Regular Savings Accounts: The Best Currently Available List!

TheWoodler

The point about FD is not that people haven’t read the Ts&Cs - it’s that this is an antiquated maturity process that is an outlier in the industry, and one that is particularly irritating from a bank that is both a major player, backed by a very major player indeed, and an app-based bank to boot. When tiny building societies offer a better experience on maturity, then you do have to wonder why FD seemingly can’t. 

It’s a popular product but FD have clearly not decided to invest in improving the maturity experience for their customers. The only good thing about this product is the rate, but the clunky experience doesn’t tempt me to open any further products with them. It’s a loss leader for them I reckon, but I’m not biting in terms of any other products. 

Stargunner

TheWoodler said:

The point about FD is not that people haven’t read the Ts&Cs - it’s that this is an antiquated maturity process that is an outlier in the industry, and one that is particularly irritating from a bank that is both a major player, backed by a very major player indeed, and an app-based bank to boot. When tiny building societies offer a better experience on maturity, then you do have to wonder why FD seemingly can’t. 

It’s a popular product but FD have clearly not decided to invest in improving the maturity experience for their customers. The only good thing about this product is the rate, but the clunky experience doesn’t tempt me to open any further products with them. It’s a loss leader for them I reckon, but I’m not biting in terms of any other products. 

That is your choice, if you want to miss out on the rate. My RS matured last Friday, so I called them on Saturday and they transferred my funds to my current account whilst I was on the phone. Later on Saturday I applied for a new RS and I have noticed this morning that it is open with the first payment of £300 already in it.
I have no problem with having to make one phone call to get the benefit of it being processed in a speedy manner.

subjecttocontract

SFindlay said:

subjecttocontract said:

Stargunner said:

alibean121 said:

allegro120 said:

alibean121 said:

First direct have somehow still managed to surprise/disappoint me from what was a low base. Their RS maturity process is genuinely unacceptable.

My account matured yesterday and since Monday it disappeared from the account view, I decided today to message them. They have relevant options in the robot chat and say you can hit to speak to a human to get instant access to the money. I decide to do that, why not. Person says please message again tomorrow. Great, thanks.

This is a shocking suggestion but, if the account takes 5 days to close, why not start the process 5 days earlier and have it done on maturity date? I can’t imagine what they could possibly be doing with this time. 

That's a normal process for FD RS, account disappears from the view for a day or two.  Every time they send a letter or e-mail to remind about this few weeks prior to maturity.

The best way to contact them is phone call.

Thanks I do know they take a while with it. I've never dealt with First Direct before but have used HSBC my whole life as my main bank. I'm shocked by how much worse the technology and service is at FD as I'd always heard very good things. I am genuinely curious what they're up to with this time - I'm into building societies and some of the ones I've dealt with have been one man and a calculator type jobs, but they manage to pay out funds next working day. Anyways, never mind. I suppose I'm a rare RS veteran that has never dealt with FD before, I don't think I'll be repeating it anytime soon unless they up their rate again as they're not now even beating my ISA given tax position.

My FD regular saver matured yesterday. I called them this morning and they transferred the funds to my current account whilst I was on the phone and I have now withdrawn them.
No complaints with that service.

Well I've got plenty to complain about......I'm not aware that the reg saver maturity process provided by FD states that savers are required to phone them. So, why would any of us phone them. This is yet another example of poor customer service for those that follow the normal procedure.

Why FD can't 'automatically' transfer the matured reg saver funds into the FD current account is a complete mystery.

Why people can't read account T&C when they consider applying for an account is a complete mystery to me!! FD don't hide maturity procedure so if people don't like it the simple answer is don't open the account in the first place and find a provider that provides maturity procedures they approve of!! 

I've had FD regular savers for years and am fully aware of the published procedure. That doesn't mean I can't criticise it on a internet forum where we can all express our individual opinions.

TheWoodler

Stargunner said:

TheWoodler said:

That is your choice, if you want to miss out on the rate. 

I didn’t say I hadn’t renewed, as a matter of fact I have (I said *other* products) but I *was* pointing out that it was an odd strategy for FD to adopt if they want to cross-sell products. One phone call doesn’t matter, but if they were *all* like that imagine how much time Moneysavers would be spending on all those individual calls, then customers would be agitating for industry change. Heck, cheques clear in less time.

Not everyone can use the phone and while app chat works - which was how I sped up the process - not everyone has the manual dexterity to type on a mobile in real time conversation with a customer agent either. If it’s a seamless and quick automated process, as other organisations manage, then it becomes a much more accessible product as well. 

kaMelo

There is no need to call anyone, the proces will take care of itself and the the money will end up in an easy access account.  

This may of course result in the money not being available for a couple of days whilst that takes place. It is antiquated in comparison to most other providers but that's how they do it. 

Whether not having the funds for a couple of days and/or the process is a problem is a personal thing.

SFindlay

subjecttocontract said:

SFindlay said:

subjecttocontract said:

Stargunner said:

alibean121 said:

allegro120 said:

alibean121 said:

First direct have somehow still managed to surprise/disappoint me from what was a low base. Their RS maturity process is genuinely unacceptable.

