new account with a new institution I have ever experienced!

colsten wrote: »

You not done Marcus, Starling, Monzo then? With none of whom you have to wait for some quaint grid card to come through the post. [I know that neither of them do an RS]

I do not have Monzo or Starling but I agree that Marcus was also quick. I do recall however applying on the evening of 26th Sep 2019 but not getting the email with the code to access my details until the following morning.

Coventry gave me the account details within 10 minutes of applying on a Sunday.

The grid card is unusual but did arrive as early as the Royal Mail would allow.