The Top Regular Savers Discussion Thread

WillPS

Co-op Bank

It seems totally unnecessary to consider refreshing it before term given they have confirmed it isn't changing as a result of the base rate and in any case, it's a variable rate so they could potentially change existing accounts too (we haven't got a precedent to work from).

I've refreshed our unfunded Halifax/BOS regular savers but will leave it at that. Hoping First Direct doesn't drop in the next 2 weeks...

Section62

Co-op RS

Whilst "Issue 1" may well continue at the same rate for the time being, that doesn't preclude the possibility of "Issue 1" being withdrawn and replaced by "Issue 2" (perhaps at a lower rate), or even by nothing.

The situation is as it often is.... stick with a RS account earning maximum interest for the last few weeks/days, or twist by refreshing/renewing with the current offering in the hope of securing a higher rate for the next 12 months.

WillPS

Section62 said:

Co-op RS

Whilst "Issue 1" may well continue at the same rate for the time being, that doesn't preclude the possibility of "Issue 1" being withdrawn and replaced by "Issue 2" (perhaps at a lower rate), or even by nothing.

The situation is as it often is.... stick with a RS account earning maximum interest for the last few weeks/days, or twist by refreshing/renewing with the current offering in the hope of securing a higher rate for the next 12 months.

True. There is also the possibility that the new issue starts at the lower rate and the previous issue(s) are then dragged  down with it (I think this is how Leeds BS and some others do these things).

For lack of any precedent (other than the 2 other base rate drops where nothing happened) I'd not be leaping to safeguard against anything. To each their own, of course!

masonic

Section62 said:

Co-op RS

Whilst "Issue 1" may well continue at the same rate for the time being, that doesn't preclude the possibility of "Issue 1" being withdrawn and replaced by "Issue 2" (perhaps at a lower rate), or even by nothing.

The situation is as it often is.... stick with a RS account earning maximum interest for the last few weeks/days, or twist by refreshing/renewing with the current offering in the hope of securing a higher rate for the next 12 months.

The additional issue with Co-op is that you can end up with the worst of both worlds, by cutting your term short, only to find the current offering is pulled while you wait to be able to renew. At least with some, you can renew within the same day.

pecunianonolet

Section62 said:

Co-op RS

Whilst "Issue 1" may well continue at the same rate for the time being, that doesn't preclude the possibility of "Issue 1" being withdrawn and replaced by "Issue 2" (perhaps at a lower rate), or even by nothing.

The situation is as it often is.... stick with a RS account earning maximum interest for the last few weeks/days, or twist by refreshing/renewing with the current offering in the hope of securing a higher rate for the next 12 months.

I would let it run it's course as the customer service of Co-Op is everything else than good and they are super slow. If you really require the funds, withdraw and let it run. Keep in mind, a lot of staff was made redundant before the take over. The OH waited over 8 weeks to a response of a complaint because they lost documents opening a regular saver opening request. We both have the reg saver running but I would not touch them again, given all the problems we had and the compensation at the time offered was an insult. Of all the high street and app only banks we have accounts with, Co-Op is the worst imho

Speculator

Would there be a delay in withdrawing funds from the co-op if I let it run its course? Mine matures on 27/2 and I need the funds for next months regular savers.

I might withdraw £3249 a day before maturity leaving £1 in the account.

chris_the_bee

Speculator said:

Would there be a delay in withdrawing funds from the co-op if I let it run its course? Mine matures on 27/2 and I need the funds for next months regular savers.

I might withdraw £3249 a day before maturity leaving £1 in the account.

Co-Op
I think that is the safest bet.
It took them 4 weeks to close my account.

WillPS

Co-op have sold fixed term bonds for decades. Maturity will be an automated process, I'm quite sure.

The only places I've known maturities to be more involved are First Direct (no other fixed length savings products) and the old fashioned places where maturity instructions are taken rather than just automatically rolling the account in to an easy access.

Account closure being manual isn't terribly cutting edge but not the most archaic thing about their service, IMHO. In fact I wouldn't mind it at all if their customer service was at all adequate.

Edited to add I'm already not feeling as confident about this prediction, remembering there's a long set up period...

sheffieldeagle

chris_the_bee said:

Speculator said:

Would there be a delay in withdrawing funds from the co-op if I let it run its course? Mine matures on 27/2 and I need the funds for next months regular savers.

I might withdraw £3249 a day before maturity leaving £1 in the account.

Co-Op
I think that is the safest bet.
It took them 4 weeks to close my account.

I can't believe I've never thought of that as option before. What an amateur I am.

Cheers

allegro120

Speculator said:

Would there be a delay in withdrawing funds from the co-op if I let it run its course? Mine matures on 27/2 and I need the funds for next months regular savers.

I might withdraw £3249 a day before maturity leaving £1 in the account.

Co-op
I don't think there will be any delay if you do internal transfer to your current account.  You can do a test £1 transfer tomorrow if unsure.