Regular Savings Accounts: The Best Currently Available List!

RosieRooBear

gt94sss2 said:

Aidanmc said:

Just received the 'rejected deposit' email from Gatehouse.

Funds will be returned to source account within 2 working days

Is anyone planning to complain that rejecting the 13th payment is not in line with their T&C?

I’m not going to complain either

Bridlington1

gt94sss2 said:

Aidanmc said:

Just received the 'rejected deposit' email from Gatehouse.

Funds will be returned to source account within 2 working days

Is anyone planning to complain that rejecting the 13th payment is not in line with their T&C?

If I'd opened the account in November 2023 and fully funded it every month since then I would be complaining, as I did with Monmouthshire BS a couple of months ago (who gave me £25 and upped the max deposit for all).

Sadly I opened mine in the December and didn't fully fund it due to wanting to have all funds accessible so haven't had a bounced payment.

trickydicky14

Sometimes the compensation culture gets out of hand me thinks

chris_the_bee

gt94sss2 said:

Aidanmc said:

Just received the 'rejected deposit' email from Gatehouse.

Funds will be returned to source account within 2 working days

Is anyone planning to complain that rejecting the 13th payment is not in line with their T&C?

Edit: I believe that several did when the same issue occurred recently with Monmouthshire BS

I phoned Gatehouse to ask the question on 13th payment. CS checked with someone else and then said yes you can make 13th. However, as I then saw several posts on this forum about peoples 13th being rejected, I chose not to pay. Otherwise, I definitely would complain. 2 complaints to MonBS gained me £75. These BS need to learn to stick to their T's&C's. 

surreysaver

trickydicky14 said:

Sometimes the compensation culture gets out of hand me thinks

It's not the compensation culture. It's the fact that these organisations are working outwith the badly-written T&Cs.
If a credit card customer doesn't understand T&Cs and has to pay some interest, why shouldn't it work the other way around too?
I spend time and effort to remain within T&Cs, that Gatehouse cannot be bothered to write properly

Bridlington1

trickydicky14 said:

Sometimes the compensation culture gets out of hand me thinks

Though in the case of Gatehouse and Monmouthshire BS all I'd be asking is that they stick to their own Ts&Cs.

The terms state that you can deposit £300 per calendar month and never stated a maximum balance, thus it is reasonable to assume that those who opened the Gatehouse Regular Saver at 7% in November 2023 should be able to deposit £300 on 1/11/24 so long as the account is yet to mature.

In the case of Monmouthshire BS all I asked them to do was to let me make the £300 deposit for the final month of the regular saver term and in future if their accounts have a maximum balance they should state it in their Ts&Cs. I never asked for any other compensation, just that they stick to their Ts&Cs.

Of course if they decide to offer me some money as an apology as well I'm not going to refuse them, which is what happened with Monmouthshire BS, it was them who offered me the £25, I accepted it.

janusd

gt94sss2 said:

Aidanmc said:

Just received the 'rejected deposit' email from Gatehouse.

Funds will be returned to source account within 2 working days

Is anyone planning to complain that rejecting the 13th payment is not in line with their T&C?

Edit: I believe that several did when the same issue occurred recently with Monmouthshire BS

personally I wouldn't, in the formal sense, make a complaint - but it's definitely worthy of someone clarifying with Gatehouse whether this is a policy change or an IT bug... if only for future reference.

simonsmithsays

trickydicky14 said:

Sometimes the compensation culture gets out of hand me thinks

Agreed

Some on these forums actively look for ways to seek an OTT payment whilst trying to project a false guise of 'Ill show them' when they've missed out on a matter of pence.

Anyway - back to Regular Savers anyone?

t1redmonkey

Really amazed some on here are trying to defend financial institutions messing up the way they've worded Ts and Cs on their products. 

I've worked in Financial Services for 18 years - it gets hammered into us that you absolutely cannot mess up with details on how products work, whether that's in documentation or what you tell customers. 

Gatehouse have clearly messed up in this instance, the same way that Monmouthshire did a few months ago, therefore I believe it's right to point this out to them, not necessarily for compensation, but so they can actually learn from their mistakes and sort out their processes for future products they launch.

allegro120

Bobblehat said:

SJMALBA said:

Mine was Faster Payment, received the rejection email this morning - money back in my Bank of Scotland account yesterday (afternoon?).

RosieRooBear said:

@Bobblehat, I made a faster payment from Barclays to Gatehouse early yesterday morning. The £300 bounced back into my account around 3:15pm yesterday. Maybe I got it back quicker because they use Barclays as their intermediary bank 🤷🏼‍♀️😊

Thanks folks. Looks like it makes no difference if the 13th payment attempt to GH RS was by internal or external means! I guess it was a long-shot to see if there was a loophole!

Gatehouse.
It wasn't a long-shot to see if there was a loophole.  There is no mention in "key product information" of £3600 maximum balance.  It says  "You can make multiple deposits into the account per month, up to the maximum monthly allowance of £300." and this is exactly what I did.  I wouldn't have sent £300 yesterday if they specified maximum balance in "key product information".  4-5 days loss of interest on £300 is not a big deal on a larger scale, but it is disappointing.