Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

Bridlington1 said:

Bridlington1 said:

Stargunner said:

chris_the_bee said:

Snapdragon said:

Snapdragon said:

flaneurs_lobster said:

surreysaver said:

JamesRobinson48 said:

Monmouthshire BS:  RS 13th month

Yesterday I attempted to internally transfer £300 into my two in-flight Monmouthshire BS RS accounts (paying 8% and 7%), both of which mature later this month.  Both transfers were declined, on the grounds that the account maximum balance would be exceeded.  I had previously paid in the max £300 for 12 consecutive months, starting August 2023.

To the best of my knowledge, in each case the account T&Cs specify a monthly max of £300, but no max account balance is stipulated anywhere.

In other words, they're applying a "no 13th month" policy although none is stated in the account T&Cs.

Please, how did anyone in similar circumstances get on?   I assume there would be many in the same boat.  


EDIT:  the MonBS has now sent me a secure message which states: 

"The maximum account balance is £3600".   

So best of luck to everyone trying for a 13th month!

Mine is funded by standing order and the money hasn't come back

But has the money been credited to your account(s)?

My guess is no. When I tried to make a 13th payment to the Coronation Saver it took the best part of a week for the funds to be returned.

I have both the 7% (opened early Sept) hence currently on 12th payment. The 8% (opened end of Aug) which I had left the standing order in place and tried to make 13th payment given that no max balance was mentioned in the T&Cs. Both SO's exit to Monmouth at the same time, 1st of month. The final payment to the 7% has already been credited as of the 2nd, the 13th payment to the 8% has NOT been credited, nor has it been returned yet.

Have just had confirmation the £300 (13th Monmouthshire payment) has been returned to my bank.

Same here.
I hope they can cope with the incoming phone calls and complaints.

Is it really worth complaining, when all that we have missed out on is around a £1 of interest, considering that the deposit would have probably been earning around 5% elsewhere.

IMHO yes and I put my complaint in a few hours ago. My approach is that I will make a complaint if the bank or building society in question is at fault and I have been negatively impacted due to events that were within their control.

They've failed to include an important term in their Ts&Cs and I've had £600 earning no interest since the start of the month as a result and if they do not rectify the issue I'll potentially have missed out on having £300 at 8% and another £300 at 7% for 30 days (as it stands it'll have to sit at 5.6% instead). Thus I consider myself as having perfectly good grounds to complain.

I've just had a phone call from Monmouthshire BS regarding the complaint I made:

They have said they've reviewed the Ts&Cs of the Regular Saver Issue 2 and the Exclusive Regular Saver and said they weren't clear enough so the maximum balance for both accounts has now been raised to £3900.

They've also offered me £25 as an apology, which will be paid into my nominated account.

Monmouthshire BS
Same here. I received an email further to my telephone complaint. and they are also paying £0.62 lost interest.
Took some persuading with first CS who then elevated it. When I said "surely I am not the only person to complain" they agreed, but still maintained they were correct & buck-passed to "the product team". Then an apologetic email. Always pays to complain, but I hope they learn to pay more attention to detail in future. 

surreysaver

After a few months of relative stability, I feel a few weeks of money-go-round is coming up 

pecunianonolet

Bridlington1 said:

Bridlington1 said:

Stargunner said:

chris_the_bee said:

Snapdragon said:

Snapdragon said:

flaneurs_lobster said:

surreysaver said:

JamesRobinson48 said:

Monmouthshire BS:  RS 13th month

Yesterday I attempted to internally transfer £300 into my two in-flight Monmouthshire BS RS accounts (paying 8% and 7%), both of which mature later this month.  Both transfers were declined, on the grounds that the account maximum balance would be exceeded.  I had previously paid in the max £300 for 12 consecutive months, starting August 2023.

To the best of my knowledge, in each case the account T&Cs specify a monthly max of £300, but no max account balance is stipulated anywhere.

In other words, they're applying a "no 13th month" policy although none is stated in the account T&Cs.

Please, how did anyone in similar circumstances get on?   I assume there would be many in the same boat.  


EDIT:  the MonBS has now sent me a secure message which states: 

"The maximum account balance is £3600".   

So best of luck to everyone trying for a 13th month!

Mine is funded by standing order and the money hasn't come back

But has the money been credited to your account(s)?

My guess is no. When I tried to make a 13th payment to the Coronation Saver it took the best part of a week for the funds to be returned.

