Regular Savings Accounts: The Best Currently Available List!

allegro120

where_are_we said:

Hattie627 said:

Gatehouse RS Issue 1 Maturity 

I sent a secure message on Sunday requesting a transfer of all funds on maturity to my nominated account. Response (including typos) received today as follows:-

Thank you for your secure message on 24 November. I can confirm that upon maturity of your Regular Saver Account, all funds including any profit earnt will be automatically transferred into an Easy Access account. On your maturity date, a ‘move money’ option will become available for withdrawals to be made. Apologies that the maturity reminder email you have received does not clearly sate this. This has been passed on as feedback for continuous improvement.

My Gatehouse RS matures on Friday 29/11/24. It would be preferable to have the maturity money before multiple RS funding on December 1. To accomplish this is it best to open an easy access account in advance or does the message above mean it doesn`t matter?

I don't think anyone has experienced it yet, 29/11/24 is the the earliest maturity date one can have.  I'd like to think that they will automatically open it for you on the date, but if I didn't have EA already I would probably open one prior to maturity just in case.

Bobblehat

Hattie627 said:

Gatehouse RS Issue 1 Maturity 

I sent a secure message on Sunday requesting a transfer of all funds on maturity to my nominated account. Response (including typos) received today as follows:-

Thank you for your secure message on 24 November. I can confirm that upon maturity of your Regular Saver Account, all funds including any profit earnt will be automatically transferred into an Easy Access account. On your maturity date, a ‘move money’ option will become available for withdrawals to be made. Apologies that the maturity reminder email you have received does not clearly sate this. This has been passed on as feedback for continuous improvement.

The strange thing about the response is that they are just repeating what they have already said was the default position if no maturity instruction was received from the account holder. They are not saying that they have complied with your request. Also, the "move money" option is already there if you already have an EA account or a RS account with them ... it's nothing new that needs to be made available at maturity, if they are just going to move the RS into an EA!

Either they are being remarkably vague or evasive with this reply. Despite the acknowledgement that their maturity email was not clear (an understatement if ever there was one!), I am really not liking the way the Gatehouse have handled this and the previous 13th payment issue. I'm voting with my feet asap after maturity funds are transferred out.

Bigwheels1111

Just looked at my Coventry regular saver, interest has been added £111.96 and changed to an easy access account.
Set up withdrawal for tomorrow the 27th.
All good, I hope Gatehouse goes as smoothly on Friday.

Hattie627

Bobblehat said:

Hattie627 said:

Gatehouse RS Issue 1 Maturity 

I sent a secure message on Sunday requesting a transfer of all funds on maturity to my nominated account. Response (including typos) received today as follows:-

Thank you for your secure message on 24 November. I can confirm that upon maturity of your Regular Saver Account, all funds including any profit earnt will be automatically transferred into an Easy Access account. On your maturity date, a ‘move money’ option will become available for withdrawals to be made. Apologies that the maturity reminder email you have received does not clearly sate this. This has been passed on as feedback for continuous improvement.

The strange thing about the response is that they are just repeating what they have already said was the default position if no maturity instruction was received from the account holder. They are not saying that they have complied with your request. Also, the "move money" option is already there if you already have an EA account or a RS account with them ... it's nothing new that needs to be made available at maturity, if they are just going to move the RS into an EA!

Either they are being remarkably vague or evasive with this reply. Despite the acknowledgement that their maturity email was not clear (an understatement if ever there was one!), I am really not liking the way the Gatehouse have handled this and the previous 13th payment issue. I'm voting with my feet asap after maturity funds are transferred out.

Yes, not very helpful reply. I will wait and see what happens on the maturity date on the 29th. Safest not to rely on these proceeds to feed RS monthly standing orders due on Monday 2nd.

Gers

DJDools said:

Gers said:

Re Gatehouse - just got an email response to my question about maturity options:

Thank you for your email of 24 November.

If you hold a Regular Saver with us then this will automatically mature in to an Easy Access account, Once this account has matured you will be able to withdraw funds or reinvest from the Easy Access account.

They need a competent administrator to check communications.

