Regular Savings Accounts: The Best Currently Available List!

kaMelo

friolento said:

kaMelo said:

fabsaver said:

SFindlay said:

fabsaver said:

SFindlay said:

georged123 said:

SFindlay said:

georged123 said:

SFindlay said:

TheWoodler said:

As PP have said MBS have woeful IT.

With the poor IT they are reliant on branch processing of application influxes which they don’t have the resources to deal with. I don’t know why they keep offering these products because these influxes lead to process errors.

I’d rather have efficient resources than cups of coffee with nice staff front of house. Their CS was out of their depth with an error *of their own making* with a previous RS issue in my case which they were ill-equipped to deal with. In my view, they should only operate locally with branch-based products confined to their heartland. Smaller societies seem to me to have made a more successful transition and offer better IT and CS than MBS have done. 

And I  (like most reasonable people) would rather have accounts paying 7-8% over one paying 4-5% but giving me a wonderful IT experience.!! Being able to instantly see your account online is of absolutely ZERO advantage to anyone, it doesn't earn you any extra interest.  

Why would anyone prefer societies to only offer branch based accounts to locals rather than wait a few days for a competitive account to be opened? Many accounts can only be opened by post yet there aren't people on here moaning about the length of time they take to open so would everyone prefer Monmouthshire didn't have any online application and do it all through postal or branch applications? All these complaints sound like sour grapes by those who are still waiting but let's be serious we are talking pennies of a difference!!

But all that aside if people stopped whinging for just a minute (though that seems to be the world we live in now) you might realise Monmouthshire are in the process of updating their IT system and are actively asking for people's experience and suggestions to improve how they operate so instead of complaining on forums maybe engage with Monmouthshire using their feedback and surveys to improve things in future.

Once they've spent a whack of money improving their IT so you can see your account balance instantly you can then come on and moan about their interest rates being poor as theyve spent all their money giving you an IT system that you don't consider woeful!!

I don't think it's much to ask for a bank or building society that handles millions of pounds of people's money in 2023 to have a decent standard of IT system, competent processes and clear communication with their customers. 

There's far too many posters on these threads that are over defensive of certain banks/building societies when people rightly criticise shoddy service and incompetence.

I'm not directly aiming this at you SFindlay but calling valid criticism/opinion as "whinging" and "sour grapes" is not needed.

A valid criticism is when an institution does not fulfil its statutory obligation or processes outlined in their documentation neither of which have the Monmouthshire failed on. Don't really see how you can claim shoddy service or incompetence considering the main issues people are complaining about.

At no time did Monmouthshire state accounts would be opened instantly or indeed even give an indication how long applications would take to process, people aren't depositing any money so how long it takes to open is irrelevant!! 

At no time did Monmouthshire say that they would email acknowledgement to people that applications were recieved and being processed, it did however say after application was completed that once processed they would be in touch. Numerous people have posted that they recieved email confirmation once their application had been processed so they have fulfilled their commitment. 

Monmouthshire policy is they want a completed signatory form before account will be fully opened and operational, that's their policy and if people don't like it don't apply. Those of us who have had numerous Monmouthshire accounts have no doubt sent back numerous signature forms but who cares, it takes 2 seconds to sign and then shove it in a prepaid envelope to put in a post box, hardly difficult to do.

Quite frankly if people don't like how an institution chooses to operate an account then simply don't apply but people seeing a headline rate but failing to read T&C or documentation surrounding account opening and operating procedures then moaning about them are simply whinging and have nobody to blame but themselves!!

There's been many posters on this thread who have said about the website crashing, customer service being poor, receiving contradictory information and not being sent the correct documents in order to complete the process. None of those issues were down to customers failing to read the T+Cs correctly and were solely down to Monmouthshire's incompetence.

Maybe I've missed the posts so happy for you to correct me and show me the posts.

At no point have I seen anyone saying website crashed??  There were reports online applications for certain products stopped for a while around 11AM (whilst alternative application form was uploaded) and then withdrawn for 7% saver from the Thursday but at no time did website crash. Institutions have the right to withdraw products at any time so fact they got enough applications for standard RS in a short time then withdrew it does not mean website crashed.

