Regular Savings Accounts: The Best Currently Available List!

Westie983

ThriftyFelicity wrote: »

FYI... I was told this morning on the phone by a customer service rep at Ford Money that I could open "as many regular savers as you like", but that I was restricted to one regular saver ISA. A few minutes later, I received a call back from them saying that they were mistaken, I could open as many regular saver ISA's as I liked as well, provided I did not contribute more than £20,000 to them this tax year.

I was told this too, when I said the RS ISA will only take 3k of the 20k allowance and was told I could just open up to eight to cover the allowance minus anything that has been paid into a S&S ISA this text year.

I decided to stick with the standard ISA as I am a non tax payer so dont have a great need for ISA's nor will I ever get to 20k this tax year.

Westie983

Klopek

Just in case it wasn't clarified already with regards to monthly funding:

"The regular saver monthly funding period is based on when you make your initial deposit and not based on a calendar month. If you fund your account today you would not be able to make another deposit until after 22nd of June."

- Ford Money via Secure Message

ThriftyFelicity

EachPenny wrote: »

That in itself is interesting wording - "they had to put a limit of 1 a/c per person"after people began opening excessive numbers of accounts? If that is a correct interpretation it suggests it was ok to open more than one to start with... but now isn't.

I don't see anything in the T&C's saying posts on Facebook will be the agreed method used to amend the T&C's

I've just spoken to them on the phone, and they said that one regular saver and one regular saver ISA will be allowed each person. Any additional accounts, even if opened before they [STRIKE]saw the error of their ways[/STRIKE] changed their minds, will be closed :rotfl:

Westie983

badger09 wrote: »

Well

I know my eyesight isn't as good as it used to be, but where in the T&Cs does it mention 'anniversary month' in terms of funding the accounts?

I've downloaded the T&Cs from the website for both the RS & RS ISA this morning, and I can't see any mention of anniversary month in the relevant paragraphs:cool:

Taken from the larger of the two documents downloaded when you apply for the account, not the summary one.



Westie983

EachPenny

ThriftyFelicity wrote: »

I've just spoken to them on the phone, and they said that one regular saver and one regular saver ISA will be allowed each person. Any additional accounts, even if opened before they [STRIKE]saw the error of their ways[/STRIKE] changed their minds, will be closed :rotfl:

I'm sure there will be some interesting conversations going on between the lawyers and PR people at Ford Money HQ right now.

If they don't honour applications made before the announcement that only one was allowed per customer then their 'big day' could turn into a PR disaster.

I'm drafting my letter of complaint already

keyboardworrier

I think they may have underestimated how starved we are for a decent rate...

ctdctd

Klopek wrote: »

Just in case it wasn't clarified already with regards to monthly funding:

"The regular saver monthly funding period is based on when you make your initial deposit and not based on a calendar month. If you fund your account today you would not be able to make another deposit until after 22nd of June."

- Ford Money via Secure Message

Yep, I got the same reply - so that's one query cleared up!

Ashen

EachPenny wrote: »

If they don't honour applications made before the announcement that only one was allowed per customer then their 'big day' could turn into a PR disaster.

The announcement should make no practical difference. Someone who applied at 9am without seeing a Facebook post shouldn't be treated differently from someone who applied at 3pm without seeing a Facebook post. It'd be a bit different if it was posted on their actual site.

gallygirl

edinburgher wrote: »

They amended your spreadsheet GG? Top company :beer:

:rotfl: Managed that by myself Ed :rotfl:

Save

EachPenny

keyboardworrier wrote: »

I think they may have underestimated how starved we are for a decent rate...

At least being online only they didn't have great long queues outside branches for the news media to go and film.

I think if I was their PR person I'd suggest closing issue 1 to new applicants immediately, honouring the applications already made, put out a statement puffing up the massive demand for their popular new products and how well their systems coped with the deluge, then quietly go back to preparing Issue 2 for launch next week with revised T&C's and a less generous interest rate.

There's nothing like something being in high demand with limited stocks to get customers stampeding to the door even if the new deal isn't quite as good... it feels like a summertime Black Friday... on a Monday morning