Regular Savings Accounts: The Best Currently Available List!

Gers

Hattie627 said:

I've had an email today from Gatehouse Bank saying that my Regular Saver issue 1 matures on 29th November and asking me to enter maturity instructions online. When I go online and into my account, I can't find anywhere to enter maturity instructions. Just wondered if anyone else is experiencing/has experienced this? Maturity is only 5 days away.

Yep - me too.  I've sent them an email with a screenshot of the account options available to me. So annoying.

flaneurs_lobster

...and the link in the email to the Easy Access Account details is a 404 not found. Pisspoor that nobody at Gatehouse has actually proofed their mailout. 

Thought I might preempt the whole maturity process, I know that withdrawals are not allowed but can't find any mention of early closure in the Terms.

As is common with smaller institutions, their helpdesk/CS is MON-FRI 9:00-5:00, so that'll be busy first thing tomorrow.

trickydicky14

Are folks asking for options other than moving your money into an easy access account?

The email I received a week ago gives that as the only option. I was not ask what I wish to do with the money just told it would convert to an easy access.

Am I missing something.

soulsaver

email 16/11
Gatehouse Reg Saver Maturity:

"What happens next?
We will automatically move your money into an Easy Access account and inform you of this once we have done so. You will be able to find the details of this product on our website. 

After your account term has ended
You will be able to view your Easy Access account by logging into your account online. Once the funds have been moved across, you are able to continue your savings journey, withdraw your funds or close your account at any time."

surreysaver

trickydicky14 said:

Are folks asking for options other than moving your money into an easy access account?

The email I received a week ago gives that as the only option. I was not ask what I wish to do with the money just told it would convert to an easy access.

Am I missing something.

I presume you are yet to receive the email the rest of us have received this morning?

flaneurs_lobster

trickydicky14 said:

Are folks asking for options other than moving your money into an easy access account?

The email I received a week ago gives that as the only option. I was not ask what I wish to do with the money just told it would convert to an easy access.

Am I missing something.

Here's the relevant text from the letter I received:

Your Gatehouse Bank Fixed Term Deposit account is due to mature in 5 days.

To view details of your maturity options, log into your account at www.gatehousebank.com. You will have the option of continuing to save through another Fixed Term Deposit account or withdraw your funds.

If we do not receive your maturity instruction before the maturity date, your deposit will be transferred to a Gatehouse Bank Easy Access account. To read more about the Gatehouse Bank Easy Access account and to view the terms and conditions for the account, please visit www.gatehousebank.com/personal/savings/easy-access-account.

trickydicky14

surreysaver said:

trickydicky14 said:

Are folks asking for options other than moving your money into an easy access account?

The email I received a week ago gives that as the only option. I was not ask what I wish to do with the money just told it would convert to an easy access.

Am I missing something.

I presume you are yet to receive the email the rest of us have received this morning?

It looks like that's a NO. My account is due on the 1st Dec and the only email I have been sent has the text that is in surreysaver post above.

flaneurs_lobster

trickydicky14 said:

surreysaver said:

trickydicky14 said:

Are folks asking for options other than moving your money into an easy access account?

The email I received a week ago gives that as the only option. I was not ask what I wish to do with the money just told it would convert to an easy access.

Am I missing something.

I presume you are yet to receive the email the rest of us have received this morning?

It looks like that's a NO. My account is due on the 1st Dec and the only email I have been sent has the text that is in surreysaver post above.

The email today is for "M-day - 5". If you're due 1 Dec, you should get the same on Tuesday. 

Bobblehat

flaneurs_lobster said:

trickydicky14 said:

Are folks asking for options other than moving your money into an easy access account?

The email I received a week ago gives that as the only option. I was not ask what I wish to do with the money just told it would convert to an easy access.

Am I missing something.

Here's the relevant text from the letter I received:

Your Gatehouse Bank Fixed Term Deposit account is due to mature in 5 days.

To view details of your maturity options, log into your account at www.gatehousebank.com. You will have the option of continuing to save through another Fixed Term Deposit account or withdraw your funds.

If we do not receive your maturity instruction before the maturity date, your deposit will be transferred to a Gatehouse Bank Easy Access account. To read more about the Gatehouse Bank Easy Access account and to view the terms and conditions for the account, please visit www.gatehousebank.com/personal/savings/easy-access-account.

It's the last paragraph above that leads you to believe that you can instruct them what to do at maturity, that coupled to the ambiguous "or withdraw your funds", from the previous paragraph. What they don't say is how you can withdraw your funds! Is it only by withdrawing from the newly opened Easy Access account, or is it by giving them other instructions. Not the best communication I've received from a bank ..... closer to the worst!

WillPS

callum9999 said:

WillPS said:

callum9999 said:

Are you sure that's a good use of your time? 

I'm not sure why people see fit to make these sorts of judgments on here. It's a money saving forum. If people want to spend their time saving the pennies that's totally up to them.

callum9999 said:

You can generally get Morrisons gift cards for at least a 3% discount online, would you not be better off getting your shopping with that while leaving the round-up cash in one of the numerous accounts that pay around 5%? Unless I've missed something, the gift card discount saves you more than the additional interest you would earn from the roundups, and you don't have to stand at a till doing transaction after transaction every day!

You're totally missing something it takes almost 3 years to 'fill up' a Natwest/RBS digital regular saver with £150 monthly deposits alone.

A double round up generates a deposit up to £1.98 a time - or perhaps a more realistic £1.80 for a 10p banana. That £1.80 will earn an additional 1.8p of interest in Y1 (when compared to a 5% easy access), an additional 1.8p of interest in Y2 and potentially almost an additional 1.8p of interest in Y3 - all presuming that 1% arbitrage remains.

The cashback on that 10p banana had it been paid for with a discounted gift card would have been less than half a penny. 

For clarity, I don't do this - but I don't scorn those who do it, in fact I commend them for their thriftiness. I just can't be bothered myself.

It was incredibly obvious that my questioning was over the apparent fact that their laborious actions were seemingly saving/earning them LESS than the alternative I suggested. You seem to understand that so I have no idea why you're throwing a hissy fit over something you know full well I'm not doing...

Indeed, it was obvious - as is the error you're continuing to persist, albeit dressed up with layers of unpleasantness. 

Hint: it doesn't have to be <10p in order to be effective. Any amount ending between £x.00 and £x.20 is potentially worth doing, although the value erodes vs a 3% cashback as x increases, anything below a fiver would certainly yield better, if you can be bothered.