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

Nasqueron

badger09 said:

I’ve had £5.89 £25.29 & £43.58. Do I win the prize?

I’m expecting another interest payment 30 June and again on maturity 31 July

The KPI suggests a final balance on maturity of £3162.40 based on assumed payment date 1st, full £250 every month & no withdrawals. There is no mention of it morphing into any other account so I’m expecting VM to offer maturity instructions by mid July. 

That sounds about right then, I guess the 4th quarter payment would be say £70 and then the final interest month on the £3000 would be the balance

The odd pennies is in line with the switch bonus of the 12% interest on £1000 - if my June interest is more than £9.82 I would get £120.xx total

Bridlington1

Regarding the Saffron BS Refer a Friend Saver they closed my account yesterday. I have now phoned them and they claimed the title "Refer a friend saver"  makes it clear that the account is for new customers only.

I have now raised a complaint on the grounds that the title is immeterial and that the terms at the time I applied for the account did not exclude existing customers and also cited that the FCA states that firms are required to provide terms that are clear, fair and not misleading.

Kim_13

Refer A Friend Saver could not reasonably be interpreted as the full terms of the account - people would expect to be able to refer relatives, spouses or partners also. Though if Saffron are taking ‘friend’ literally, perhaps this explains the closure of Emily_Joy’s OH’s account. But the terms did not exclude anyone living at the same address.

Dizzycap

Money_Grabber13579 said:

Dizzycap said:

Money_Grabber13579 said:

My second principality account has matured and it was also blocked from maturing into a 2nd regular saver account (but not by the same person who was mentioned here previously). So looks like that opportunity might be coming to an end.

How very strange! I've got 3 x Issue 3 6 month RS and @surreysaver has 4, so something seems to be a miss as Issue 3 is still available. I presume that you tried to set-up the maturity instructions pre-maturity? If so, then then should have been no issue regardless of being completed online or over the telephone??

Principality

Yes, both maturity accounts had instructions provided pre maturity. One was provided several weeks before, the other provided the day before, after close of business. The instructions for both accounts were blocked and matured into a maturity savings account.

OUCH!     

Dizzycap

Money_Grabber13579 said:

Section62 said:

Money_Grabber13579 said:

Principality

Yes, both maturity accounts had instructions provided pre maturity. One was provided several weeks before, the other provided the day before, after close of business. The instructions for both accounts were blocked and matured into a maturity savings account.

In the second case did you get a human response saying the instruction couldn't be accepted, or if not, could it be you just missed the cut-off time for the instruction to be processed?

Principality

Yes, in both cases, I got responses from (different) named humans, both of which broadly said I couldn’t have another regular saver 3 because I already had one, which was the maximum allowed.

That's certainly not the experience I've had. I've submitted my maturity instructions online and then called to see that they've been received and it's never been an issue for accounts coming into maturity converting into the new accounts requested. I've got 2 Christmas Savers & 3 x 6 month RS (ALL now Issue 3). The system should be able to keep the RS Issue number i.e 1 & 2 and apply the Issue 3 account details. 

orange-juice

flaneurs_lobster said:

orange-juice said:

I feel like it shouldn’t be possible to hold both accounts - members and refer a friend, as it might not be in the ‘spirit of the promo’, but who knows 👀

I think you are over-thinking the value of these accounts, £50 a month each, even at their elevated interest rates, is hardly over-generous. 

People are putting in their complaints👀

flaneurs_lobster

orange-juice said:

flaneurs_lobster said:

orange-juice said:

I feel like it shouldn’t be possible to hold both accounts - members and refer a friend, as it might not be in the ‘spirit of the promo’, but who knows 👀

I think you are over-thinking the value of these accounts, £50 a month each, even at their elevated interest rates, is hardly over-generous. 

People are putting in their complaints👀

I'm not in the least surprised. I had my Refer a Friend closed too, but I'm just not convinced that it's worth the faff of raising a formal complaint for the sake of £26.

Or are people going after extras for the "mental anguish and suffering" of having an account closed?

alfred64

flaneurs_lobster said:

orange-juice said:

flaneurs_lobster said:

orange-juice said:

I feel like it shouldn’t be possible to hold both accounts - members and refer a friend, as it might not be in the ‘spirit of the promo’, but who knows 👀

I think you are over-thinking the value of these accounts, £50 a month each, even at their elevated interest rates, is hardly over-generous. 

People are putting in their complaints👀

I'm not in the least surprised. I had my Refer a Friend closed too, but I'm just not convinced that it's worth the faff of raising a formal complaint for the sake of £26.

Or are people going after extras for the "mental anguish and suffering" of having an account closed?

 I can't sleep at night.

flaneurs_lobster

alfred64 said:

flaneurs_lobster said:

orange-juice said:

flaneurs_lobster said:

orange-juice said:

I feel like it shouldn’t be possible to hold both accounts - members and refer a friend, as it might not be in the ‘spirit of the promo’, but who knows 👀

I think you are over-thinking the value of these accounts, £50 a month each, even at their elevated interest rates, is hardly over-generous. 

People are putting in their complaints👀

I'm not in the least surprised. I had my Refer a Friend closed too, but I'm just not convinced that it's worth the faff of raising a formal complaint for the sake of £26.

Or are people going after extras for the "mental anguish and suffering" of having an account closed?

 I can't sleep at night.

Got to be worth an extra tenner.

jameseonline

Dizzycap said:

Money_Grabber13579 said:

Section62 said:

Money_Grabber13579 said:

Principality

Yes, both maturity accounts had instructions provided pre maturity. One was provided several weeks before, the other provided the day before, after close of business. The instructions for both accounts were blocked and matured into a maturity savings account.

In the second case did you get a human response saying the instruction couldn't be accepted, or if not, could it be you just missed the cut-off time for the instruction to be processed?

Principality

Yes, in both cases, I got responses from (different) named humans, both of which broadly said I couldn’t have another regular saver 3 because I already had one, which was the maximum allowed.

That's certainly not the experience I've had. I've submitted my maturity instructions online and then called to see that they've been received and it's never been an issue for accounts coming into maturity converting into the new accounts requested. I've got 2 Christmas Savers & 3 x 6 month RS (ALL now Issue 3). The system should be able to keep the RS Issue number i.e 1 & 2 and apply the Issue 3 account details. 

I think that's the thing I've pretty much done the same, submitted maturity instructions online & maturing accounts have changed into the new issue, account details remaining the same. 

I've not called or posted instructions.

Also I opened 1 of the new issue to start with before a maturing account ended & got converted.

Did it previously hence why I had 2 issues 2's, now I've got 2 issues 3's (£400 in 1, £200 in the other) & hoping my remaining issue 2 also gets converted into another issue 3, taking me up to 3 issue 3's.

So that's why people can have more than 1 because system allows it.

It's not like I just went I'll get 2 or 3 of x account by hitting apply on the account page several times.

It's upto Principality to sort (or not) things out, the maturity or whatever trick has been a thing for a while though from what I can tell & encourages to keep saving with them, not massive amounts of interest etc anyway so if they do actively stop it then no big loss for me.