Regular Saver Thread **New and Restarted**

grnglide

If you don't have any of the online credentials (account number, web id etc) how are you identifying yourself to change the password?

Rollinghome

badger09 wrote: »

I'm clearly failing miserably to explain my position:o

I don't have:
Account number or sort code
Web ID
Grid Card

I do have:
Temporary password - which I was able to change by following the address in the letter. However, that page was not a login page and all I could do was amend the temporary password.

The letter also says:
To access online services

• If the account you have automatically provides Online Services, the remaining security items you'll need to log in will be sent to you when your password is set up
• If your account doesn't automatically provide Online Services, when your password has been set up, go to coventrybuildingsociety.co.ul/online-services to arrange this
• You'll need your full nine digit account number and your password to register for Online Services. You can find your account number in your welcome letter

I'm puzzled by the order in which Coventry seem to be sending these

Unfortunately, I haven't kept a record of my old login details, having last had an account with Coventry in August 2012. I've long since shredded the dreaded Grid Card;)

I'll see what arrives tomorrow.

Seems that one of the snowstorm of missives Coventry send you when opening an account may have gone astray.

The first of the letters should give you your account number (but not the sort code) and one of the several booklets and forms you'll eventually receive. You'll need to search one of the booklets to find the sort-code. Then iirc you should get three or four more letters with your temporary password (and a strange form for you to tell them what it is), a telephone PIN, and finally a grid card for you, and anyone else who sees it, to use. It's all very wacky.

Bear in mind that this is a fixed term product, with a charge for early withdrawal, but with a variable interest rate. Bit of an imbalance there.

Or you could put as much as you want elsewhere in a fixed term product with a fixed rate of interest of around 0.5% less.

If you had remembered your old password and kept the grid card, it wouldn't have done you any good as Coventry delete your login details when you cease having a live account. Otherwise it would be far too easy.

jimbow25

I am looking at transferring an old current account to M&S Money to take advantage of the 5% regular saver that remains. I already have 5% ones with HSBC and First Direct (which have now dropped for new openings of course) so it's intriguing that this one alone is still available 5%. I only had 2 DDs on the old current account so it may take a couple of weeks to sort out two more prior to transfer.

I wonder if this is likely to remain at 5% for long, or if this is just an accident of timing. They are all under the same umbrella aren't they.

badger09

grnglide wrote: »

If you don't have any of the online credentials (account number, web id etc) how are you identifying yourself to change the password?

badger09 wrote: »

I'm clearly failing miserably to explain my position:o

I don't have:
Account number or sort code
Web ID
Grid Card

I do have:
Temporary password - which I was able to change by following the address in the letter. However, that page was not a login page and all I could do was amend the temporary password.

Rollinghome wrote: »

Seems that one of the snowstorm of missives Coventry send you when opening an account may have gone astray.


Yes, that's what I had assumed. Unfortunately, nothing has arrived today

The first of the letters should give you your account number (but not the sort code) and one of the several booklets and forms you'll eventually receive. You'll need to search one of the booklets to find the sort-code. Then iirc you should get three or four more letters with your temporary password (and a strange form for you to tell them what it is), a telephone PIN, and finally a grid card for you, and anyone else who sees it, to use. It's all very wacky.

Bear in mind that this is a fixed term product, with a charge for early withdrawal, but with a variable interest rate. Bit of an imbalance there.

Or you could put as much as you want elsewhere in a fixed term product with a fixed rate of interest of around 0.5% less.

I might just do that

If you had remembered your old password and kept the grid card, it wouldn't have done you any good as Coventry delete your login details when you cease having a live account. Otherwise it would be far too easy.

Thanks. Small comfort though:p

...................................

Psyduck1980

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

karlie88 wrote: »

Amount and date can be changed.

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

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?

I have been grappling with someone on Lloyd's live chat this afternoon about this very issue and I remain massively confused by this T&C: you can save £25-£400 every month by one standing order. This needs to be in your account before the 25th of the month. Please can someone help me understand what this means in practical terms?

I was going to set up the RS on 25/10/19 and make a deposit of £400 immediately. I would then set up a SO of £400 on the 25th of the month for 11 further months. I understand that if the 25th falls on a bank holiday or weekend the SO wouldn't credit until the next working day but I can live without a day or two of interest. Is it OK for me to do this or am I missing something? What date(s) would maximise interest over the 12 month term?

polymaff

Psyduck1980 wrote: »

I have been grappling with someone on Lloyd's live chat this afternoon about this very issue and I remain massively confused by this T&C: you can save £25-£400 every month by one standing order. This needs to be in your account before the 25th of the month. Please can someone help me understand what this means in practical terms?

I was going to set up the RS on 25/10/19 and make a deposit of £400 immediately. I would then set up a SO of £400 on the 25th of the month for 11 further months. I understand that if the 25th falls on a bank holiday or weekend the SO wouldn't credit until the next working day but I can live without a day or two of interest. Is it OK for me to do this or am I missing something? What date(s) would maximise interest over the 12 month term?

Do the opening and initial payment by as near the 25th as you dare. Never tried it myself, but it is said that this doesn't need to be an SO. Then, hike the remaining 12 (yes - 12) SOs back to the first of the following months (1st Nov to 1st Oct inclusive), which gets rid of all the ambiguity - and makes you more money.

badger09

From more than 5 year's experience with Club Lloyds Monthly Saver, I can confirm that the 1st payment does not have to be by SO.

I can also confirm that subsequent SOs can be set for 1st of the month & that it is possible to fit in 13 payments.

I wouldn't leave it until 25th to open & fund it though, in case, for some reason, the initial FP doesn't arrive immediately

schiff

Psyduck1980 wrote: »

I have been grappling with someone on Lloyd's live chat this afternoon about this very issue and I remain massively confused by this T&C: you can save £25-£400 every month by one standing order. This needs to be in your account before the 25th of the month. Please can someone help me understand what this means in practical terms?

I was going to set up the RS on 25/10/19 and make a deposit of £400 immediately. I would then set up a SO of £400 on the 25th of the month for 11 further months. I understand that if the 25th falls on a bank holiday or weekend the SO wouldn't credit until the next working day but I can live without a day or two of interest. Is it OK for me to do this or am I missing something? What date(s) would maximise interest over the 12 month term?

When I put just this point at my interview to open the Club Lloyds account, the face to face reply was very clear - deposit once the switch is complete and the RS opened (which I did prior to the switched date), make the first payment and if you wish make another on November 1st. Which is what I'm proposing to do.

The seemingly odd business about the 25th of the month is their way of anticipating and avoiding confusion about February deposits, I think.

eskbanker

schiff wrote: »

The seemingly odd business about the 25th of the month is their way of anticipating and avoiding confusion about February deposits, I think.

It's stipulated elsewhere within LBG too, such as Halifax's HTB ISA, into which:

you can only pay in up to £200 in any calendar month. This must be paid by standing order and received by the 25th of the month

colsten

Psyduck1980 wrote: »

I was going to set up the RS on 25/10/19 and make a deposit of £400 immediately. I would then set up a SO of £400 on the 25th of the month for 11 further months. I understand that if the 25th falls on a bank holiday or weekend the SO wouldn't credit until the next working day but I can live without a day or two of interest. Is it OK for me to do this or am I missing something? What date(s) would maximise interest over the 12 month term?

If you set up your account on the 25th, make your first deposit then. Faster payment or internal transfer is ok for the initial payment. Then set up your SO for the 1st of the next month.

Do you have any particular reason for waiting until the 25th before you open and fund the account? As you can do it straight away if you like, and have the funds.