Regular Savings Accounts: The Best Currently Available List!

cricidmuslibale

surreysaver said:

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 

When you begin the application process for a Coventry Regular Saver Issue 4 there is a direct link to the product specific terms on the starting page I think. 

kaMelo

surreysaver said:

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 

https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=RSD4

(The link is actually in the post you quoted)

schiff

Saffron BS have announced the 12 Months Fixed Rate Members' RS (Issue 8). £50 to £500 per month - 1.5%. Available to account holders during the last 12 months. I only discovered this checking if I could make 13 payments into my Issue 4 which matures on Jan 19th. I can't, tried it before but it was sent back.

veryintrigued

schiff said:

Saffron BS have announced the 12 Months Fixed Rate Members' RS (Issue 8). £50 to £500 per month - 1.5%. Available to account holders during the last 12 months. I only discovered this checking if I could make 13 payments into my Issue 4 which matures on Jan 19th. I can't, tried it before but it was sent back.

Saffron 12 Month Fixed Rate Members Regular Saver (Issue 8)

Great spot - thank you for this.

This product must be very recent as they still had the postcode restriction in for their only RS only a day or so ago.

It's a great product in that it's fixed and also allows penalty free withdrawals.

Note that if you apply online whilst signed in you weirdly get asked what initial deposit is up to a maximum of £6500!

PS:

If you are using internet banking to send funds to an account you hold with the Saffron Building Society for the first time you should use the new Sort Code 20-74-21, Account Number 00775991 and quote your Saffron Building Society Account number as the reference.

Saver53

Near the end of the online application process it comes up with eligibility criteria which include not holding a Regular Saver with Saffron already.  In an "online chat" with Saffron, I was told that holding a Regular Saver Issue 4 (as I do, maturing in the New Year) I was not eligible now, but that the maturity form for the Issue 4 account would have an option to open the Members Regular Saver Issue 8.  I know this risks opening another Coventry-type debate but I thought it was worth reporting anyway.

typistretired

Anyone know how long it takes to appear in your accounts. Started a chat but the advisor closed immediately must have gone for lunch break.  Now they are all busy will get back to me

Fingerbobs

typistretired said:

Anyone know how long it takes to appear in your accounts. Started a chat but the advisor closed immediately must have gone for lunch break.  Now they are all busy will get back to me

Mine appeared instantly. 

liamcov

Instantly for me labelled 'Fixed Term Saving - Regular Saver A' showing 0.05%

colsten

typistretired said:

Anyone know how long it takes to appear in your accounts. Started a chat but the advisor closed immediately must have gone for lunch break.  Now they are all busy will get back to me

The account shows instantly, both online and in the app.

liamcov

Is this a regular saving hour this lunchtime or are we all spurned on by news of something new...