I didnt see anyone complaing about customer service, in fact quite the opposite. From what I've seen those people who elected to apply online and telephone customer services said the handlers were all very helpful. A couple of people struggled initially to get through but that's only expected when so many people phoned unnecessarily. Overall previous customers have always praised Monmouthshire CS and branch staff so don't know where you have seen anyone complaining about them?

Only posts regarding contradictory information was regarding if interest rate was fixed or variable but don't think it would have stopped anyone applying when unlimited penalty free withdrawals allowed. If anyone really bothered then the individual product T&C is the literature to rely on and would be used for any complaints so not really annissue.

With regards to not being sent correct documents the odd error happens with everyone. Regarding people with Exclusive RS saying they hadn't got a signature form to send back I think it's reasonable to pressume since it is a members only account they have decided not to bother requesting signatures, all these people got their passbooks so can presume their accounts are fully open and operational. Everyone opening the standard RS have said they did get signature form so not prevented from.completing the process.

None of that shows any incompetence, maybe people need to use a bit of common sense and think for themselves.

Anyway this is straying from discussing their Regular Savers which let's not forget are market leading products so people have to decide what's more important to them as nobody is being forced to open an account!! 

I posted yesterday about the letters I received from Monmouthshire.
https://forums.moneysavingexpert.com/discussion/comment/80256263/#Comment_80256263

Maybe they have decided that not to bother requesting signatures for the members only Exclusive RS. However if that were the case they should not have requested return of the form in the covering letter. My letter for the Exclusive RS states:
"As you have applied online, please sign and return the enclosed 'Online Signatory Form' so we can get you up and running. Please note, you will not be able to transact on your account until we are in receipt of this"

We should not have to presume if our accounts are fully open and operational. Their communications should make that clear.

I think the fact you have recieved the passbook for the Exclusive RS and no signature form makes it pretty obvious the account is fully open and operational even more so since the non member RS did not have passbook but did have a signature request form enclosed. They probably thought they were doing members a favour and the fact most existing members probably have access online they can add new accounts to their online profile and make a deposit, or would you prefer to wait? 

It's certainly not obvious to me. If the letter says they need a signatory form then I accept that is their procedure. The fact that I am in possession of a passbook means nothing if the letter says I will be unable to transact on the account.

Am I supposed to have some sort of phrase book to translate what they say in their communications to what they actually mean?

Take for example that email many of us received:
"An account has been added to your Online Banking profile. Please log in to view the details"
Actually means "We've processed your application but we haven't added the account to your online banking profile. Please wait for a letter to arrive by snail mail then login to add the account to your online banking profile yourself. It will then show as pending for a few days until we may or may not eventually add the account"

It really is sloppy and poor communication by Monmouthshire IMO.

Apart from the very first account I opened with them that is how it's always worked. Receive a welcome letter with an account number, log in and click "add account" then enter the account number. A day or two later the account will appear in online banking. I agree it's a little clunky but it's always been like that, the new part is sending emails, that never used to happen. The first communication you used to receive was a welcome letter, signature request form and return envelope.

True to the confusing MBS processes, the email-bit seems to only happen sporadically. Perhaps they turn it off for applications on non-working days? At least some people who applied yesterday got no email confirmation. My own applications last Wednesday also produced no emails.

As I said it's new. I've had accounts for a number of years and never had any emails directly in relation to any accounts, the only emails I've ever received are AGM notifications/voting packs, questionnaires and the last one from Jan 2022 says

Dear Member,

Great news, we’ll be making some changes to My Accounts. To ensure that the My Accounts portal is simple and easy to use, you'll be please to know we’re making some improvements.

From Thursday 20th January you may notice some changes to your My Account homepage and My Details page. These are minor changes to help make the page easier to navigate. You’ll still be able to undertake the same activity as before but the platform may look slightly different, with some lovely new features.

From this date, you’ll also have the option to personalise the names of your accounts, for example ‘Holiday Savings’ or ‘New Car Savings’.

