Regular Savings Accounts: The Best Currently Available List!

kaMelo

fleemkt said:

So with the Skipton RS, I assume you need to linked an external account and then manually push payments into the account every month?

You can pay into the Skipton in a variety of ways, there is no requirement for it to only come from your linked account however you can only withdraw money from the Skipton into the linked account.

pafpcg

surreysaver said:

trickydicky14 said:

mhoc said:

where_are_we said:

mhoc said:

Coventry have finally caught up with my OH - is he one of the last ones with multiple accounts?
Graciously they are giving 2 months notice before closing the extra accounts up to 19th October 2021.
They say its the 1st account opened after 18th October 2020 that will be allowed to stay open. 
But OHs regular saver 3  (1.55%) matures on 16th October, just then leaving issue 4 and 5 open. 
Issue 4 matures was opened in November 2020 so thats the one that will stay open at least for the final month before it matures.
Issue 5 will be the excess account they will close.
But then I will reopen it again in November - that is if issue 5 still exists then

Are they imposing a penalty such as loss of interest?

No penalty - they say "if a regular saver is closed before the 12 month period ends we usually charge an amount equal to 30 days calendar interest. However in this case were going to waiver the charge and transfer the savings you hold along with all of the interest you've earned up to the date they're closed to your named bank account.  

Just had the dreaded letter from the Coventry, can keep my issue 3 due in Nov but issue 4 must go, that had until Jan 2022 to run.
As above, I must say how civilised the Coventry are about it, two months notice and get to keep all interest. 

Still waiting for my letter. My Issue 3 matures next month. Issue 4 in December. Hopefully I'll get away with it!
If they're giving two months notice I will only have one left

Sorry folks - I'm dragging you back to the saga of the letters from CoventryBS to holders of multiple regular savers!

In answer to Surreysaver - yes, you'll get away with it!

My partner & I have each received this morning the dreaded "You hold more than one Regular Saver account" letter. The key paragraph states: "You'll be able to keep open any account opened before the end of 20 October 2020 and the first account opened after 20 October 2020 only."  We each have an Issue 2 opened in Sept 2020 and an Issue 4 opened in November 2020 so I rang CoventryBS to check that both accounts are safe.  The guy I talked to wasn't sure because "what would be the point of sending the letter if no account was going to be closed?", so he went away to check with a superior and came back to say "No problem!" - the literal meaning of the paragraph will apply, so we and Surreysaver should be safe and can file the letter as "No action required".

Of course, if we had opened an Issue 5 account, we'd have lost that.

What's curious is that Colsten's original letter from March (on page 292 of this thread) states that the dividing line between the first and subsequent account openings is 23-May-2020, but has now been shifted back to October.  With the earlier date, we'd have lost our second (Issue4) accounts, but not with an October dividing line. 

someone

Just had the Coventry BS letter land on my doormat today. Identical situation (hold two Reg Savers, Issue 3 and Issue 4, one before and one after the cutoff 20th October). I read the letter carefully and had someone else read the letter carefully. The interpretation both arrived at was there is no change to the accounts and they will continue to their usual maturity.

Sounds like this is also backed up with direct interaction with Coventry BS so not going to spend any more time thinking about it.

surreysaver

pafpcg said:

surreysaver said:

trickydicky14 said:

mhoc said:

where_are_we said:

mhoc said:

Coventry have finally caught up with my OH - is he one of the last ones with multiple accounts?
Graciously they are giving 2 months notice before closing the extra accounts up to 19th October 2021.
They say its the 1st account opened after 18th October 2020 that will be allowed to stay open. 
But OHs regular saver 3  (1.55%) matures on 16th October, just then leaving issue 4 and 5 open. 
Issue 4 matures was opened in November 2020 so thats the one that will stay open at least for the final month before it matures.
Issue 5 will be the excess account they will close.
But then I will reopen it again in November - that is if issue 5 still exists then

Are they imposing a penalty such as loss of interest?