I received the same, and yup, they didn't answer my questions about the (non-)maturity options, either.

Interestingly (for me) I received a customer service survey yesterday.  One question 'what can we do better' took me a little while to answer.

TheWoodler

Bobblehat said:

Either they are being remarkably vague or evasive with this reply. Despite the acknowledgement that their maturity email was not clear (an understatement if ever there was one!), I am really not liking the way the Gatehouse have handled this and the previous 13th payment issue. I'm voting with my feet asap after maturity funds are transferred out.

All banks and BS have their institutional, compliance and customer service issues (and I’ve successfully complained where necessary) but I have never been tempted by Gatehouse, despite the fact that on paper they’d fit my criteria really rather well with green and ethical savings. 

I’ve been put off by a number of things I’ve read in the news and reading these reports on the forum about their handling of the various RS issues outlined here confirms to me that Gatehouse isn’t a good fit for my savings portfolio and that I made the right decision - for me - of not nabbing this RS when it came onto the market. It seems to me to go beyond inexperience with a new product in their range.

Reading this forum is part of my due diligence and I’ll be interested to see how this turns out for customers on maturity.

surreysaver

simonsmithsays said:

TheWoodler said:

Bobblehat said:

Either they are being remarkably vague or evasive with this reply. Despite the acknowledgement that their maturity email was not clear (an understatement if ever there was one!), I am really not liking the way the Gatehouse have handled this and the previous 13th payment issue. I'm voting with my feet asap after maturity funds are transferred out.

All banks and BS have their institutional, compliance and customer service issues (and I’ve successfully complained where necessary) but I have never been tempted by Gatehouse, despite the fact that on paper they’d fit my criteria really rather well with green and ethical savings. 

I’ve been put off by a number of things I’ve read in the news and reading these reports on the forum about their handling of the various RS issues outlined here confirms to me that Gatehouse isn’t a good fit for my savings portfolio and that I made the right decision - for me - of not nabbing this RS when it came onto the market. It seems to me to go beyond inexperience with a new product in their range.

Reading this forum is part of my due diligence and I’ll be interested to see how this turns out for customers on maturity.

Gatehouse 

For balance..

Meanwhile I've found them to be totally fine.

I didn't bother complaining for the extra couple of pence for the 13th payment and I suspect maturity will work smoothly just as it was spelt out on application.

The irony is that there is a subset of people (see screenshot as an example) with a very low level of complaint threshold who blew a gasket on here and combed the T&C's to try and get an extra couple of pence out of them for a 13th payment and yet didn't comb the same conditions to see what the default maturity option was.

The same people may well be seething reading this post and in another, shoot yourself in the foot moment, inwardly hoping that maturity doesn't go well so they can complain and reply to this.

If they did offer another RS in the future I'd have no qualms using them.

And I'm sure there's certain things in life that you would seethe about, and others on here wouldn't give a second thought!
Each to their own, but as T&Cs form a contract between parties, I prefer the T&Cs to be stuck to

Bobblehat

surreysaver said:

..........

Each to their own, but as T&Cs form a contract between parties, I prefer the T&Cs to be stuck to

Agree totally! But it's the "T&C's" they make up as they go along that have me a bit concerned! Maybe Gatehouse will get better at communication of such matters in future! I won't be making a formal complaint, as it's not cost me anything financially, just a bit of time getting clarification.

subjecttocontract

I couldn't care less about green & ethical savings or wether there have been a few negative reports regarding Gatehouse. I really don't mind waiting a few days for my money. I'm mainly driven by interest rates. If they offer a good return I will put my money with them. The reg saver is 7% for me until Friday and I've put £10K in their fixed rate Woodland Saver at 4.9%. I don't think they are currently offering anything that's competitive.

Speculator

Bigwheels1111 said:

Just looked at my Coventry regular saver, interest has been added £111.96 and changed to an easy access account.
Set up withdrawal for tomorrow the 27th.
All good, I hope Gatehouse goes as smoothly on Friday.

Mine is due to mature tomorrow. Anyone know if Coventry withdrawals are same day or next day? Thanks.