Saffron BS regular saver - opening process?

Yorkie006

Hi,
I week ago I applied online for the regular saving account. 
Filled in the application online and not heard anything back, no email, no letter, nothing at all. Is this normal? I was expecting the account to be opened more or less straight away (like with other banks). Never dealt with Saffron before so have no idea how they do stuff. I have opened loads of accounts in the past couple of years (yes, I am chasing rates) so this is all very strange compared to all my other accounts being opened at the time of (or very shorty after) application.
Anyone can shed some light on this please? Thanks!

caeler

Yes normal. Mine took a while. Then I got a letter in the post! Once I got that I was logged in online within minutes. Money took a while to arrive too. 

Barkin

I got a confirmation email within a couple of hours IIRC. Logged in, and the account was showing in the web portal. 

But I already had an account & online access etc prior to applying for the RS account. 

The letter confirming everything arrived a few days later, by which time I didn't need it... 

35har1old

Yorkie006 said:

Hi,
I week ago I applied online for the regular saving account. 
Filled in the application online and not heard anything back, no email, no letter, nothing at all. Is this normal? I was expecting the account to be opened more or less straight away (like with other banks). Never dealt with Saffron before so have no idea how they do stuff. I have opened loads of accounts in the past couple of years (yes, I am chasing rates) so this is all very strange compared to all my other accounts being opened at the time of (or very shorty after) application.
Anyone can shed some light on this please? Thanks!

Was it the small saver account?
Given that one year fixes are currently paying 6.2%  why Don't you use them like a regular saver.
,

Bridlington1

35har1old said:

Yorkie006 said:

Hi,
I week ago I applied online for the regular saving account. 
Filled in the application online and not heard anything back, no email, no letter, nothing at all. Is this normal? I was expecting the account to be opened more or less straight away (like with other banks). Never dealt with Saffron before so have no idea how they do stuff. I have opened loads of accounts in the past couple of years (yes, I am chasing rates) so this is all very strange compared to all my other accounts being opened at the time of (or very shorty after) application.
Anyone can shed some light on this please? Thanks!

Was it the small saver account?
Given that one year fixes are currently paying 6.2%  why Don't you use them like a regular saver.

It depends what you're comparing regular savers to, you don't have to compare them to one year fixes. Many regular savers, this one included, can be used as an alternative to easy access accounts if you may need the money within a year, be it as an emergency fund etc so comparing them to easy access accounts makes more sense in this case.

The top easy access account to my knowledge is at 5.2%, Saffron's Small Saver is at 5.75%. The small saver allows penalty free withdrawals and offers a higher rate of interest than the top easy access account so if you've spare funds in an easy access account I'd say it's a pretty good idea to drip feed the funds into Saffron at a higher rate (assuming you've already paid into the other higher rate regular savers on offer).

Moreover Saffron offered a 9% regular saver earlier this year for those who had been members for however long (I think it could've been a year), the OP hasn't used Saffron BS before so opening an account with them makes sense in case they do something similar again.

Yorkie006

35har1old said:

Yorkie006 said:

Hi,
I week ago I applied online for the regular saving account. 
Filled in the application online and not heard anything back, no email, no letter, nothing at all. Is this normal? I was expecting the account to be opened more or less straight away (like with other banks). Never dealt with Saffron before so have no idea how they do stuff. I have opened loads of accounts in the past couple of years (yes, I am chasing rates) so this is all very strange compared to all my other accounts being opened at the time of (or very shorty after) application.
Anyone can shed some light on this please? Thanks!

Was it the small saver account?
Given that one year fixes are currently paying 6.2%  why Don't you use them like a regular saver.
,

I'm planning on buying a house soon so need to have access to my savings at relatively short notice. I'm only looking at easy access accounts or regular saving accounts that allow penalty-free withdrawals. I know fixed accounts offer better rates but I can't commit to keeping the money in the account for the duration of the fix. Hope that makes sense.

Yorkie006

caeler said:

Yes normal. Mine took a while. Then I got a letter in the post! Once I got that I was logged in online within minutes. Money took a while to arrive too. 

It's been 2 weeks now and I still haven't heard anything back.
I wonder if they're swamped with applications...

subjecttocontract

I'm gonna open one of these tomorrow by visiting my local branch. Hopefully I can walk out after 10 minutes with an account.

caeler

Yorkie006 said:

caeler said:

Yes normal. Mine took a while. Then I got a letter in the post! Once I got that I was logged in online within minutes. Money took a while to arrive too. 

It's been 2 weeks now and I still haven't heard anything back.
I wonder if they're swamped with applications...

I think mine took 10 days.  I ended up opening another account in the meantime at a higher rate! 

Yorkie006

Over 2 weeks now and still no sign of the account. I don't really care anymore, I just opened the Loyalty reg. saver with YBS. Better interest rate and higher monthly limit.
It all worked out well in the end (for me anyway).
Thanks for all replies.