The Old Regular Savers Discussion Thread 28/12/24-29/1/26

allegro120

HHUK said:

The Co-operative Bank Regular Saver

I noticed just after midnight that mine had as expected morphed into the Smart Saver. I requested a transfer of the majority to my main current account and £250 to my Co-op Online Saver Account, leaving £1 in the Smart Saver just in case. Applied for a new Regular Saver and went to bed. 

Woke up to discover an email confirming the application for the new Regular Saver had been accepted, as well as a text from the Co-op wanting me to confirm it was I who had requested the transfer of funds to my current account. After I responded to that the money was transferred immediately.

Like others, I was rather hoping to receive details of the new Regular Saver in time to enable me to fund it before the end of the month (by transfer of the £250 from the from the Online Saver) but from the above comments it sounds like that's unlikely. Oh well.

Co-op RS.
Last year it took 4 days (2 working days) for my account to be opened after confirmation, so this time I don't expect being able to fund it until next Monday (3rd March).  If yours matured yesterday, you might have a good chance to fund it tomorrow.

I don't think you need to leave £1 in Smart Saver.  It says "If the minimum amount of £1 isn’t paid within 30 days, we may close the account", but you already have met this requirement due to conversion.  Also this is not really the account worth keeping.

FishInGlass

Section62 said:

Bridlington1 said:

Section62 said:

Bridlington1 said:

Hattie627 said:

My Co-op Bank RS has matured today and morphed into low-paying account. £129.07 interest paid.

The Co-operative Bank Regular Saver at 7% remains available so you are free to open a new version of the account now that it has matured.

...

....just allow plenty of time to fill in the application form giving them information they've already got, even when you started the application process whilst logged into online banking.  (unless I've just been very unlucky).

In my case their delays aren't a bad thing, ideally I'd like the account opened after 6th April for tax purposes, if they could take till late April and give me money as an apology for the delays that'd be perfect. 

^I like your wishful thinking.

(Still Co-op)

For me the delay is secondary to the information needed in the application form - even the need to set up a 'new' memorable word (of between 8 and 10 characters) when they already have one.

It isn't the end of the world having to provide the information, but some of it risks a discrepancy with what they have already and the possibility of having to explain the difference (in branch?). E.g. The employment status list is very restricted and none of the categories fit my situation.  I'm not sure what they have on file, but I'm fairly sure it isn't one of the currently available options.  Will have to wait and see what happens.

Co-op still

Transferred out all apart from £250 ready for the new regular saver this morning but I ran out of time. Just requested the new one this afternoon.

It asked for a memorable word again. FYI I just supplied the one I used last time and this was accepted. 

Agreed that it would make more sense if you could open the account within your existing online session as they would already have your sort code and account number available. On the desktop however I was able to have this open along with my regular saver application in separate tabs allowing me to cut and paste the info to prevent any transcribing error.

MisterMotivated

Like several others, my Co-op Regular Saver matured today.  I immediately applied to open a new one and was accepted, but I'm not confident that it'll be open in time to make the first deposit in February

Speculator

old one matured and immediately opened my new co-op regular saver at 1.18am today. Now hoping they open my new regular saver tomorrow in time for my February deposit.

Dizzycap

From personal experience recently, it took the Co-Op 3 days to open my New RS after confirmation of application by email. This was due to high demand and the system having a backlog of RS applications that needed to be worked through by staff. In today's RS climate, the important issue is that you get the 7% fixed RS, even if there's a couple of days delay in it being fully opened for a few extra pennies of interest on getting in funds before the end of the month, which at this point, is highly unlikely

gt94sss2

Dizzycap said:

From personal experience recently, it took the Co-Op 3 days to open my New RS after confirmation of application by email. This was due to high demand and the system having a backlog of RS applications that needed to be worked through by staff. In today's RS climate, the important issue is that you get the 7% fixed RS

The Co-op Regular Saver has a 7% variable interest rate not a fixed rate

WillPS

Dizzycap said:

From personal experience recently, it took the Co-Op 3 days to open my New RS after confirmation of application by email. This was due to high demand and the system having a backlog of RS applications that needed to be worked through by staff. In today's RS climate, the important issue is that you get the 7% fixed RS, even if there's a couple of days delay in it being fully opened for a few extra pennies of interest on getting in funds before the end of the month, which at this point, is highly unlikely

The Co-op's Regular Saver isn't fixed.

Stargunner

Speculator said:

old one matured and immediately opened my new co-op regular saver at 1.18am today. Now hoping they open my new regular saver tomorrow in time for my February deposit.

Highly unlikely, considering how long they tske to open them.
Once it is open, you have up to 30 days to make uour first deposit. The 12 months start from when they receive your first deposit.
Therefore, you could hold off funding it until the end of March and then make your 2nd deposit on the 1st April.

jameseonline

So there's still delays opening in opening a co op regular then?, it's not like they've had a year to sort it out to make things as easy as possible is it?.

So they accepting a 13th payment then without it being returned?, if so I'll do one start of next month

35har1old

PowerSavingMode said:

Bridlington1 said:

Thanks for bringing the Loughborough BS one payment per month restriction to my attention. The first page of this thread and the listings in the archived thread have been updated accordingly.

Yes, I have just noted that "Maximum of one receipt per calendar month" in my Loughborough RS, yet for months now I have been sending many deposits pcm — so far NONE of them have been returned, so I only hope that they have credited them all!

They where having issues adding payments to some accounts.
I had reason to phone to request a application pack and decided to check balances it was only then I discovered that payments had not be credited it took several days for it to be sorted out.If I had not phoned it may not have been discovered.
So at the moment it looks like I will be making a phone after next payment date
.