I'm sure there were some improvements but I can't say as I noticed any however all I look at is the maturity dates on accounts I hold and verified bank details. As I said it could be slicker but they use a bought in software platform, the same as is used by others too (Chorley BS, Ecology BS, SRBS etc)  all with varying degrees of functionality.

They're a traditional, letter in the post and passbook building society who offer some online functionality. As long as their rates are decent then I'm okay with that

friolento

kaMelo said:

friolento said:

kaMelo said:

fabsaver said:

SFindlay said:

fabsaver said:

SFindlay said:

georged123 said:

SFindlay said:

georged123 said:

SFindlay said:

TheWoodler said:

As PP have said MBS have woeful IT.

With the poor IT they are reliant on branch processing of application influxes which they don’t have the resources to deal with. I don’t know why they keep offering these products because these influxes lead to process errors.

I’d rather have efficient resources than cups of coffee with nice staff front of house. Their CS was out of their depth with an error *of their own making* with a previous RS issue in my case which they were ill-equipped to deal with. In my view, they should only operate locally with branch-based products confined to their heartland. Smaller societies seem to me to have made a more successful transition and offer better IT and CS than MBS have done. 

And I  (like most reasonable people) would rather have accounts paying 7-8% over one paying 4-5% but giving me a wonderful IT experience.!! Being able to instantly see your account online is of absolutely ZERO advantage to anyone, it doesn't earn you any extra interest.  

Why would anyone prefer societies to only offer branch based accounts to locals rather than wait a few days for a competitive account to be opened? Many accounts can only be opened by post yet there aren't people on here moaning about the length of time they take to open so would everyone prefer Monmouthshire didn't have any online application and do it all through postal or branch applications? All these complaints sound like sour grapes by those who are still waiting but let's be serious we are talking pennies of a difference!!

But all that aside if people stopped whinging for just a minute (though that seems to be the world we live in now) you might realise Monmouthshire are in the process of updating their IT system and are actively asking for people's experience and suggestions to improve how they operate so instead of complaining on forums maybe engage with Monmouthshire using their feedback and surveys to improve things in future.

Once they've spent a whack of money improving their IT so you can see your account balance instantly you can then come on and moan about their interest rates being poor as theyve spent all their money giving you an IT system that you don't consider woeful!!

I don't think it's much to ask for a bank or building society that handles millions of pounds of people's money in 2023 to have a decent standard of IT system, competent processes and clear communication with their customers. 

There's far too many posters on these threads that are over defensive of certain banks/building societies when people rightly criticise shoddy service and incompetence.

I'm not directly aiming this at you SFindlay but calling valid criticism/opinion as "whinging" and "sour grapes" is not needed.

A valid criticism is when an institution does not fulfil its statutory obligation or processes outlined in their documentation neither of which have the Monmouthshire failed on. Don't really see how you can claim shoddy service or incompetence considering the main issues people are complaining about.

At no time did Monmouthshire state accounts would be opened instantly or indeed even give an indication how long applications would take to process, people aren't depositing any money so how long it takes to open is irrelevant!! 

At no time did Monmouthshire say that they would email acknowledgement to people that applications were recieved and being processed, it did however say after application was completed that once processed they would be in touch. Numerous people have posted that they recieved email confirmation once their application had been processed so they have fulfilled their commitment. 

Monmouthshire policy is they want a completed signatory form before account will be fully opened and operational, that's their policy and if people don't like it don't apply. Those of us who have had numerous Monmouthshire accounts have no doubt sent back numerous signature forms but who cares, it takes 2 seconds to sign and then shove it in a prepaid envelope to put in a post box, hardly difficult to do.

Quite frankly if people don't like how an institution chooses to operate an account then simply don't apply but people seeing a headline rate but failing to read T&C or documentation surrounding account opening and operating procedures then moaning about them are simply whinging and have nobody to blame but themselves!!

There's been many posters on this thread who have said about the website crashing, customer service being poor, receiving contradictory information and not being sent the correct documents in order to complete the process. None of those issues were down to customers failing to read the T+Cs correctly and were solely down to Monmouthshire's incompetence.

Maybe I've missed the posts so happy for you to correct me and show me the posts.

