The Top Regular Savers Discussion Thread

CricketLady

Mine (Coop 7%) is due to mature on 1st March (Saturday - I opened it on 29th February last year, and have managed to put 13 x £250 away, first payment going on 29th Feb last year, second payment going on 1st March) and have chanced my arm, remembering how long it took for  my husband's to open up so I applied for a new account on Sunday.  I still haven't heard yet, although I was expecting around midweek to be told "you can't have one as you already have one" but I'm now wondering, if they don't get round to looking at my application until Saturday, I might well be in luck!  

surreysaver

Hattie627 said:

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

Mine matured as well. Payment out got stopped for a fraud check even though I sent it to an existing account in my name!
I've opened a new one, but not got the account details yet and it's not showing in online banking yet

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.