My account matured yesterday and since Monday it disappeared from the account view, I decided today to message them. They have relevant options in the robot chat and say you can hit to speak to a human to get instant access to the money. I decide to do that, why not. Person says please message again tomorrow. Great, thanks.

This is a shocking suggestion but, if the account takes 5 days to close, why not start the process 5 days earlier and have it done on maturity date? I can’t imagine what they could possibly be doing with this time. 

That's a normal process for FD RS, account disappears from the view for a day or two.  Every time they send a letter or e-mail to remind about this few weeks prior to maturity.

The best way to contact them is phone call.

Thanks I do know they take a while with it. I've never dealt with First Direct before but have used HSBC my whole life as my main bank. I'm shocked by how much worse the technology and service is at FD as I'd always heard very good things. I am genuinely curious what they're up to with this time - I'm into building societies and some of the ones I've dealt with have been one man and a calculator type jobs, but they manage to pay out funds next working day. Anyways, never mind. I suppose I'm a rare RS veteran that has never dealt with FD before, I don't think I'll be repeating it anytime soon unless they up their rate again as they're not now even beating my ISA given tax position.

My FD regular saver matured yesterday. I called them this morning and they transferred the funds to my current account whilst I was on the phone and I have now withdrawn them.
No complaints with that service.

Well I've got plenty to complain about......I'm not aware that the reg saver maturity process provided by FD states that savers are required to phone them. So, why would any of us phone them. This is yet another example of poor customer service for those that follow the normal procedure.

Why FD can't 'automatically' transfer the matured reg saver funds into the FD current account is a complete mystery.

Why people can't read account T&C when they consider applying for an account is a complete mystery to me!! FD don't hide maturity procedure so if people don't like it the simple answer is don't open the account in the first place and find a provider that provides maturity procedures they approve of!! 

I've had FD regular savers for years and am fully aware of the published procedure. That doesn't mean I can't criticise it on a internet forum where we can all express our individual opinions.

Spot on same way as it doesn't mean I can't give my individual opinion on people contributing nothing to an Internet forum by continually moaning about institutions that are simply following the procedures set out in their product information!! These are the same people who would be first to moan on Internet forums if an institution broke their T&C to the detriment of the customer!!

People can't have it both ways and it's quite simple if ANY T&C set out by any institution causes you enough stress to have to moan on a forum then simply don't open the account, it's really not difficult!!

tg99

Think I saw something on one of the boards recently about poss losing Nationwide savings accounts linked to Nationwide current account if no longer have the current account. I have flex Reg saver 2 and start to save 2 accounts funded directly by SO from outside Nationwide and also have a Nationwide current account that I’m going to close or switch away (for reasons to do with the £200 switch offer). I’m not sure if this Nationwide current account is linked in any way to these two savings accounts since not funded from there but feeling it could be as maybe requirement when opening the savings accounts. Does anyone know? I will still have a Nationwide current account after closing / switching the other but this one was only opened after I opened the two savings accounts so may not qualify as being linked if that is an ongoing requirement? Thks 

subjecttocontract

JamesRobinson48 said:

tg99 said:

Think I saw something on one of the boards recently about poss losing Nationwide savings accounts linked to Nationwide current account if no longer have the current account. I have flex Reg saver 2 and start to save 2 accounts funded directly by SO from outside Nationwide and also have a Nationwide current account that I’m going to close or switch away (for reasons to do with the £200 switch offer). I’m not sure if this Nationwide current account is linked in any way to these two savings accounts since not funded from there but feeling it could be as maybe requirement when opening the savings accounts. Does anyone know? I will still have a Nationwide current account after closing / switching the other but this one was only opened after I opened the two savings accounts so may not qualify as being linked if that is an ongoing requirement? Thks 

I feel you're running a rather low risk here but, to reduce the risk even further, it could make sense to designate your continuing NW CA as the "Nominated Account" for your RS. This can easily be done online in a few keystrokes. Then again, if the NW online system doesn't accept it, that might answer your original question. Please let us know.

Yes I agree that's exactly what I'd recommend you do. I have the same accounts as you and I seem to remember I needed a current account with 2 direct debits to qualify for the flex reg saver 2 account.

Middle_of_the_Road

As you will still have a current account with them you are entitled to the Flex regular saver 2. 

Start to save 2 didn't require a current account.

1. Check you can have this account

You need to:

• be 16 or over
• be a UK resident
• have a valid email address
• be able to open and manage this account online, and
• have one of our current accounts.
  

If at any point after you open this account you no longer have a current account with us, we may transfer the money in your Flex Regular Saver Issue 2 to an instant access savings account. Terms and conditions and the interest rate for the new account will apply, and we'll be in touch to let you know the details before we make the transfer.

You can only have one Flex Regular Saver Issue 2 account in your name at any time. You can't open this account in trust for the benefit of another person.

ircE

Yesterday was the anniversary of my Coventry FHS (1) which means it's more or less the anniversary of when I started to actively (or rather, obsessively) check these forums. Thank you so much to everyone who contributes!!