Regular Savings Accounts: The Best Currently Available List!

Fingerbobs

SFindlay said:

I just opened the Home Coach account using the VM site, no app involved and it appeared atop my VM RS 14 immediately.

Its not listed on VM website so how did you manage that? 

It's not listed, but the summary page, with a link to the application, can be found via your favourite search engine. Alternatively, just use the link posted earlier in this forum.

cricidmuslibale

kaMelo said:

Deleted_User said:

Just putting in my thoughts on the Coventry BS Regular Saver discussion.....
I had Issue 1 (matured in October with expected interest) running along with Issue 2 (and possibly overlapping in time with Issue 3, haven't checked the dates).
I now have Issue 4 running along with Issues 2 and 3.
I think Coventry would have difficulty in enforcing any penalty action in respect of holding more than one RS issue at a time in light of the facts that:-
(a) They accept applications for new RS accounts from holders of live RS accounts of previous issue(s);
(b) At least with regard to Issue 4, their terms and conditions are ambiguous.

The original regular saver terms "you can only hold one regular saver" This makes sense as issue one was the only one there was and you couldn't hold two of them. Issue two had the same terms yet some people opened an issue two whilst holding issue one. In fact as an existing customer you could log in to open one. To my knowledge no one has had an account downgraded because of holding versions one and two of their regular saver at the same time.  
Issue three and four I think tries to clarify by stating "you can only hold one version of a regular saver".
I.E. you can hold multiple regular savers but only one of each version. 
It would have been clearer though if they'd used the word "issue" rather than "version"

I take all that back after reading the full terms which are quite clear, specifically paragraph 1.5
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=RSD4

1.5 You can only open and be named on one Regular Saver (including any previous or subsequent issues) at any one time.

"1.5 You can only open and be named on one Regular Saver (including any previous or subsequent issues) at any one time."
This condition could easily be interpreted as meaning (a) 'You can't open more than one Regular Saver' with the Coventry at the same time i.e. in practice this would be two or more Regular Savers of the same issue (4 at the moment) being opened simultaneously and (b) you can only have one Regular Saver newly opened in your name (whether opened by you or someone else on your behalf) at any one time. Both (a) and (b) would obviously preclude more than one Regular Saver Issue 4 being opened by you (or someone else on your behalf) at the same time but neither (a) nor (b) would prevent anyone who has previously opened any of Issues 1, 2 and 3 whilst they were available from opening an Issue 4 from now until it is now longer available.

Thus, to me at least, the true meaning of paragraph 1.5 is not at all clear and unambiguous, and therefore seems perfectly reasonable to me (on careful consideration) to consider it entirely within the 'Coventry rules' to open an Issue 4 Regular Saver whilst still holding a previous issue Regular Saver with them.

What is absolutely clear and unambiguous is that with the Coventry you can only hold one Regular Saver of each issue; that is very clearly stated on the summary page for Issue 4 as it has been for all three previous issues!
 

schiff

Coventry - people are divided two ways:
Those who believe that only one RS of all and any issues can be operated at the same time, and act accordingly.
Those who have read the T&Cs but open an RS of each issue with a clear understanding of the possible consequences, but who from experience (their's and others') think it is very unlikely.
That's it really.

cricidmuslibale

Coventry could clear any confusion up once and for all by stating in very plain terms either (a) 'You can only hold one Regular Saver in total at any one time and thus you can't open a new Regular Saver if you already have one from this issue or any previous issues already open.' Or (b) 'You can only hold one Regular Saver from each issue; however opening a Regular Saver from the present issue whilst holding (a) Regular Saver(s) from (a) previous issue(s) is permitted.

schiff

They won't, because it would be nightmare for them to put any correction into effect, and it would damage the relationship between them and their customers. 

SFindlay

Fingerbobs said:

SFindlay said:

I just opened the Home Coach account using the VM site, no app involved and it appeared atop my VM RS 14 immediately.

Its not listed on VM website so how did you manage that? 

It's not listed, but the summary page, with a link to the application, can be found via your favourite search engine. Alternatively, just use the link posted earlier in this forum.

So you never opened it using the VM website like you said? In effect you opened it with a link someone else created and potentially through cookie trail leads to their email and IP address?? If anybody will have their accounts downgraded as per the terms and  conditions it will be those ones!!  Seems not to be a worthwhile risk rather than downloading an app and taking 10 minutes to compete whats required. 

surreysaver

cricidmuslibale said:

kaMelo said:

Deleted_User said:

Just putting in my thoughts on the Coventry BS Regular Saver discussion.....
I had Issue 1 (matured in October with expected interest) running along with Issue 2 (and possibly overlapping in time with Issue 3, haven't checked the dates).
I now have Issue 4 running along with Issues 2 and 3.
I think Coventry would have difficulty in enforcing any penalty action in respect of holding more than one RS issue at a time in light of the facts that:-
(a) They accept applications for new RS accounts from holders of live RS accounts of previous issue(s);
(b) At least with regard to Issue 4, their terms and conditions are ambiguous.

