Regular Savings Accounts: The Best Currently Available List!

PloughmansLunch

ChewyyBacca said:

Has anybody opened a Co-Op Cashminder account and then successfully opened the 7% Regular saver with Co-op?
T&Cs of RS on the website says Cashminder current account is acceptable, but someone on the forum got rejected for RS, saying Cashminder acct is not acceptable.

Anyone else has got a different experience?

Yes - I’ve had emails and letters in the post confirming the account details so both are technically open, but have left them unfunded for now as I’m unable to register for online banking. I’m a new customer but my accounts are locked before I’ve even chosen a password for some reason, and an hour and a quarter on the phone for co-op CS to attempt to rectify was a complete waste of time. 

dealyboy

@PloughmansLunch said:

ChewyyBacca said:

Has anybody opened a Co-Op Cashminder account and then successfully opened the 7% Regular saver with Co-op?
T&Cs of RS on the website says Cashminder current account is acceptable, but someone on the forum got rejected for RS, saying Cashminder acct is not acceptable.

Anyone else has got a different experience?

Yes - I’ve had emails and letters in the post confirming the account details so both are technically open, but have left them unfunded for now as I’m unable to register for online banking. I’m a new customer but my accounts are locked before I’ve even chosen a password for some reason, and an hour and a quarter on the phone for co-op CS to attempt to rectify was a complete waste of time. 

Co-op RS

Hi Ploughmans ... What actually happens when you try to register? I must have tried about a dozen times before it actually worked.

PloughmansLunch

dealyboy said:

@PloughmansLunch said:

ChewyyBacca said:

Has anybody opened a Co-Op Cashminder account and then successfully opened the 7% Regular saver with Co-op?
T&Cs of RS on the website says Cashminder current account is acceptable, but someone on the forum got rejected for RS, saying Cashminder acct is not acceptable.

Anyone else has got a different experience?

Yes - I’ve had emails and letters in the post confirming the account details so both are technically open, but have left them unfunded for now as I’m unable to register for online banking. I’m a new customer but my accounts are locked before I’ve even chosen a password for some reason, and an hour and a quarter on the phone for co-op CS to attempt to rectify was a complete waste of time. 

Co-op RS

Hi Ploughmans ... What actually happens when you try to register? I must have tried about a dozen times before it actually worked.

I get his message below, and I can’t face a hour+ of that hold music again. Unless my name or date of birth has changed without my knowledge I’m stumped, as the only other details needed are right there in front of me on the card. It doesn’t work if I use the RS details either

Bridlington1

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.

SFindlay

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? 

Bridlington1

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.

dealyboy

@PloughmansLunch said:

dealyboy said:

@PloughmansLunch said:

ChewyyBacca said:

Has anybody opened a Co-Op Cashminder account and then successfully opened the 7% Regular saver with Co-op?
T&Cs of RS on the website says Cashminder current account is acceptable, but someone on the forum got rejected for RS, saying Cashminder acct is not acceptable.

Anyone else has got a different experience?

Yes - I’ve had emails and letters in the post confirming the account details so both are technically open, but have left them unfunded for now as I’m unable to register for online banking. I’m a new customer but my accounts are locked before I’ve even chosen a password for some reason, and an hour and a quarter on the phone for co-op CS to attempt to rectify was a complete waste of time. 

Co-op RS

Hi Ploughmans ... What actually happens when you try to register? I must have tried about a dozen times before it actually worked.

I get his message below, and I can’t face a hour+ of that hold music again. Unless my name or date of birth has changed without my knowledge I’m stumped, as the only other details needed are right there in front of me on the card. It doesn’t work if I use the RS details either 
<image above>

Co-op RS

Indeed, I see. The problem I had was that it kept ending up asking me to login (before I'd created the login details), I think it was confused by a previous failed attempt, but eventually I was sent an OTP and tried again and it worked.

Did you get the three credit file multiple choice questions? I presume you wouldn't have forgotten your name or DOB (hehe), but I had to let the question relating to which month and year I opened a current account pass.

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.