I have both the 7% (opened early Sept) hence currently on 12th payment. The 8% (opened end of Aug) which I had left the standing order in place and tried to make 13th payment given that no max balance was mentioned in the T&Cs. Both SO's exit to Monmouth at the same time, 1st of month. The final payment to the 7% has already been credited as of the 2nd, the 13th payment to the 8% has NOT been credited, nor has it been returned yet.

Have just had confirmation the £300 (13th Monmouthshire payment) has been returned to my bank.

Same here.
I hope they can cope with the incoming phone calls and complaints.

Is it really worth complaining, when all that we have missed out on is around a £1 of interest, considering that the deposit would have probably been earning around 5% elsewhere.

IMHO yes and I put my complaint in a few hours ago. My approach is that I will make a complaint if the bank or building society in question is at fault and I have been negatively impacted due to events that were within their control.

They've failed to include an important term in their Ts&Cs and I've had £600 earning no interest since the start of the month as a result and if they do not rectify the issue I'll potentially have missed out on having £300 at 8% and another £300 at 7% for 30 days (as it stands it'll have to sit at 5.6% instead). Thus I consider myself as having perfectly good grounds to complain.

I've just had a phone call from Monmouthshire BS regarding the complaint I made:

They have said they've reviewed the Ts&Cs of the Regular Saver Issue 2 and the Exclusive Regular Saver and said they weren't clear enough so the maximum balance for both accounts has now been raised to £3900.

They've also offered me £25 as an apology, which will be paid into my nominated account.

Are you able to carry over from previous months if you didn't fund each month? 

schiff

MONMOUTH
I sent a similar message to Bridlington1's but got a different-ish reply: "Thank you for your message and would confirm that the term and conditions of the Regular Saver do stipulate that it is a 12 month term with a maximum of £300p/m, therefore it does state the boundaries. "
Apart from re-sending the RS2 13th payment I'm not taking it further.

chris_the_bee

schiff said:

MONMOUTH
I sent a similar message to Bridlington1's but got a different-ish reply: "Thank you for your message and would confirm that the term and conditions of the Regular Saver do stipulate that it is a 12 month term with a maximum of £300p/m, therefore it does state the boundaries. "
Apart from re-sending the RS2 13th payment I'm not taking it further.

A 12 month term does allow for 13 payments and they do not state the boundaries.

surreysaver

schiff said:

MONMOUTH
I sent a similar message to Bridlington1's but got a different-ish reply: "Thank you for your message and would confirm that the term and conditions of the Regular Saver do stipulate that it is a 12 month term with a maximum of £300p/m, therefore it does state the boundaries. "
Apart from re-sending the RS2 13th payment I'm not taking it further.

If its a 12 month account that allows £300pm payment, then, unless its opened on the 1st of a month, by that definition, it allows 13 payments!

AmityNeon

schiff said:

MONMOUTH
I sent a similar message to Bridlington1's but got a different-ish reply: "Thank you for your message and would confirm that the term and conditions of the Regular Saver do stipulate that it is a 12 month term with a maximum of £300p/m, therefore it does state the boundaries. "
Apart from re-sending the RS2 13th payment I'm not taking it further.

I would take it further. Dismissing you with an erroneous response is unacceptable, and I would threaten escalation to the FOS. It's now a matter of principle, the expectation that your query is handled correctly, not with incompetent condescension.

schiff

AmityNeon said:

schiff said:

MONMOUTH
I sent a similar message to Bridlington1's but got a different-ish reply: "Thank you for your message and would confirm that the term and conditions of the Regular Saver do stipulate that it is a 12 month term with a maximum of £300p/m, therefore it does state the boundaries. "
Apart from re-sending the RS2 13th payment I'm not taking it further.

I would take it further. Dismissing you with an erroneous response is unacceptable, and I would threaten escalation to the FOS.

I'll just be happy if my 13th payment is accepted. I've messaged them to tell them it's on its way - and to compare notes with other colleagues.

GetRichOrDieSaving

subjecttocontract said:

GetRichOrDieSaving said:

GetRichOrDieSaving said:

What’s the payment reference for the Virgin RS please? 

Just gambled and put my customer number, which worked fine.

Why would you need a payment reference if you have included your personal account number & the sort code ?
You could have left it blank.

Nationwide insisted. 

simonsmithsays

MBS

More worrying is that my OH got told the monthly s.os were returned due to 'system issues' and invited to send them again