Regular Savings Accounts: The Best Currently Available List!

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.

janusdesign

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.

Dizzycap

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

Absolutely not. There's only a few days between squeezing a 13th payment in and my maturity date, so it's not worth it.

allegro120

Kim_13 said:

surreysaver said:

Kim_13 said:

Still no withdrawal option showing for those who let it auto convert to the EA.

Wish I’d just specified the full contributed amount and let all of the interest stay, rather than doing this because I wanted to leave behind the minimum possible to retain membership.

Which account are you talking about? If it's Tipton, I private messaged them asking to keep £10 in the EA and transfer the balance to my nominated account. And that's what they've done 

Did you do this in advance due to the badly laid out options, or after it had matured? Sadly I didn’t think to do the former, not expecting an EA account not to have a ‘withdraw’ button.

Tipton.
When I received the email with maturity options documents attached I instructed to close the account.  Later I changed my mind and decided to maintain the membership, so I've sent a secure message asking for rollover.  They replied that they've re-selected my option. My plan was to let the account morph, leave £10 in the account and withdraw the rest yesterday (Friday).  Unfortunately I didn't realise that there is no ‘withdraw’ button, so I had to message my withdrawal instruction.  Got reply this morning (Saturday) that they will process it on Monday and the money will be in my bank account on Tuesday.  I will still receive 3.75% interest for these four days, so not too disappointed, but I wish their app had a withdrawal option.  I didn't check it before making a decision because I expected it to be there like in other BS apps.  Good thing is that they reply on Saturdays, most BS wouldn't do that at weekends. 

allegro120

The next 1st of the month falls on Sunday.  Does anyone know whether the following providers credit interest on funds deposited at weekends: Aldermore, Coventry, MHBS and Newcastle? 

Bigwheels1111

YBS money has arrived at last, Gatehouse deposit rejected email had arrived also.