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Bridlington1

Progressive BS Interest Rate Reductions From 10/12/24:

Online Regular Rainy Day Saver (NLA) ~~~ NO CHANGE ~~~ Remains at 7%

liamcov

I have received the following email from Progressive BS:

This email is to advise that the Society has reviewed the interest rate payable on Online Regular Rainy Day Saver Acc 2. The interest rate will reduce from 5% Gross*/AER** (variable) to 4.75% Gross*/AER** (variable) and the change will be effective from 10/12/2024.

We will contact you approximately 14 days before the maturity date of your bond to remind you that your bond is about to mature. You are unable to close your bond or make a withdrawal until the bond matures. On maturity, the bond will roll into a variable rate instant access account, at the interest rate available at that time.

I thought this account allowed withdrawals or have I got that wrong?

Middle_of_the_Road

flaneurs_lobster said:

Dizzycap said:

I decided to close my Co-op RS this morning and reapplied for a fresh fixed 7% RS which will be up and running tomorrow, as I doubt that when Conventry takes over they will offer a better rate, so I see it as the Loyalty Saver already on offer @ a lovely 7% Fixed Rate

Agree that the Co-op 7% Regular Saver is, indeed, lovely.

What it isn't however is Fixed. 

<QUOTE>

Can The Co-operative Bank change the interest rate?

Yes, the interest rate is variable, which means it can go up or down.

<\QUOTE>

They have said that the rate is NOT reducing on 22/01/25 unlike their other savings products.

Do you have to contact CS to get this account closed?

Initially Co-op sent out letters after application stating it was a fixed rate account, which they later corrected.

Dizzycap

Middle_of_the_Road said:

flaneurs_lobster said:

Dizzycap said:

I decided to close my Co-op RS this morning and reapplied for a fresh fixed 7% RS which will be up and running tomorrow, as I doubt that when Conventry takes over they will offer a better rate, so I see it as the Loyalty Saver already on offer @ a lovely 7% Fixed Rate

Agree that the Co-op 7% Regular Saver is, indeed, lovely.

What it isn't however is Fixed. 

<QUOTE>

Can The Co-operative Bank change the interest rate?

Yes, the interest rate is variable, which means it can go up or down.

<\QUOTE>

They have said that the rate is NOT reducing on 22/01/25 unlike their other savings products.

Do you have to contact CS to get this account closed?

Initially Co-op sent out letters after application stating it was a fixed rate account, which they later corrected.

But they honoured the mistake by keeping it at 7%. I've still opened a new RS even with the amended 7% variable. Far better than a variable 5.15% or 5% which reduced towards the end of this month or will early December.

Bridlington1

liamcov said:

I have received the following email from Progressive BS:

This email is to advise that the Society has reviewed the interest rate payable on Online Regular Rainy Day Saver Acc 2. The interest rate will reduce from 5% Gross*/AER** (variable) to 4.75% Gross*/AER** (variable) and the change will be effective from 10/12/2024.

We will contact you approximately 14 days before the maturity date of your bond to remind you that your bond is about to mature. You are unable to close your bond or make a withdrawal until the bond matures. On maturity, the bond will roll into a variable rate instant access account, at the interest rate available at that time.

I thought this account allowed withdrawals or have I got that wrong?

Probably a typo. The Ts&Cs quite clearly state:

Bridlington1

Just a reminder the HRBS interest rate reductions come into effect tomorrow. Of note:

Account	Old rate	New rate
HRBS Regular Saver 30 Day Notice (NLA)	5.00%	4.75%
HRBS Regular Saver 30 Day Notice Issue 2	4.85%	4.60%

gt94sss2

Gatehouse have added the interest/profit due to those who opened their RS accounts on 29/11/23.

Not 100% sure what rate is applicable to the easy access accounts. I would be pleasantly surprised if it is 5% as the account suggests in online banking/their app..

surreysaver

'Profit' is now showing in my Gatehouse Regular Saver and it reckons the money will be in my nominated account tomorrow 

Stargunner

Received a secure message from Gstehouse saying that my RS had matured to an EA account, Profit has been added and I was able to withdraw the full balance to arrive in my bank tomorrow.

GetRichOrDieSaving

My gatehouse RS shows profit, states it’s still a RS (not EA) but has a rate of 5% and I can’t withdraw my money and that’s logging in online not the app…. 🤷🏼😂

EDIT - I have the option to withdraw in the app.