No penalty - they say "if a regular saver is closed before the 12 month period ends we usually charge an amount equal to 30 days calendar interest. However in this case were going to waiver the charge and transfer the savings you hold along with all of the interest you've earned up to the date they're closed to your named bank account.  

Just had the dreaded letter from the Coventry, can keep my issue 3 due in Nov but issue 4 must go, that had until Jan 2022 to run.
As above, I must say how civilised the Coventry are about it, two months notice and get to keep all interest. 

Still waiting for my letter. My Issue 3 matures next month. Issue 4 in December. Hopefully I'll get away with it!
If they're giving two months notice I will only have one left

Sorry folks - I'm dragging you back to the saga of the letters from CoventryBS to holders of multiple regular savers!

In answer to Surreysaver - yes, you'll get away with it!

My partner & I have each received this morning the dreaded "You hold more than one Regular Saver account" letter. The key paragraph states: "You'll be able to keep open any account opened before the end of 20 October 2020 and the first account opened after 20 October 2020 only."  We each have an Issue 2 opened in Sept 2020 and an Issue 4 opened in November 2020 so I rang CoventryBS to check that both accounts are safe.  The guy I talked to wasn't sure because "what would be the point of sending the letter if no account was going to be closed?", so he went away to check with a superior and came back to say "No problem!" - the literal meaning of the paragraph will apply, so we and Surreysaver should be safe and can file the letter as "No action required".

Of course, if we had opened an Issue 5 account, we'd have lost that.

What's curious is that Colsten's original letter from March (on page 292 of this thread) states that the dividing line between the first and subsequent account openings is 23-May-2020, but has now been shifted back to October.  With the earlier date, we'd have lost our second (Issue4) accounts, but not with an October dividing line. 

Got my letter this morning too. If I understand the letter correctly, I need take no action, as both accounts will be kept. No not sure why they've sent me the letter.
Oh well, I'll see what happens!

Rich2808

Moving back to Skipton is there actually any difference between the online and branch/postal accounts beyond how you open them.

Why not just have one product - and say you can operate/open it by post, in branch or online? And then offer various application options on the application page?

https://www.skipton.co.uk/savings/regular-savers

kaMelo

Rich2808 said:

Moving back to Skipton is there actually any difference between the online and branch/postal accounts beyond how you open them.

Why not just have one product - and say you can operate/open it by post, in branch or online? And then offer various application options on the application page?

https://www.skipton.co.uk/savings/regular-savers

Because they can? 

I don't know the answer but have noticed a number of Building Societies do it, keeping branch and internet accounts separate.
Principality for example offers essentially the same product in either online or branch/post/phone forms.

1882

Just to add my receipt of pointless letter from Coventry BS who are advising me that accounts will be closed but not mine as one matures before 20th Oct 2021 and the other was opened after 20th Oct 2020. 

someone

kaMelo said:

Rich2808 said:

[...]
Why not just have one product - and say you can operate/open it by post, in branch or online? And then offer various application options on the application page?
[...]

Because they can? 

I don't know the answer but have noticed a number of Building Societies do it, keeping branch and internet accounts separate.
Principality for example offers essentially the same product in either online or branch/post/phone forms.

Generally is because the systems can't deal elegantly with a mix of passbook and passbook-less accounts with the same product. It therefore reduces operating costs of the product as they are not pointlessly handing out passbooks.

In the case of Virgin Money the underlying platform is different. It is why branch based savings accounts don't appear in the savings portal. My head hurts just trying to work out how they string all their systems together!

One benefit for customers is you can often open the branch and online versions of accounts (subject to the terms of the products which sometime exclude this).

where_are_we

castle96 said:

My letter doesnt ask for passbook. Good job, as I haven't got one !

 Monmouthshire RS. -The letter doesn`t mention a passbook but the form you fill in requires you to send in a passbook. Strange you haven`t got a passbook - we have got a pass book for all the RS issues.

castle96

Just checked again. NO mention of passbook