Regular Savings Accounts: The Best Currently Available List!

EachPenny

bristolleedsfan wrote: »

Why would that happen when secure messages were sent with attached customer letters in response to additional regular savings accounts having been opened.

I'm confident a company setting out to establish its name in the banking world wouldn't dream of doing such a thing, I was just curious given the dire threats of retribution some posters on here suggested would be forthcoming.

Westie983 wrote: »

I like others have had messages in my secure box welcoming me for opening additional accounts, I thought it would be a message saying they would close any additional accounts.

This can and could still happen within 14 days just like we have 14 days to cancel the account and get money back.

Same for me

On the 14 day point, although a company has a right to close accounts and not do business with a customer at any time, have you actually seen anything specific to the Ford Money T&C's which refers to their right to close a funded Regular Saver account within 14 days, or at any other time?

For people concerned about not getting their deposits processed in time, this text may be relevant -

If we’re unable to accept your application, we will refund your money with no interest earned.

If someone delays processing your application unreasonably, and then returned your money with no interest added it would seem like very good grounds for complaint.

Ever noticed that the smaller the small print is, the greater the chance it will confuse you? We don’t believe that simple savings products need wrapping in complex legal language. In fact, we feel strongly that the simpler our Terms & Conditions are, the more confident you’ll feel about Ford Money.

In my view that paragraph is possibly the most important one of all

KTF

ChaskhaChaia wrote: »

I'm glad that it's not just me. Hopefully my money will appear soon! Does this mean that this will happen every month then as presumably everyone who opened and funded yesterday will be trying to fund next months payment on 22 June? Or will their systems be able to cope by then?!

Same for me. Money transferred over yesterday from the current account to the RS and still not showing today.

It hasnt been returned so assume it will appear at some point.

JamesRobinson48

Ford RS: I guess my decision to sit this one out might turn out correct! It doesn't look all that professional in terms of administration, systems or clear T&C wording. Also, one questions the wisdom of an inexperienced provider launching an RS on terms that were bound to result in it being vastly oversubscribed on Day 1. Instead I'll carry on filling my boots with the Virgin issues ( I've got all eleven to date ).

JezR

EachPenny wrote: »

What the intention was is a matter of debate, and there are at least two plausible answers.

That is why I stated my views as my opinion not as fact. I could be wrong, it has been known on occasion

However, I can't agree with your second point as Flexible Saver is the name of the account and not a type of account (although I do agree that the wording they use is slightly clumsy). In any case I don't think there can be any doubt of the ability to open more than one of these since "Open multiple accounts" is the 3rd item in the bullet point list.

Nor was I implying that people should be expected to read T&Cs of various products to determine points for one - just that the difference gives a strong pointer when side by side. The two failings ultimately are the key issue I feel.

ChaskhaChaia

Stompa wrote: »

I don't think that's correct. In 'FORRSA.pdf' it states:

The Term starts on the date we receive your initial deposit (see Accepting your application). It will finish on the date of the final anniversary of us receiving your initial deposit. For example, if you make an initial deposit for a 1-year Term on 5th January, the Term will end on 5th January the following year.

I stand corrected. In which case they'd better backdate our deposit receipt date to yesterday then!

schiff

It's hard to believe the level of anxiety expressed in posts over the last two days! What on earth does it matter whether the effective date is the 22nd or the 23rd? And the detailed and seemingly endless discussion on semantics and whether one means one? And the impatience is widespread.

I'm not in the right age group to be using 'Chill' on a daily basis but surely that's it!

EachPenny

I guess this...

schiff wrote: »

It's hard to believe the level of anxiety expressed in posts over the last two days! What on earth does it matter whether the effective date is the 22nd or the 23rd?

....is because of this -

schiff wrote: »

And the detailed and seemingly endless discussion on semantics and whether one means one?

If there is ambiguity in T&C's people are so used to the customer ending up being the ones who lose out - if you pay your funds in on the wrong day then your account gets closed etc (I'm not suggesting Ford will do this).

If the customer is expected to correctly understand the T&C's or otherwise face a loss, then it is only fair for companies to also face a loss if they haven't got their T&C's right.

Not that Ford will necessarily face a loss if some customers have more than one RS.

schiff

EachPenny wrote: »

if you pay your funds in on the wrong day then your account gets closed etc (I'm not suggesting Ford will do this).

But that's in the future and will probably be made clearer in the next day or so. Surely people can switch off worrying about it for a short time?

I opened my RS yesterday and sent off my first £250 by FP from an outside account. I've not even been bothered yet to check if it's arrived. I have faith!

EachPenny

schiff wrote: »

But that's in the future and will probably be made clearer in the next day or so. Surely people can switch off worrying about it for a short time?

I opened my RS yesterday and sent off my first £250 by FP from an outside account. I've not even been bothered yet to check if it's arrived. I have faith!

Couldn't agree with you more. Personally I'm very 'chilled' and happy with my Ford savings accounts.

If only people like JamesRobinson48 had more faith in this global organisation's ability to bring about a revolution in banking - where customers actually get paid a decent rate of interest on their savings deposits

ChaskhaChaia

My money is now there. The information on my statement says:

23/05/2017 Processed FASTER PAYMENT Posted: 22/05/2017

So I'm not sure whether it counts as receipt on 22 May or 23 May? The one day difference does matter as I need to know whether to send the next months payment on 22 June or 23 June.