Regular Savings Accounts: The Best Currently Available List!

RG2015

Coventry
I have issue 3 and today opened issue 5 after reading a post at 8:43 this morning (but before reading any subsequent posts)

I then noticed the following on my issue 3 Ts&Cs

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

I had not seen this on the Issue 5 Ts&Cs, so I phoned Coventry to see if this had been changed, and they told me that this was correct, and any payments into the account will be rejected. He was able to close the new account immediately. I have now subsequently found this restriction stated on the Issue 5 Ts&Cs.

He also said that they have had a lot of feedback, and that their IT people were attempting to update the software to decline any applications breaching this rule.

typistretired

One advisor will say one thing and another say something different. If they can’t understand the terms and conditions how do they  expect customers to understand. 

RG2015

typistretired said:

One advisor will say one thing and another say something different. If they can’t understand the terms and conditions how do they  expect customers to understand. 

re: Coventry.

To be fair, the terms are pretty unequivocal. I just got caught out because I did not fully read the Summary Box

You can only be named on one Regular Saver (including any previous or subse/quent issues) at any one time.

SFindlay

He also said that they have had a lot of feedback, and that their IT people were attempting to update the software to decline any applications breaching this rule.

Shame there are all these people phoning up to provide feedback resulting in them talking about updating software (I'll believe it when I see it!!) rather than just making their own decision if they'll follow these unequivocal T&Cs or the personal experiences of people on forums they follow. Sounds like some people don't know a good thing when they see it and instead attempt to place further obstacles in front of people that don't need to be placed there!! 

colsten

RG2015 said:

He also said that they have had a lot of feedback, and that their IT people were attempting to update the software to decline any applications breaching this rule.

Well done all who helped achieve this 🤬🤬🤬

mhoc

My M&S regular saver matures in April - is there any reason or any point in opening a new one? Is that even possible now? 

lhsecons

It isn’t possible.

cricidmuslibale

SFindlay said:

He also said that they have had a lot of feedback, and that their IT people were attempting to update the software to decline any applications breaching this rule.

Shame there are all these people phoning up to provide feedback resulting in them talking about updating software (I'll believe it when I see it!!) rather than just making their own decision if they'll follow these unequivocal T&Cs or the personal experiences of people on forums they follow. Sounds like some people don't know a good thing when they see it and instead attempt to place further obstacles in front of people that don't need to be placed there!! 

I couldn't agree more! I currently have both Issue 3 and Issue 4 of Coventry's regular savers - I am not interested in Issue 5 anyway because the variable interest rate of only 1.05% means that any rate cut will probably take the overall interest payment over the 12 month period below 1% - and I only opened Issue 4 because it was not entirely clear in the t's and c's for that issue that you couldn't hold a previous issue regular saver provided you only held one of each issue. I generally don't know now whether I should continue to make regular monthly payments into both of these regular savers or not? Anyone else facing the same dilemma, what do you intend to do please?

cricidmuslibale

colsten said:

RG2015 said:

He also said that they have had a lot of feedback, and that their IT people were attempting to update the software to decline any applications breaching this rule.

Well done all who helped achieve this 🤬🤬🤬

Too right! Why don't people ever realise that if a savings provider is accidentally / unintentionally benefiting you in one way or another it's nearly always the best policy to discuss it, when necessary, in a discreet manner and, crucially, be aware that, if you bring the unintentional benefit directly to the attention of the actual savings provider, you, and many others like you, may well lose that benefit permanently!?

Rich2808

cricidmuslibale said:

colsten said:

RG2015 said:

He also said that they have had a lot of feedback, and that their IT people were attempting to update the software to decline any applications breaching this rule.

Well done all who helped achieve this 🤬🤬🤬

Too right! Why don't people ever realise that if a savings provider is accidentally / unintentionally benefiting you in one way or another it's nearly always the best policy to discuss it, when necessary, in a discreet manner and, crucially, be aware that, if you bring the unintentional benefit to the attention of the actual savings provider, you, and many others like you, may well lose that benefit permanently!?

Sorry - but the provider is not accidentally or unintentionally benefitting people - those people have (in most cases) deliberately chosen to ignore the terms and conditions that provider has set and open multiple accounts for a product when only one is permitted at anyone time.
If its accidental and unknowing - that is fair enough - but when its done knowingly that is another matter.
Its the savings equivalent of saying its ok to exceed the speed limit in your car - as long as you don't get caught!
Well Coventry have identified the flaws in their controls - and are now ensuring the rules are followed. 
Hardly worth stressing over either way though!