The Top Regular Savers Discussion Thread

PowerSavingMode

Section62 said:

SJMALBA said:

ForumUser7 said:

SJMALBA said:

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

As far as I can see, the specific Ts & Cs for this account do not allow withdrawals or early closure:




The general RS Ts & Cs allow such things, but, presumably, the specific Ts & Cs trump those, in respect of the Exclusive RS iss. 2?

I’m not convinced. I think @bridlington1 is correct in expecting withdrawal (or closure) to be permitted in the case of a rate decrease - curious to see how Mon BS respond.

The general RS Ts & Cs state:

Closure

Closure of your Regular Saver account is allowed at any time without notice or penalty.

and

If we lower the interest rate, we’ll let you know 30 days before the change happens, using letter, email, or

whichever method you advised is best for you. If you’re not happy about the change, you can close your

account or move the money to another one. If you do this within the 30 days, you won’t have to pay any

charges or lose any interest. We’ll assume you’re happy with the change unless you tell us otherwise.

The product specific Ts & Cs gives neither option (and goes further by stating that it cannot be closed for a 12 month term), and my reading of the opening to the general terms (now quoted as an edit in my original post) is that they trump the general terms?

Monmouth

I'd suggest "...this is in line with our General Terms and Conditions for Savings Accounts." from the product specific T&C's arguably has the effect of invoking (rather than trumping) the relevant clause of the general T&C's.

Either way, it isn't wholly clear, and since the change in interest rates by Monmouth is detrimental to customers I think they should be willing to allow the T&C's to be interpreted in the way Bridlington1 has.

Hopefully they will see sense.  But if not, perhaps a complaint referencing the FCA handbook (Fair, clear and not misleading communications) might be in order, since the fact this conversation is taking place points towards the T&C's failing that test.

Monmouth

Don't know if this helps in any way, but the MONBS Saving T&Cs state:

"Thank you for choosing Monmouthshire Building Society. This document, along with your product terms and conditions, make up the contract between you and us, so please read them carefully. If this document and the product terms and conditions ever disagree, the product terms will apply." (My emboldening.)

PowerSavingMode

Monmouth BS Exclusive Regular Saver - Issue 2

I think this has been raised before, but just in case... if Monmouthshire Building Society is saying the product terms apply, then giving just 14 days' notice (in my case) of the interest rate reduction doesn't comply with the product terms, which state: 

"If we put the rate down, we’ll let you know as soon as we can - with at least 30 days’ notice."

gt94sss2

PowerSavingMode said:

Monmouth BS Exclusive Regular Saver - Issue 2

I think this has been raised before, but just in case... if Monmouthshire Building Society is saying the product terms apply, then giving just 14 days' notice (in my case) of the interest rate reduction doesn't comply with the product terms, which state: 

"If we put the rate down, we’ll let you know as soon as we can - with at least 30 days’ notice."

MBS wrote to members a while back stating they were changing their T&C and reducing the notice period to 14 days.

Bigwheels1111

alfred64 said:

The West Brom would not allow a 13th payment into the regular saver. But I am looking forward to later this month when I will be able to open another @ 6%..

I just applied for a new one on the 16/02/25 info said 3 working days to open, it was opened on the 19/02/25.

ForumUser7

happybagger said:

I think you'll be permitted to close the account completely, but not make a partial withdrawal

Baseline approach seems to be closure - Skipton does this I think IIRC. Generous approach offered by some is withdrawal.

Slinky

First standing order payment for the Furness RS has gone today, not currently showing up in the Furness account. Presume it will show tomorrow, is this normal?

KuchKuch

Virgin Money Regular Saver Exclusive

I made a £250 transfer to my Virgin Money Regular Saver Exclusive account on Saturday afternoon. Strangely it is still showing as "Pending" on the Virgin Money app. Last month and other times I have made a transfer on a non-working day, it has normally processed by the next working day in the morning. Anyone else having the same issue this month?

Bob2000

KuchKuch said:

Virgin Money Regular Saver Exclusive

I made a £250 transfer to my Virgin Money Regular Saver Exclusive account on Saturday afternoon. Strangely it is still showing as "Pending" on the Virgin Money app. Last month and other times I have made a transfer on a non-working day, it has normally processed by the next working day in the morning. Anyone else having the same issue this month?

Yes, same with my deposit. Sent at 8 am. Saturday was "Pending" until just after 5 today.

[Deleted User]

Slinky said:

First standing order payment for the Furness RS has gone today, not currently showing up in the Furness account. Presume it will show tomorrow, is this normal?

Yes it shows up next working day.

Slinky

[Deleted User] said:

Slinky said:

First standing order payment for the Furness RS has gone today, not currently showing up in the Furness account. Presume it will show tomorrow, is this normal?

Yes it shows up next working day.

It's showing in my account this morning as having been received today rather than yesterday. In these days of instant transfers, where does it go overnight I wonder, and who gets the benefit from it?