The Top Regular Savers Discussion Thread

badger09

allegro120 said:

PowerSavingMode said:

csw5780 said:

badger09 said:

[Deleted User] said:

badger09 said:

Co-operative Regular Saver

Mine matures 27/2 but I’ll be out of UK so I want to close it early & open another. I know it’s variable so could change anyway. 

Has anyone managed to close it online? I can’t see any option. 

If not, I’ll just withdraw balance let it run to maturity. 

I asked them what the options were and there didn't seem to be any. The way they explained it the funds WILL go to a 'smart saver' (low interest of course) and then it’s up to the individual. 

I know that’s the default option on maturity but I thought I’d seen some posters saying they’d closed theirs early & opened a new RS a few days later. Can’t find those posts now though.  

I requested closure via chat and Opened a new one a few days later. They insist it has zero balance when you request.  Takes about a week. 

RE: Co-operative Regular Saver 'refresh'

That's what I was told when I 'chatted' to them the other day. Was told to expect the closure to be anything up to 5 working days. I didn't go ahead with the closure; not sure whether I will take a punt and just let it roll to the end of the term (which is a few weeks away).

Mine matures in 18 days. I will let it mature and then open  a new one if it is still available.  If the rate is a bit lower, so be it.  It's not very efficient refreshing closer to maturity - have to start from scratch again (£2750 will be back to lower paying EA).  

Co-op RS
I’m the poster who brought this up again. In principle, I would agree but…

Mine matures 27/2 & I need most of the £3250 to fund March SOs. I won’t have internet access 23/2 to 1/3 inclusive so thought I’d close early & open another. Interest lost is small. 

Other option is to withdraw 22/2, when I will have internet, and let maturity run its course. 

1st world problem but I don’t want to be spending my time ashore faffing around shuffling money😊

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