Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

flaneurs_lobster said:

dcs34 said:

fabsaver said:

Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2

My 1st August 13th deposits haven't been credited yet to either account. I've checked the terms for both these accounts and they definitely do not state anything about a £3,600 maximum balance (their earlier Coronation Regular Saver did have such a term).

If my deposits get returned I'll be complaining and quoting their own terms at them. If anyone didn't save a copy then archived copies of the summary box and terms are linked in this helpful post by @Bridlington1

Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2

I have pre-empted by sending them a secure message asking why the deposits have not been received or returned. Hopefully this will get them to state what they think the T&Cs say / should be, so I can respond with what they actually do say (or, in this case, don't say).

Are you hoping to squeeze some compo out of MonBS?

Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2
It is worth complaining, especially if a financial loss is suffered. I did. T's&C's for their Coronation Reg stated interest to be paid 31st March. In practice they paid at maturity May 5th. The effect of this was to move £100 of interest from one tax year (covered by PSA) to the following tax year where I would already be incurring higher rate tax. I showed them the T's&C's that I signed up to and they offered some paltry amount as compensation. I rejected that offer and they then asked how much I wanted. I said they should sit down with a calculator and work out my loss. They then offered and I accepted £50. Ditto for the OH.

Bridlington1

Saffron BS Interest rate reductions from 30/8/24:

Small Saver from 5.75% to 5.5%
12 Month Members RS from 5.25% to 5%

Wheres_My_Cashback

Hattie627 said:

dcs34 said:

flaneurs_lobster said:

dcs34 said:

fabsaver said:

Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2

My 1st August 13th deposits haven't been credited yet to either account. I've checked the terms for both these accounts and they definitely do not state anything about a £3,600 maximum balance (their earlier Coronation Regular Saver did have such a term).

If my deposits get returned I'll be complaining and quoting their own terms at them. If anyone didn't save a copy then archived copies of the summary box and terms are linked in this helpful post by @Bridlington1

Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2

I have pre-empted by sending them a secure message asking why the deposits have not been received or returned. Hopefully this will get them to state what they think the T&Cs say / should be, so I can respond with what they actually do say (or, in this case, don't say).

Are you hoping to squeeze some compo out of MonBS?

I'd like them to operate their accounts in accordance with their own T&Cs.

Good point. Like most people on here, I am a careful saver and usually check T and Cs carefully before doing something slightly unusual, like making a 13th RS payment. I checked by posting on here well before 1 August whether 13th payments were allowed for the two MonBS RS's. Somebody gave me the link to the archived T and Cs which I checked carefully before making the 13th payments. Having taken the trouble to do this as a customer, I expect a deposit-taking institution to take as much care in applying their own T and Cs. My two 13th payments, sent by SO early on 1 August, are not showing yet so presumably will be returned. This will result in a loss of interest, plus a certain degree of inconvenience. I will certainly be raising this as an issue with Monmouthshire.

I'd expect that CS would initially quote the two following points in the T&Cs in their mitigation without fully understanding the meaning of them.

• Interest is calculated daily and paid at the end of the 12 month term - As we all know 12 months = 12 or 13 payments, but it needs to be clearly stipulated, something they have done in the past by stating a maximum balance, but NOT this time.
• Based on £300 being paid into the account each month for 12 months - However this is just an example of possible interest earnings which is stated due to legal requirements and is not a declaration of what will/can be earnt.
  

Could be an interesting week ahead !

If they take a week to return the £600 for both accounts it's potentially an 80p loss based upon that £600 otherwise being in a 5% feeder a/c.

Individuals will have to decide is it worth the complaint on principal of adherence though. If the boot was on the other foot I'm sure the terms would be rigidly applied.

ForumUser7

Bridlington1 said:

Saffron BS Interest rate reductions from 30/8/24:

Small Saver from 5.75% to 5.5%
12 Month Members RS from 5.25% to 5%

Thanks @bridlington1 - where were the new rates advertised please? Found the bit saying they'll decrease on their site, but not what to. I have some other accounts with them as well, but not been emailed

chris_the_bee

Wheres_My_Cashback said:

Hattie627 said:

dcs34 said:

flaneurs_lobster said:

dcs34 said:

fabsaver said:

Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2

My 1st August 13th deposits haven't been credited yet to either account. I've checked the terms for both these accounts and they definitely do not state anything about a £3,600 maximum balance (their earlier Coronation Regular Saver did have such a term).

If my deposits get returned I'll be complaining and quoting their own terms at them. If anyone didn't save a copy then archived copies of the summary box and terms are linked in this helpful post by @Bridlington1

Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2

I have pre-empted by sending them a secure message asking why the deposits have not been received or returned. Hopefully this will get them to state what they think the T&Cs say / should be, so I can respond with what they actually do say (or, in this case, don't say).

Are you hoping to squeeze some compo out of MonBS?

I'd like them to operate their accounts in accordance with their own T&Cs.