The original regular saver terms "you can only hold one regular saver" This makes sense as issue one was the only one there was and you couldn't hold two of them. Issue two had the same terms yet some people opened an issue two whilst holding issue one. In fact as an existing customer you could log in to open one. To my knowledge no one has had an account downgraded because of holding versions one and two of their regular saver at the same time.  
Issue three and four I think tries to clarify by stating "you can only hold one version of a regular saver".
I.E. you can hold multiple regular savers but only one of each version. 
It would have been clearer though if they'd used the word "issue" rather than "version"

I take all that back after reading the full terms which are quite clear, specifically paragraph 1.5
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=RSD4

1.5 You can only open and be named on one Regular Saver (including any previous or subsequent issues) at any one time.

"1.5 You can only open and be named on one Regular Saver (including any previous or subsequent issues) at any one time."
This condition could easily be interpreted as meaning (a) 'You can't open more than one Regular Saver' with the Coventry at the same time i.e. in practice this would be two or more Regular Savers of the same issue (4 at the moment) being opened simultaneously and (b) you can only have one Regular Saver newly opened in your name (whether opened by you or someone else on your behalf) at any one time. Both (a) and (b) would obviously preclude more than one Regular Saver Issue 4 being opened by you (or someone else on your behalf) at the same time but neither (a) nor (b) would prevent anyone who has previously opened any of Issues 1, 2 and 3 whilst they were available from opening an Issue 4 from now until it is now longer available.

Thus, to me at least, the true meaning of paragraph 1.5 is not at all clear and unambiguous, and therefore seems perfectly reasonable to me (on careful consideration) to consider it entirely within the 'Coventry rules' to open an Issue 4 Regular Saver whilst still holding a previous issue Regular Saver with them.

What is absolutely clear and unambiguous is that with the Coventry you can only hold one Regular Saver of each issue; that is very clearly stated on the summary page for Issue 4 as it has been for all three previous issues!
 

I've actually struggled to find the product specific terms, as there's no link to them in the summary 

JamesRobinson48

Special_Saver2 said:

Hi Everybody,

Here is this weekend's update to this thread.

As planned, I have re-assessed the criteria at the end of November which I use for accounts to be on the first page of this thread. I had planned to review the criteria at this point as I was waiting to see the full effects of the NS&I interest rate cut. I have decided to include accounts paying 1.5% and any account paying 1% with particularly good conditions (e.g. fixed rate, allow payment of £500 or more per month, or account duration of at least 2 years).

• 
  

Thanks!  On the stated criteria, there's a few you might consider adding to your list:  
(1) Leek BS:  1.35% variable, max £1000pm, 12 months**,
(2) Scottish BS**: 1.35% variable, max £500pm, 12 months**, and
(3) Stafford Railway BS: 1.00% variable, max £500pm, indefinite tenor.
None of the above has any postcode restrictions. All are branch/post, currently with no online functionality of any kind.

** For these Leek BS and Scottish BS accounts it is currently permitted to continue into a successor RS upon maturity after 12 months, starting again with same account number and effectively zero balance, so you could just keep your Standing Order in place with no amendments needed.

schiff

JamesRobinson48 said:

Special_Saver2 said:

Hi Everybody,

Here is this weekend's update to this thread.

As planned, I have re-assessed the criteria at the end of November which I use for accounts to be on the first page of this thread. I had planned to review the criteria at this point as I was waiting to see the full effects of the NS&I interest rate cut. I have decided to include accounts paying 1.5% and any account paying 1% with particularly good conditions (e.g. fixed rate, allow payment of £500 or more per month, or account duration of at least 2 years).

• 
  

Thanks!  On the stated criteria, there's a few you might consider adding to your list:  
(1) Leek BS:  1.35% variable, max £1000pm, 12 months**,
(2) Scottish BS**: 1.35% variable, max £500pm, 12 months**, and
(3) Stafford Railway BS: 1.00% variable, max £500pm, indefinite tenor.
None of the above has any postcode restrictions. All are branch/post, currently with no online functionality of any kind.

** For these Leek BS and Scottish BS accounts it is currently permitted to continue into a successor RS upon maturity after 12 months, starting again with same account number and effectively zero balance, so you could just keep your Standing Order in place with no amendments needed.

The Leek is 1.10% now.
.....though I can't now trace the detail. Website shows 1.35%. Hope I'm wrong!

ashteadgirl

schiff said:

JamesRobinson48 said:

Special_Saver2 said:

Hi Everybody,

Here is this weekend's update to this thread.

As planned, I have re-assessed the criteria at the end of November which I use for accounts to be on the first page of this thread. I had planned to review the criteria at this point as I was waiting to see the full effects of the NS&I interest rate cut. I have decided to include accounts paying 1.5% and any account paying 1% with particularly good conditions (e.g. fixed rate, allow payment of £500 or more per month, or account duration of at least 2 years).

• 
  

Thanks!  On the stated criteria, there's a few you might consider adding to your list:  
(1) Leek BS:  1.35% variable, max £1000pm, 12 months**,
(2) Scottish BS**: 1.35% variable, max £500pm, 12 months**, and
(3) Stafford Railway BS: 1.00% variable, max £500pm, indefinite tenor.
None of the above has any postcode restrictions. All are branch/post, currently with no online functionality of any kind.

** For these Leek BS and Scottish BS accounts it is currently permitted to continue into a successor RS upon maturity after 12 months, starting again with same account number and effectively zero balance, so you could just keep your Standing Order in place with no amendments needed.

The Leek is 1.10% now.
.....though I can't now trace the detail. Website shows 1.35%. Hope I'm wrong!

Had a letter dated 13/11/20 that Flexible saver rate decreases to 1.1% on 2/12/20.  Also the original Regular savings account decreases to !.35% with bonus or 0.85% without bonus.