At no point have I seen anyone saying website crashed??  There were reports online applications for certain products stopped for a while around 11AM (whilst alternative application form was uploaded) and then withdrawn for 7% saver from the Thursday but at no time did website crash. Institutions have the right to withdraw products at any time so fact they got enough applications for standard RS in a short time then withdrew it does not mean website crashed.

I didnt see anyone complaing about customer service, in fact quite the opposite. From what I've seen those people who elected to apply online and telephone customer services said the handlers were all very helpful. A couple of people struggled initially to get through but that's only expected when so many people phoned unnecessarily. Overall previous customers have always praised Monmouthshire CS and branch staff so don't know where you have seen anyone complaining about them?

Only posts regarding contradictory information was regarding if interest rate was fixed or variable but don't think it would have stopped anyone applying when unlimited penalty free withdrawals allowed. If anyone really bothered then the individual product T&C is the literature to rely on and would be used for any complaints so not really annissue.

With regards to not being sent correct documents the odd error happens with everyone. Regarding people with Exclusive RS saying they hadn't got a signature form to send back I think it's reasonable to pressume since it is a members only account they have decided not to bother requesting signatures, all these people got their passbooks so can presume their accounts are fully open and operational. Everyone opening the standard RS have said they did get signature form so not prevented from.completing the process.

None of that shows any incompetence, maybe people need to use a bit of common sense and think for themselves.

Anyway this is straying from discussing their Regular Savers which let's not forget are market leading products so people have to decide what's more important to them as nobody is being forced to open an account!! 

I posted yesterday about the letters I received from Monmouthshire.
https://forums.moneysavingexpert.com/discussion/comment/80256263/#Comment_80256263

Maybe they have decided that not to bother requesting signatures for the members only Exclusive RS. However if that were the case they should not have requested return of the form in the covering letter. My letter for the Exclusive RS states:
"As you have applied online, please sign and return the enclosed 'Online Signatory Form' so we can get you up and running. Please note, you will not be able to transact on your account until we are in receipt of this"

We should not have to presume if our accounts are fully open and operational. Their communications should make that clear.

I think the fact you have recieved the passbook for the Exclusive RS and no signature form makes it pretty obvious the account is fully open and operational even more so since the non member RS did not have passbook but did have a signature request form enclosed. They probably thought they were doing members a favour and the fact most existing members probably have access online they can add new accounts to their online profile and make a deposit, or would you prefer to wait? 

It's certainly not obvious to me. If the letter says they need a signatory form then I accept that is their procedure. The fact that I am in possession of a passbook means nothing if the letter says I will be unable to transact on the account.

Am I supposed to have some sort of phrase book to translate what they say in their communications to what they actually mean?

Take for example that email many of us received:
"An account has been added to your Online Banking profile. Please log in to view the details"
Actually means "We've processed your application but we haven't added the account to your online banking profile. Please wait for a letter to arrive by snail mail then login to add the account to your online banking profile yourself. It will then show as pending for a few days until we may or may not eventually add the account"

It really is sloppy and poor communication by Monmouthshire IMO.

Apart from the very first account I opened with them that is how it's always worked. Receive a welcome letter with an account number, log in and click "add account" then enter the account number. A day or two later the account will appear in online banking. I agree it's a little clunky but it's always been like that, the new part is sending emails, that never used to happen. The first communication you used to receive was a welcome letter, signature request form and return envelope.

True to the confusing MBS processes, the email-bit seems to only happen sporadically. Perhaps they turn it off for applications on non-working days? At least some people who applied yesterday got no email confirmation. My own applications last Wednesday also produced no emails.

As I said it's new. I've had accounts for a number of years and never had any emails directly in relation to any accounts, the only emails I've ever received are AGM notifications/voting packs, questionnaires and the last one from Jan 2022 says

Dear Member,

Great news, we’ll be making some changes to My Accounts. To ensure that the My Accounts portal is simple and easy to use, you'll be please to know we’re making some improvements.

From Thursday 20th January you may notice some changes to your My Account homepage and My Details page. These are minor changes to help make the page easier to navigate. You’ll still be able to undertake the same activity as before but the platform may look slightly different, with some lovely new features.

