Regular savers - higher amounts

Cloth_of_Gold

jimjames said:

cygnusfig said:

Why are regular savers capped at quite low amounts per month? Highest I can see is £300 p/m I know you can open multiple accounts but just curious why not allow higher amounts paid in?

YBS is £500 pm

It's only £250 pm now. In any event to save £500 pm you had to have an account with them for 12 months, otherwise it was £250. Now it's £250 for everyone but but you get a higher rate if you've been with them for 12 months or more.

https://www.ybs.co.uk/savings/regular-saver

simonsmithsays

Cloth_of_Gold said:

jimjames said:

cygnusfig said:

Why are regular savers capped at quite low amounts per month? Highest I can see is £300 p/m I know you can open multiple accounts but just curious why not allow higher amounts paid in?

YBS is £500 pm

It's only £250 pm now. In any event to save £500 pm you had to have an account with them for 12 months, otherwise it was £250. Now it's £250 for everyone but but you get a higher rate if you've been with them for 12 months or more.

https://www.ybs.co.uk/savings/regular-saver

These are two separate RS.

With a combined total of £500 a month maximum 

friolento

I pay over £7,000 a month into Regular Savers, all upwards of 5.6% AER. Setting them up and managing them is obviously more effort than having just a single account but it's easy enough to do if you want to do it and are on the ball about new accounts. The Regular Savers thread is invaluable for that purpose.

subjecttocontract

Some reg saver like the new CoOp one are fixed rate. So, 7% fixed in a falling markt makes perfect sense.😁😁

Middle_of_the_Road

subjecttocontract said:

Some reg saver like the new CoOp one are fixed rate. So, 7% fixed in a falling markt makes perfect sense.😁😁

The Co-op regular saver is a variable rate. Although they sent a letter stating it is fixed, which they might need to retract.

subjecttocontract

Dont understand
* Is it fixed until they retract it ? Or
* Is it variable irrespective of whether it's retracted......which means it doesn't need to be retracted.
Seems to me it's fixed it they say it's fixed.....and they have.

Middle_of_the_Road

subjecttocontract said:

Dont understand
* Is it fixed until they retract it ? Or
* Is it variable irrespective of whether it's retracted......which means it doesn't need to be retracted.
Seems to me it's fixed it they say it's fixed.....and they have.

If you look at the product information online or in the app it states variable interest. The letter I received stated fixed, which I suspect is a mistake.

ETA
Fixed 

subjecttocontract

Well we all make mistakes but your post doesn't answer the question. Your post said that the letter may need to be retracted but if the product information is correct and overrides the subsequent letter why would they need to retract it ?

Middle_of_the_Road

subjecttocontract said:

Well we all make mistakes but your post doesn't answer the question. Your post said that the letter may need to be retracted but if the product information is correct and overrides the subsequent letter why would they need to retract it ?

Are you still asserting the account has a fixed rate?

The information in the letter is an obvious error as far as I can see.
I feel they will have to correct/retract/apologise for the error at some point.

The information from the website below states variable interest. The welcome letter stated fixed interest, so which is correct could be up for debate. I'm assuming the website is correct and the letter is a mistake.

With our Regular Saver Issue 1, you can:

• Earn 7.00% interest (gross / AER variable)
• Have the account for a 12 month term – the 12 months will start from the date we accept your first deposit
• Open with as little as £1, and save up to £250 per calendar month – our monthly limit will hopefully encourage you to save regularly, whilst benefitting from the account’s interest rate
• Change the amount you save each calendar month at any time – no minimum monthly deposit
• Set up a standing order during the application process to help you start saving, although this is optional
• Access your money at any time, whether that’s online, through our mobile app, by telephone, or in branch
• Open it as a sole or joint account.

subjecttocontract

But does the website trump/override the letter ? I don't think so but I don't know......I could guess but I don't need to because the latest communication from CoOp says it's fixed.