Good point. Like most people on here, I am a careful saver and usually check T and Cs carefully before doing something slightly unusual, like making a 13th RS payment. I checked by posting on here well before 1 August whether 13th payments were allowed for the two MonBS RS's. Somebody gave me the link to the archived T and Cs which I checked carefully before making the 13th payments. Having taken the trouble to do this as a customer, I expect a deposit-taking institution to take as much care in applying their own T and Cs. My two 13th payments, sent by SO early on 1 August, are not showing yet so presumably will be returned. This will result in a loss of interest, plus a certain degree of inconvenience. I will certainly be raising this as an issue with Monmouthshire.

I'd expect that CS would initially quote the two following points in the T&Cs in their mitigation without fully understanding the meaning of them.

• Interest is calculated daily and paid at the end of the 12 month term - As we all know 12 months = 12 or 13 payments, but it needs to be clearly stipulated, something they have done in the past by stating a maximum balance, but NOT this time.
• Based on £300 being paid into the account each month for 12 months - However this is just an example of possible interest earnings which is stated due to legal requirements and is not a declaration of what will/can be earnt.
  

Could be an interesting week ahead !

If they take a week to return the £600 for both accounts it's potentially an 80p loss based upon that £600 otherwise being in a 5% feeder a/c.

Individuals will have to decide is it worth the complaint on principal of adherence though. If the boot was on the other foot I'm sure the terms would be rigidly applied.

See my previous post....
Monmouthshire: 8% Exclusive Regular Saver & 7% Regular Saver Issue 2
It is worth complaining, especially if a financial loss is suffered. I did. T's&C's for their Coronation Reg stated interest to be paid 31st March. In practice they paid at maturity May 5th. The effect of this was to move £100 of interest from one tax year (covered by PSA) to the following tax year where I would already be incurring higher rate tax. I showed them the T's&C's that I signed up to and they offered some paltry amount as compensation. I rejected that offer and they then asked how much I wanted. I said they should sit down with a calculator and work out my loss. They then offered and I accepted £50. Ditto for the OH.

They expect and will enforce us to adhere to their rules and we should expect they also adhere to them.

Bridlington1

ForumUser7 said:

Bridlington1 said:

Saffron BS Interest rate reductions from 30/8/24:

Small Saver from 5.75% to 5.5%
12 Month Members RS from 5.25% to 5%

Thanks @bridlington1 - where were the new rates advertised please? Found the bit saying they'll decrease on their site, but not what to. I have some other accounts with them as well, but not been emailed

I haven't been emailed either, the new rates are listed in the summary boxes for the individual accounts. E.g. for the small saver:

BestSeagull

Bridlington1 said:

Saffron BS Interest rate reductions from 30/8/24:

Small Saver from 5.75% to 5.5%
12 Month Members RS from 5.25% to 5%

Is it possible to have more than one regular saver with Saffron? I have the members month loyalty RS but not either of those.  Thanks!

qbadger

BestSeagull said:

Bridlington1 said:

Saffron BS Interest rate reductions from 30/8/24:

Small Saver from 5.75% to 5.5%
12 Month Members RS from 5.25% to 5%

Is it possible to have more than one regular saver with Saffron? I have the members month loyalty RS but not either of those.  Thanks!

Yes, but not both

BestSeagull

qbadger said:

BestSeagull said:

Bridlington1 said:

Saffron BS Interest rate reductions from 30/8/24:

Small Saver from 5.75% to 5.5%
12 Month Members RS from 5.25% to 5%

Is it possible to have more than one regular saver with Saffron? I have the members month loyalty RS but not either of those.  Thanks!

Yes, but not both

I thought the summary box was a bit unclear which is why I asked but in reading the T&C  for the 12 month members RS, it says 

• You can only hold one regular savings product at any time with Saffron.

Did you manage to open more than one?

janusdesign

BestSeagull said:

qbadger said:

BestSeagull said:

Bridlington1 said:

Saffron BS Interest rate reductions from 30/8/24:

Small Saver from 5.75% to 5.5%
12 Month Members RS from 5.25% to 5%

Is it possible to have more than one regular saver with Saffron? I have the members month loyalty RS but not either of those.  Thanks!

Yes, but not both

I thought the summary box was a bit unclear which is why I asked but in reading the T&C  for the 12 month members RS, it says 

• You can only hold one regular savings product at any time with Saffron.

Did you manage to open more than one?

I suspect they mean that you can hold the Loyalty RS and one of the other two (either Regular or Small Saver) RS, but not both Regular AND Small Saver.
On the Members' Month Loyalty Saver page, under the "how do I open & manage", it stated..

You can only hold one Members' Month Loyalty Saver, as well as one regular savings product at any time with Saffron.

I only have the Loyalty saver and haven't opened either of the other two personally.
i've sent a secure message to Saffron about their new rates because my accounts are either earlier issues to the listed current ones or NLA - so Bridlington's trick wouldn't work... though I assume they've all dropped 0.25%