Regular Saver Thread **New and Restarted**

adindas

Just want to inform the forum. Having other saving products with them will be sufficient to get 2.75% interest rate. No need to become a Shareholding Member or a Borrowing Member or both as described below. Anyway, it does not really make sense to provide condition to be a shareholrder or borrower just for the sake of opening a tiny regular saver account paying modest interest rate of 2.75%.

I recently got a phone call in relation to application that I sent to open Chorley Members Regular Saver Account. After reading all of T&C they confirm account will be open after June 1, 2018 with the interest rate of 2.75%. They only thing I have is Festive Fund Regular Saver, Chorlean Easy Access saving accounts. I do not have Share neither did I borrow money from them.

So if you want this saving product, be quick before they change their mind about membership or withdraw the product from the market. I use this free post address so no need to affix the stamp.

FREEPOST RTRE-ZSCS-HRUX
Savings & Investment Department
Chorley & District Building Society
Key House
Foxhole Road
Chorley, Lancashire
PR7 1NZ

http://www.chorleybs.co.uk/savings.html

soulsaver wrote: »

From the society's rules (Page 10):

4. MEMBERSHIP

(1) No Person shall be a Member of the Society unless he is a Shareholding Member or a Borrowing Member or both, and -

(a) !!!8220;Shareholding Member!!!8221; means a Person who holds a Share in the Society and, unless the context otherwise requires, includes a Person whose name is entered in the Deferred Shares Register as the holder of a Deferred Share or a fraction of a Deferred Share; and

(b) !!!8220;Borrowing Member!!!8221; means an Individual -

(i) who is indebted to the Society in respect of a Loan or a Loan from another building society whose interest in the Loan has, as the result of any amalgamation or transfer of engagements, passed to the Society, or

(ii) who is indebted to the Society as mentioned in (i) above and who has taken with the consent of the Society a transfer of any land already in mortgage to the Society, and who shall become a Borrowing Member as from the date the transfer is registered in the records of the Society, or

(iii) who, on the death or bankruptcy of a Borrowing Member or otherwise on transfer by operation of law becomes entitled to land already in mortgage to the Society and who (being willing to become a Borrowing Member) is accepted by the Society as a Borrowing Member while such Loan shall be outstanding, from the date of acceptance by the Society.


http://www.chorleybs.co.uk/Files/societys-rules_aug2015.pdf

bristolleedsfan

adindas wrote: »

Just want to inform the forum. Having other saving products with them will be sufficient to get 2.75% interest rate. No need to become a Shareholding Member or a Borrowing Member or both as described below. Anyway, it does not really make sense to provide condition to be a shareholrder or borrower just for the sake of opening a tiny regular saver account paying modest interest rate of 2.75%.

I recently got a phone call in relation to application that I sent to open Chorley Members Regular Saver Account. After reading all of T&C they confirm account will be open after June 1, 2018 with the interest rate of 2.75%. They only thing I have is Festive Fund Regular Saver, Chorlean Easy Access saving accounts. I do not have Share neither did I borrow money from them.

So if you want this saving product, be quick before they change their mind about membership or withdraw the product from the market. I use this free post address so no need to affix the stamp.

FREEPOST RTRE-ZSCS-HRUX
Savings & Investment Department
Chorley & District Building Society
Key House
Foxhole Road
Chorley, Lancashire
PR7 1NZ

http://www.chorleybs.co.uk/savings.html

All Building Society Savings Accounts are Share Accounts unless stated to be a deposit account


Chorley F.P address I spent ages searching for yesterday until a freepost envelope turned up by chance.

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

---

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!).