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

saverkev

Co-op bank changing some terms and conditions including the following concerning Regular Saver

 

To accurately 

reflect our 

processes

The law that applies to your agreement

What are we 

changing?

How are we changing it? Why are we 

making the 

change?

Overpayments We’re making it clearer that the £250 monthly deposit limit is a key term of your 

Regular Saver product and we could close your account if you breach this key term and 

we have to return any overpayments to you.

mhoc

Regarding the new Chorley regional saver - I rang the Chorley to ask before applying to se if my postcode was acceptable. The assistant said it was - I have a CW postcode. I also checked that I could have it alongside  my other Chorley reg saver and again she said yes. I applied online and the form just asked if I was in an acceptable postcode to which I replied yes. The account is showing on my accounts list now ready for funding. OK is a miserable 5.15% and restricted withdrawals but it runs for 2 years so I dont have to think about it again after I've set up the standing orde r until 2027.

Kim_13

@Bridlington1 RE entry in the Archived Thread, I believe the maximum possible balance for Melton Adcock would be £4,650 plus interest. I can’t see any mention of a maximum in the terms so I assume a 31st payment would be possible, as the accounts should be open before April.

exel1966

Kim_13 said:

@Bridlington1 RE entry in the Archived Thread, I believe the maximum possible balance for Melton Adcock would be £4,650 plus interest. I can’t see any mention of a maximum in the terms so I assume a 31st payment would be possible, as the accounts should be open before April.

It very clearly states on the Melton site that the maximum is £6k.

The maximum amount that can be deposited in one calendar month is £150. The maximum amount that can be held in the account is £6,000

What's achievable is very different.

WindfallWendy

saverkev said:

Co-op bank changing some terms and conditions including the following concerning Regular Saver

 

To accurately 

reflect our 

processes

The law that applies to your agreement

What are we 

changing?

How are we changing it? Why are we 

making the 

change?

Overpayments We’re making it clearer that the £250 monthly deposit limit is a key term of your 

Regular Saver product and we could close your account if you breach this key term and 

we have to return any overpayments to you.

Indeed. I wonder how much of their issue is because they set up the SO which is very confusing for those used to setting up their own savings routines. I know I had to have an "overpayment" returned which was simply the monthly payment I'd set up. 

Bridlington1

Just a reminder the Principality BS interest rate cuts come into effect tomorrow. Of note:

Account	Old rate	New rate	Date
Principality BS 1 Year Triple Access Regular Saver	5.60%	5.40%	13/03/25
Principality BS First Home Steps Issue 5	4.85%	4.65%	13/03/25

jaypers

mhoc said:

Regarding the new Chorley regional saver - I rang the Chorley to ask before applying to se if my postcode was acceptable. The assistant said it was - I have a CW postcode. I also checked that I could have it alongside  my other Chorley reg saver and again she said yes. I applied online and the form just asked if I was in an acceptable postcode to which I replied yes. The account is showing on my accounts list now ready for funding. OK is a miserable 5.15% and restricted withdrawals but it runs for 2 years so I dont have to think about it again after I've set up the standing orde r until 2027.

Unless the interest rate drops, as it is variable, but there is always the option of closing it at any time. 

flaneurs_lobster

WindfallWendy said:

saverkev said:

Co-op bank changing some terms and conditions including the following concerning Regular Saver

 

To accurately 

reflect our 

processes

The law that applies to your agreement

What are we 

changing?

How are we changing it? Why are we 

making the 

change?

Overpayments We’re making it clearer that the £250 monthly deposit limit is a key term of your 

Regular Saver product and we could close your account if you breach this key term and 

we have to return any overpayments to you.

Indeed. I wonder how much of their issue is because they set up the SO which is very confusing for those used to setting up their own savings routines. I know I had to have an "overpayment" returned which was simply the monthly payment I'd set up. 

I opened a new Co-op RS last week (on the maturity of the old RS). I may have been asked if I wanted to set up a standing order but there was no obligation to do so, and I didn't. 

The RS will be funded manually each month (along with my 27 other RSs), the exception being First Direct's RS.

Dizzycap

exel1966 said:

Kim_13 said:

@Bridlington1 RE entry in the Archived Thread, I believe the maximum possible balance for Melton Adcock would be £4,650 plus interest. I can’t see any mention of a maximum in the terms so I assume a 31st payment would be possible, as the accounts should be open before April.

It very clearly states on the Melton site that the maximum is £6k.

The maximum amount that can be deposited in one calendar month is £150. The maximum amount that can be held in the account is £6,000

What's achievable is very different.

6.50% gross / 6.50% AER

The interest rate is variable. The account end date of this product is 30 September 2027.

Based on the current rate of interest, if you deposited £150 on the 1 April 2025 and the 1st of each subsequent calendar month, at the end of the term, 30 September 2027, you would have £4,958.56.

Dizzycap

WindfallWendy said:

saverkev said:

Co-op bank changing some terms and conditions including the following concerning Regular Saver

 

To accurately 

reflect our 

processes

The law that applies to your agreement

What are we 

changing?

How are we changing it? Why are we 

making the 

change?

Overpayments We’re making it clearer that the £250 monthly deposit limit is a key term of your 

Regular Saver product and we could close your account if you breach this key term and 

we have to return any overpayments to you.

Indeed. I wonder how much of their issue is because they set up the SO which is very confusing for those used to setting up their own savings routines. I know I had to have an "overpayment" returned which was simply the monthly payment I'd set up. 

Interesting! Last year one of my regular monthly SO from my Co-op current account didn't go into my RS as it normally did on the 1st of the month (funds were available), so I manually made the payment. There was obviously a gremlin in the system as 6 days later a SO payment for that months max RS subcription left my co-op current account and I didn't know. Next thing I know, I received a letter in the post sayng Co-op RS closed due to over payment! This is not a new condition, for me, at least!

I did open a new RS with the co-op because of the interest rate but it's certainly not a RS without issues, as I also found out when trying to close the RS early which took over 6+ weeks  Now you'd think I would have had a total gut full by now, but yes, once again due to the interest rate,  which has yet to change, I have a new RS which has been running for 4 months without issue