From this date, you’ll also have the option to personalise the names of your accounts, for example ‘Holiday Savings’ or ‘New Car Savings’.

I'm sure there were some improvements but I can't say as I noticed any however all I look at is the maturity dates on accounts I hold and verified bank details. As I said it could be slicker but they use a bought in software platform, the same as is used by others too (Chorley BS, Ecology BS, SRBS etc)  all with varying degrees of functionality.

They're a traditional, letter in the post and passbook building society who offer some online functionality. As long as their rates are decent then I'm okay with that

I can't see how this says that email confirmations will be sent for all applications. They definitely are not sent to everybody, as I said.

kaMelo

I wasn't suggesting it did.

friolento

kaMelo said:

I wasn't suggesting it did.

You didn't. You are just as ambiguous as MBS are. By stating "....the new part is sending emails, that never used to happen ....... ", you implied that everyone is now getting emails, when in actual fact just some people reported they had emails to confirm their applications, whilst others definitely didn't.

SFindlay

friolento said:

kaMelo said:

I wasn't suggesting it did.

You didn't. You are just as ambiguous as MBS are. By stating "....the new part is sending emails, that never used to happen ....... ", you implied that everyone is now getting emails, when in actual fact just some people reported they had emails to confirm their applications, whilst others definitely didn't.

Think you need to read things more carefully as kaMelo at no time said that was a recent email to do with the current regular savers, in fact first paragraph clearly states its an email from January 2022!!!

Probably why you didn't read at end of Monmouthshire application process it said you would recieve notification once application processed.

You then need to reread the thread as NOBODY has said they got an email to confirm their application!! People have said they got emails to confirm their application had been processed, there is a big difference!! Other users have confirmed the email had been captured by their SPAM software and sent to junk folder so suspect anyone complaining they haven't had email either haven't had their application processed yet or their email client has blocked it, neither of which is MBS fault.

trickydicky14

Ok I’ll keep this simple, just received letter from MBS for one of my requested R.S. Can someone tell me on the signatory form, do I only need to answer questions 1and 2 if I’m operating the account for someone else?

As the account is just for me, do I only sign and send it back, and yes I was sent an envelope with my letter to return it but did not receive any of the other stuff listed in the letter.

dlevene

My two penneth on the Monmouthshire saga -

Applied for an EA on the Tuesday and the two RS's on the Weds (the 8% as a punt).

EA signatory form came on Saturday (no prepaid envelope - thanks for the responses on this on the thread). Decided to wait to see if other signatory form/s came with one then send together. This is what happened - got the signatory form today for the 7% RS with an envelope.

Sending both back in the same envelope, along with a cheque for each (£1 and £300 - made out to me with name and the respective account numbers) to get them up and running as quickly as possible. Once they're funded I'm going to try again with the 8%...

I'm not going to moan too much as for the rate you can't really complain, but even for a small BS the comms and administration is pretty poor. I've had accounts with Kent Reliance before - passbook, big rush to grab market leading accounts - and they were notably better.

Such is the joy of rate tarting!

Speculator

trickydicky14 said:

Ok I’ll keep this simple, just received letter from MBS for one of my requested R.S. Can someone tell me on the signatory form, do I only need to answer questions 1and 2 if I’m operating the account for someone else?

As the account is just for me, do I only sign and send it back, and yes I was sent an envelope with my letter to return it but did not receive any of the other stuff listed in the letter.

I filled in all sections and ticked all signatures in section 2.

Wheres_My_Cashback

SRBS

Have advised me verbally over the phone that the Regular Saver Iss 1 rate will increase 01 Oct from 4.90% > 5.15%

happybagger

Thanks for that, disappointing to have such a delay (8 weeks to react to BoE change). I think I read somewhere on here that they were proposing allowing one-off deposits of up to 12k.

Has anyone seen any confirmation of changes to Darlington's RS accounts (incl NLAs) in the pipeline?

Their website states
"Published 3 August 2023

The Society has responded to today’s 0.25% Bank of England base rate rise by increasing interest rates across its range of savings accounts to help members maximise their savings."

to be implemented on "some" accounts on 1 Sept, it seems