We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Regular Savings Accounts: The Best Currently Available List!

Options
16436446466486491703

Comments

  • liamcov said:
    Not the right word but I'm 'glad' it isn't just me dealing with Monmouthshire delays.
    Tomorrow will be 3 weeks since I submitted my application, to date, nothing.
    I choose the rooms that I live in with care,
    The windows are small and the walls almost bare,
    There's only one bed and there's only one prayer;
    I listen all night for your step on the stair.
  • AmityNeon said:
    Have you not encountered such clauses before in general banking terms and conditions?
    Certainly. And I have also lost not insignificant sums due to the financial institutions concerned then 'interpreting' them in what I would deem to be an 'unfair' manner. As you have pointed out I have also raised a complaint with the FO several years ago now and they are still dealing with it! I have also tried to complain about the FOs non-performance (as you are supposed to be able to do), but it seems I'm not allowed to. Hence my caution now when I now see such clauses. What you are all saying is how I would expect things to work - its just that recent experience has taught me its not always the case.
  • dcs34 said:

    This means you would earn the expected rate of interest up to that point of closure.
    Thanks. I already queried this potential scenario with FD prior to my first post, and suggested that surely interest to date would be protected, but was told what I posted. To be fair she did seem a little apologetic and agreed with me that it seemed unfair, but ultimately I have the choice whether or not to invest with the information made available. Maybe she's 'only' a call-handler and got it wrong? Anyway, I've weighed up what I think the risks/benefits are and decided to invest - I do hope I don't regret it!
  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    AmityNeon said:
    Have you not encountered such clauses before in general banking terms and conditions?
    Certainly. And I have also lost not insignificant sums due to the financial institutions concerned then 'interpreting' them in what I would deem to be an 'unfair' manner. As you have pointed out I have also raised a complaint with the FO several years ago now and they are still dealing with it! I have also tried to complain about the FOs non-performance (as you are supposed to be able to do), but it seems I'm not allowed to. Hence my caution now when I now see such clauses. What you are all saying is how I would expect things to work - its just that recent experience has taught me its not always the case.
    Then it's best if you do not open any fixed-rate accounts, including Regular Savers. At the very least, all the major banking groups include such standard clauses in their general terms and conditions.
  • dcs34
    dcs34 Posts: 656 Forumite
    Eighth Anniversary 500 Posts Name Dropper
    dcs34 said:

    This means you would earn the expected rate of interest up to that point of closure.
    Thanks. I already queried this potential scenario with FD prior to my first post, and suggested that surely interest to date would be protected, but was told what I posted. To be fair she did seem a little apologetic and agreed with me that it seemed unfair, but ultimately I have the choice whether or not to invest with the information made available. Maybe she's 'only' a call-handler and got it wrong? Anyway, I've weighed up what I think the risks/benefits are and decided to invest - I do hope I don't regret it!
    I suspect she didn't quite understand the scenario you'd described, whereby FD have lowered the rate due to some new regulation (enabling penalty-free early closures) rather than you just deciding to close the account early one day (where, correctly, you would earn the lower rate). 

    This will never come to pass as FD are quite clear this is a fixed rate account - "once your account is opened the rate will remain fixed". If it ever did happen then there would probably be bigger issues within the UK banking industry to be worried about than a few % of interest earnings!
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
     And I have also lost not insignificant sums due to the financial institutions concerned then 'interpreting' them in what I would deem to be an 'unfair' manner. 
    Sounds you have been rather unfortunate in your dealings with financial institutions. You can rest assured, though, that there is no known Regular Saver account where the provider defaulted on the terms and conditions in force when the accounts were taken out. 

      Anyway, I've weighed up what I think the risks/benefits are and decided to invest - I do hope I don't regret it!
    It's important to distinguish between savings and investments, as they have entirely different T&Cs, and entirely different risk levels. Regular Savers are, as the name implies, savings accounts, not investments. Your capital in a savings account is secure, and the interest rate is pre-determined on fixed rate accounts. Though very occasionally a savings provider has offered higher than originally offered rates for fixed rate accounts, never lower. The FD RS is a good example for this - every existing account holder will automatically benefit from the 7% rate from December 1st.
  • AmityNeon
    AmityNeon Posts: 1,085 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 13 December 2022 at 1:52PM
    dcs34 said:

    dcs34 said:

    This means you would earn the expected rate of interest up to that point of closure.

    Thanks. I already queried this potential scenario with FD prior to my first post, and suggested that surely interest to date would be protected, but was told what I posted. To be fair she did seem a little apologetic and agreed with me that it seemed unfair, but ultimately I have the choice whether or not to invest with the information made available. Maybe she's 'only' a call-handler and got it wrong? Anyway, I've weighed up what I think the risks/benefits are and decided to invest - I do hope I don't regret it!

    I suspect she didn't quite understand the scenario you'd described, whereby FD have lowered the rate due to some new regulation (enabling penalty-free early closures) rather than you just deciding to close the account early one day (where, correctly, you would earn the lower rate).

    This will never come to pass as FD are quite clear this is a fixed rate account - "once your account is opened the rate will remain fixed". If it ever did happen then there would probably be bigger issues within the UK banking industry to be worried about than a few % of interest earnings!

    I doubt any call handler is sufficiently versed in financial legalities to provide a definitive answer, but apparently it has come to pass in some form, hence the caution exercised by Velvet_Monkey, much like how most of us would act if we felt indignant (irrespective of justification). Regardless, such clauses are standard in the general terms and conditions of (probably) every regulated institution, and if issues have arisen, they obviously weren't big enough to warrant any negative publicity to effect industry changes.

  • Rich2808
    Rich2808 Posts: 1,385 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    liamcov said:
    Not the right word but I'm 'glad' it isn't just me dealing with Monmouthshire delays.
    Tomorrow will be 3 weeks since I submitted my application, to date, nothing.
    Could be worse - you could be working for them processing these hundreds perhaps thousands of applications for the same account. I wonder if the manager at HQ who came up with the idea to launch this nationally - and not restrict it to locals only and perhaps existing members - will get any Christmas cards from his colleagues?!
  • Band7 said:

    It's important to distinguish between savings and investments, as they have entirely different T&Cs, and entirely different risk levels. Regular Savers are, as the name implies, savings accounts, not investments. Your capital in a savings account is secure, and the interest rate is pre-determined on fixed rate accounts. Though very occasionally a savings provider has offered higher than originally offered rates for fixed rate accounts, never lower. The FD RS is a good example for this - every existing account holder will automatically benefit from the 7% rate from December 1st.
    Indeed. Apologies for my lazy terminology.
  • I applied for the Monmouthshire Christmas Saver 5, sending the application form with a cheque by post on 25th November.  The cheque was cashed on Friday 9th December, and I got the passbook and welcome letter on Saturday 10th December.

    I have always been very happy with the service I receive from Monmouthshire B.S.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.