Regular Saver Thread **New and Restarted**

Special_Saver2

Hi Everybody,

I have carried out this weekend's update.

- Monmouthshire BS Regular Saver Bond added to post 4

I will do another 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

Money_Man_Steve

Feeder Accounts:

Bank of Scotland with Vantage

The rate is dropping to 1.5% AER/1.49% gross (variable) from 1st July 2018 - the summary of accounts at the start of the thread needs updating to reflect this.

Money_Man_Steve

Feeder Accounts - Nationwide Flex Direct

Just wondered if anyone has recently (i) downgraded their Nationwide Flex Direct current account after the first year and (ii) upgraded it again to Flex Direct (within a year from date of downgrading) and (iii) successfully managed to keep hold of the 5% rate after upgrading?

I've successfully managed it a few years ago, but I see that the T&Cs on the upgrade page in online banking state "If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1.00% gross p.a./AER (variable) interest rate." - so I wondered if they've tightened up the loophole?!

polymaff

"If you previously held a FlexDirect account and benefitted from the introductory interest rate on that account you're not entitled to the introductory rate again."

eskbanker

Money_Man_Steve wrote: »

Feeder Accounts - Nationwide Flex Direct

Just wondered if anyone has recently (i) downgraded their Nationwide Flex Direct current account after the first year and (ii) upgraded it again to Flex Direct (within a year from date of downgrading) and (iii) successfully managed to keep hold of the 5% rate after upgrading?

I've successfully managed it a few years ago, but I see that the T&Cs on the upgrade page in online banking state "If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1.00% gross p.a./AER (variable) interest rate." - so I wondered if they've tightened up the loophole?!

That loophole you refer to was indeed closed, as per this thread from last October (and others): https://forums.moneysavingexpert.com/discussion/5727599/flexdirect-latest-ts-cs-from-nationwide-effective-january

mhoc

This is from First Direct - not heard of this before. I wonder if it applies to both banks and building society accounts, if so we could soon drown in monthly statements.
So in this next month everyone who we have a savings account with will be emailing and writing to us to check if we want monthly paper statements even if we have never asked for them before

"Financial regulations have changed, which means that from July 2018 we’re required to provide you with payment transaction information for your savings account(s) on a monthly basis, if there have been any payments out of your account. This could mean that from July, you’ll start to receive a paper statement in the post each month.

We currently issue you with a statement for your savings account(s) less frequently than monthly. If you want to keep it that way, you just have to let us know. This would mean that we won’t issue you with a statement each month, but your payment transaction information will always be made available to you through online banking, or whenever you ask for it by telephone or via ATM"

Steve_xx

mhoc wrote: »

This is from First Direct - not heard of this before. I wonder if it applies to both banks and building society accounts, if so we could soon drown in monthly statements.
So in this next month everyone who we have a savings account with will be emailing and writing to us to check if we want monthly paper statements even if we have never asked for them before

"Financial regulations have changed, which means that from July 2018 we’re required to provide you with payment transaction information for your savings account(s) on a monthly basis, if there have been any payments out of your account. This could mean that from July, you’ll start to receive a paper statement in the post each month.

We currently issue you with a statement for your savings account(s) less frequently than monthly. If you want to keep it that way, you just have to let us know. This would mean that we won’t issue you with a statement each month, but your payment transaction information will always be made available to you through online banking, or whenever you ask for it by telephone or via ATM"

I've received a letter styled in the same way from Birmingham Midshires this morning. So I guess we're due another wave of letter from all of the banks and building societies.

ValiantSon

I haven't had one from First Direct (yet), but I did have a similar e-mail from HSBC a couple of weeks ago.

Oh joy! I've only just gotten through the deluge of GDPR e-mails. (My favourite one being from a news and current affairs service who sent me a second e-mail reminding me that if I didn't reply then I would no longer receive their regular news analysis e-mails. I signed up about seven years ago and heard nothing from them until GDPR: and then got two e-mails in less than a week!).

mhoc

Steve_xx wrote: »

I've received a letter styled in the same way from Birmingham Midshires this morning. So I guess we're due another wave of letter from all of the banks and building societies.

thinking about this and I wonder if it will be all bank and building society savings accounts or just the savings in current and ongoing ones - there must be millions of untouched dormant accounts with just a few pounds in them, many from the pre-email days so if that is the case everyone in the country will be getting letters, reminding them of long lost savings accounts they have not touched in years and asking them if they want monthly statements ...
And how long does an account have to be untouched before it becomes classed as dormant?

ValiantSon

mhoc wrote: »

And how long does an account have to be untouched before it becomes classed as dormant?

I believe that it is 15 years.

https://www.moneysavingexpert.com/reclaim/reclaim-lost-assets-free