Regular Savings Accounts: The Best Currently Available List!

schiff

Saffron - they could avoid all this (not that it's any trouble) by making the interest rate variable.

Daliah

schiff said:

Saffron - they could avoid all this (not that it's any trouble) by making the interest rate variable.

That‘s not how their products are stuctured. The new version is effectively a new RS, running for 12 months from the switch date. They allow you to close your existing fixed rate / fixed term version, without penalties, if you take out the new version, which is another 12 months fix. Saffron‘s flexibility on this is in stark contrast to First Direct, who force their existing customers to either sit out the 12 months term, or to take a massive interest hit.

where_are_we

I would like to echo Daliah`s Saffron post. I sent a secure message this morning requesting a switch, closing old RS9@1.75%, using £500 of the closing balance to fund new RS10@2.05% and the remainder of my RS9 balance to go to my nominated current account. All done within a few hours.

where_are_we

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

schiff

Daliah said:

schiff said:

Saffron - they could avoid all this (not that it's any trouble) by making the interest rate variable.

That‘s not how their products are stuctured. The new version is effectively a new RS, running for 12 months from the switch date. They allow you to close your existing fixed rate / fixed term version, without penalties, if you take out the new version, which is another 12 months fix. Saffron‘s flexibility on this is in stark contrast to First Direct, who force their existing customers to either sit out the 12 months term, or to take a massive interest hit.

I've put the suggestion to them anyway. Let's see what happens. As issue 9 only had time for two months' deposits, it makes sense to me.

schiff

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

The example they give of the likely balance at end of term is geared to £6000, which my be an indication. In 2018/19 I had 13 payments accepted; in 2019/20 I had my 13th payment returned. Take your pick!

Daliah

schiff said:

Daliah said:

schiff said:

Saffron - they could avoid all this (not that it's any trouble) by making the interest rate variable.

That‘s not how their products are stuctured. The new version is effectively a new RS, running for 12 months from the switch date. They allow you to close your existing fixed rate / fixed term version, without penalties, if you take out the new version, which is another 12 months fix. Saffron‘s flexibility on this is in stark contrast to First Direct, who force their existing customers to either sit out the 12 months term, or to take a massive interest hit.

I've put the suggestion to them anyway. Let's see what happens. As issue 9 only had time for two months' deposits, it makes sense to me.

At a guess, nothing will happen. Which would be good, then we don't need to worry about falling rates on existing accounts.

typistretired

Saffron BS I rang their 0800 number and was very quickly put through to an advisor. All completed in 5 minutes.

typistretired

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

You can only make 12 deposits it is shown under how much would be in account after 12 months

Notepad_Phil

typistretired said:

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

You can only make 12 deposits it is shown under how much would be in account after 12 months

If I'm looking in the right place then it does say that is only an estimated balance and depends on individual circumstances. It would for instance be true if someone opened it on the 1st of a month where only 12 monthly deposits of £500 could actually be physically made.

All I can say is that I succesfully put thirteen £500 deposits into my last full-term regular saver with them as I did not open the account on the 1st of a month. This is what I expected as all it says is that "the maximum deposit amount per calendar month is £500" and nowhere does it give a maximum amount allowed or number of deposits or anything else which would indicate a limit of 12.