Regular Savings Accounts: The Best Currently Available List!

callum9999

Hattie627 said:

Re the conundrum as to whether the Co-op Bank RS is variable or fixed interest.....

I agree with the poster who said that the T and C's (which state that the rate is variable) overrule anything to the contrary in correspondence. If the rate drops, then (assuming the drop is in accordance with the general T and C's for a variable rate savings account rate drop) the new rate must apply.

However, a saver would surely have cause for complaint that correspondence sent immediately after opening the account was wrong and misleading, with possible compensation. Hence,  suggestion to keep the correspondence.

Some would argue that a complaint (and acceptance of compensation) would be unethical. I would argue otherwise. 

I think people on here focus a little too much on a strict interpretation of the T&Cs whereas regulators tend to work more on the basis of "what would a reasonable person think in this scenario?".

I completely agree that, absent "outside influence", the terms and conditions upon sign up say that it's variable so that's the logical interpretation of what the account is. However, I think it's incredibly likely that the regulator/ombudsman etc. will side with a consumer if the rate dropped yet they could produce an email and a posted letter stating that the account is fixed-rate. If the Co-op even let what likely be a very trivial sum get that far instead of just paying out a few pounds. 

Section62

callum9999 said:

...
I completely agree that, absent "outside influence", the terms and conditions upon sign up say that it's variable so that's the logical interpretation of what the account is. However, I think it's incredibly likely that the regulator/ombudsman etc. will side with a consumer if the rate dropped yet they could produce an email and a posted letter stating that the account is fixed-rate. If the Co-op even let what likely be a very trivial sum get that far instead of just paying out a few pounds. 

Co-op have recent form for digging their heels in when it came to ombudsman complaints they could have dealt with by paying a relatively modest amount of money to the few affected customers who complained.  So I wouldn't expect them to take a common-sense approach to dealing with this error.

I think what they should do (by the book) is to send a further letter to explain that the previous letter was incorrect in saying the rate was fixed - even though the error is in favour of the customer.  But the cost of that mailout wouldn't be insignificant, so they may prefer instead to pretend it was the T&C's that were wrong and simply send an email to the affected customers providing a link to the corrected version.

Either way, Co-op have again run a product promotion in which a communication appears to fail to meet the "clear, fair and not misleading" test.  So if, ultimately, customers have cause to complain about a reduction in the interest rate then there's a straightforward ground for complaint.

HHUK

Bridlington1 said:

For those with the NLA Tipton & Coseley regular savers that were available last year. The terms state that if you miss 3 deposits the account will convert into an EA maturity saver. Just a heads up on the timescales involved:

I missed the deposits for December, January and February. The regular savers converted into easy access maturity savers in line with he Ts&Cs on Friday afternoon (1/3/24), the change of account type didn't result in them paying the accrued interest upon account conversion.

I received letters in the post from Tipton dated15 February warning me that I'd missed three payments, and that I'd need to make a deposit of at least £50 into each by 1 March to prevent the Regular Savers being switched to Easy Access Maturity Savers.

BestSeagull

surreysaver said:

Descrabled said:

TSB RS

I can confirm that, notwithstanding T&C, you can and I do fund this account manually from a TSB account, but you need to set up a new payee in the TSB current account. Additionally, you can fund the RS from an external current account by faster payments and/or standing order.

With mine I can just do an internal transfer. But then TSB computer systems are weird. I have three current accounts with them - two are viewable in the app, but one isn't. 

I found that in order to be able to do an internal transfer, I had to first add the new RS as a new payee as @Descrabled advised.

allegro120

Bridlington1 said:

SFindlay said:

Bridlington1 said:

For those with the NLA Tipton & Coseley regular savers that were available last year. The terms state that if you miss 3 deposits the account will convert into an EA maturity saver. Just a heads up on the timescales involved:

I missed the deposits for December, January and February. The regular savers converted into easy access maturity savers in line with he Ts&Cs on Friday afternoon (1/3/24), the change of account type didn't result in them paying the accrued interest upon account conversion.

I've found you can't make withdrawals/closure using the transfers section in the app despite them saying it should be possible and they won't let you make withdrawals/closure over the phone so I had to send them a message in the app to get the funds out of the account. I sent them a message yesterday morning requesting that one account is closed and the balance on the other is withdrawn to £100, they actioned this later that day, with the funds arriving in my nominated account earlier today.

Good to know as I'm doing the same, missed Jan, Feb and March. You say they didn't pay accrued interest when account changed to easy access but was it paid when you reduced balance to £100 and closed the other? 

They paid interest on the account that I closed upon closure. They haven't paid the interest on the one that I just reduced to £100 though so if you wanted to unlock the interest you'd need to close the account.

Did they pay interest accrued before conversion at the original rate? 

allegro120

HHUK said:

Bridlington1 said:

For those with the NLA Tipton & Coseley regular savers that were available last year. The terms state that if you miss 3 deposits the account will convert into an EA maturity saver. Just a heads up on the timescales involved:

I missed the deposits for December, January and February. The regular savers converted into easy access maturity savers in line with he Ts&Cs on Friday afternoon (1/3/24), the change of account type didn't result in them paying the accrued interest upon account conversion.

I received letters in the post from Tipton dated15 February warning me that I'd missed three payments, and that I'd need to make a deposit of at least £50 into each by 1 March to prevent the Regular Savers being switched to Easy Access Maturity Savers.

This is a bit strange. According to t&c one of them (5.75%) requires £50 p/m, but the other one (6.2%) needs only £25 p/m.

Bridlington1

allegro120 said:

Bridlington1 said:

SFindlay said:

Bridlington1 said:

For those with the NLA Tipton & Coseley regular savers that were available last year. The terms state that if you miss 3 deposits the account will convert into an EA maturity saver. Just a heads up on the timescales involved:

I missed the deposits for December, January and February. The regular savers converted into easy access maturity savers in line with he Ts&Cs on Friday afternoon (1/3/24), the change of account type didn't result in them paying the accrued interest upon account conversion.

I've found you can't make withdrawals/closure using the transfers section in the app despite them saying it should be possible and they won't let you make withdrawals/closure over the phone so I had to send them a message in the app to get the funds out of the account. I sent them a message yesterday morning requesting that one account is closed and the balance on the other is withdrawn to £100, they actioned this later that day, with the funds arriving in my nominated account earlier today.

Good to know as I'm doing the same, missed Jan, Feb and March. You say they didn't pay accrued interest when account changed to easy access but was it paid when you reduced balance to £100 and closed the other? 

They paid interest on the account that I closed upon closure. They haven't paid the interest on the one that I just reduced to £100 though so if you wanted to unlock the interest you'd need to close the account.

Did they pay interest accrued before conversion at the original rate? 

I'll double check the figures when I get home but on first glance it seems like they've paid the original rate of 5.75% in the period before the account was closed.

HHUK

allegro120 said:

This is a bit strange. According to t&c one of them (5.75%) requires £50 p/m, but the other one (6.2%) needs only £25 p/m.

Two Tipton Regular Savers  are visible in the app:

Fix Reg Sav 6.20% OCT 24 opened by postal application and cheque in September 2023, and
Reg Saver (Issue 2) OCT 24 (App) also opened in September 2023 

Both are receiving the 6.20% rate.

Must confess to not finding the transaction histories easy to follow, and can't remember exactly how I managed to end up with the two accounts.

Both of the letters I received in the post state that the minimum monthly payment into each account is £50. I agree it is a bit strange, and I need to clarify with them, although I originally posted mainly to highlight that Tipton had notified me in advance by letter of the consequences of failing to pay in at least £50 a month.

Thanks for the heads up.

simonsmithsays

HHUK said:

allegro120 said:

This is a bit strange. According to t&c one of them (5.75%) requires £50 p/m, but the other one (6.2%) needs only £25 p/m.

Two Tipton Regular Savers  are visible in the app:

Fix Reg Sav 6.20% OCT 24 opened by postal application and cheque in September 2023, and
Reg Saver (Issue 2) OCT 24 (App) also opened in September 2023 

Both are receiving the 6.20% rate.

Must confess to not finding the transaction histories easy to follow, and can't remember exactly how I managed to end up with the two accounts.

Both of the letters I received in the post state that the minimum monthly payment into each account is £50. I agree it is a bit strange, and I need to clarify with them, although I originally posted mainly to highlight that Tipton had notified me in advance by letter of the consequences of failing to pay in at least £50 a month.

Thanks for the heads up.

My experience mirrors Allegro.

I've two RS and they have 5.75 and 6.2 showing on the app.

I've also got the £50 and £25 in my spreadsheet as the minimum payment.

Therefore we are talking different issues.

Mine are both issue 2 and one called Oct 24 App

Kim_13

I have the 6.2% and have only once paid in more than £25 thus far - nothing from Tipton about downgrading it.