The Top Regular Savers Discussion Thread

WillPS

I opened an RS6 as a new customer without sending ID, they were able to open mine electronically but not my wife's. 

I would recommend sending a cheque though as they insist on receiving a deposit before letting you administer the account - for electronic transfer that means an awkward process of sending details in the post for the opening deposit then following up with the account paperwork after you've received that and sent a deposit.

Bridlington1

PloughmansLunch said:

I was about to fritter away a valuable stamp but thought I'd check my box of savings bumf first, and I've found a Melton freepost envelope (addressed to Oakham) that arrived with the opening of the RS Issue 6 paperwork. Not one for posting off incognito though as it has a massive colourful logo on the front.

I had a spare application pack for Melton BS lying around so have now sent that off to apply for the Adcock RS and phoned them to get them to send me an application pack with prepaid envelope which shall replace the spare application pack I've just sent off.

I've done this with a couple of building societies in the past so that I can send postal applications off quicker without having to pay for postage or print documents off.

saverkev

Co-op bank changing some terms and conditions including the following concerning Regular Saver

 

To accurately 

reflect our 

processes

The law that applies to your agreement

What are we 

changing?

How are we changing it? Why are we 

making the 

change?

Overpayments We’re making it clearer that the £250 monthly deposit limit is a key term of your 

Regular Saver product and we could close your account if you breach this key term and 

we have to return any overpayments to you.

mhoc

Regarding the new Chorley regional saver - I rang the Chorley to ask before applying to se if my postcode was acceptable. The assistant said it was - I have a CW postcode. I also checked that I could have it alongside  my other Chorley reg saver and again she said yes. I applied online and the form just asked if I was in an acceptable postcode to which I replied yes. The account is showing on my accounts list now ready for funding. OK is a miserable 5.15% and restricted withdrawals but it runs for 2 years so I dont have to think about it again after I've set up the standing orde r until 2027.

Kim_13

@Bridlington1 RE entry in the Archived Thread, I believe the maximum possible balance for Melton Adcock would be £4,650 plus interest. I can’t see any mention of a maximum in the terms so I assume a 31st payment would be possible, as the accounts should be open before April.

exel1966

Kim_13 said:

@Bridlington1 RE entry in the Archived Thread, I believe the maximum possible balance for Melton Adcock would be £4,650 plus interest. I can’t see any mention of a maximum in the terms so I assume a 31st payment would be possible, as the accounts should be open before April.

It very clearly states on the Melton site that the maximum is £6k.

The maximum amount that can be deposited in one calendar month is £150. The maximum amount that can be held in the account is £6,000

What's achievable is very different.

WindfallWendy

saverkev said:

Co-op bank changing some terms and conditions including the following concerning Regular Saver

 

To accurately 

reflect our 

processes

The law that applies to your agreement

What are we 

changing?

How are we changing it? Why are we 

making the 

change?

Overpayments We’re making it clearer that the £250 monthly deposit limit is a key term of your 

Regular Saver product and we could close your account if you breach this key term and 

we have to return any overpayments to you.

Indeed. I wonder how much of their issue is because they set up the SO which is very confusing for those used to setting up their own savings routines. I know I had to have an "overpayment" returned which was simply the monthly payment I'd set up. 

Bridlington1

Just a reminder the Principality BS interest rate cuts come into effect tomorrow. Of note:

Account	Old rate	New rate	Date
Principality BS 1 Year Triple Access Regular Saver	5.60%	5.40%	13/03/25
Principality BS First Home Steps Issue 5	4.85%	4.65%	13/03/25

jaypers

mhoc said:

Regarding the new Chorley regional saver - I rang the Chorley to ask before applying to se if my postcode was acceptable. The assistant said it was - I have a CW postcode. I also checked that I could have it alongside  my other Chorley reg saver and again she said yes. I applied online and the form just asked if I was in an acceptable postcode to which I replied yes. The account is showing on my accounts list now ready for funding. OK is a miserable 5.15% and restricted withdrawals but it runs for 2 years so I dont have to think about it again after I've set up the standing orde r until 2027.

Unless the interest rate drops, as it is variable, but there is always the option of closing it at any time. 

flaneurs_lobster

WindfallWendy said:

saverkev said:

Co-op bank changing some terms and conditions including the following concerning Regular Saver

 

To accurately 

reflect our 

processes

The law that applies to your agreement

What are we 

changing?

How are we changing it? Why are we 

making the 

change?

Overpayments We’re making it clearer that the £250 monthly deposit limit is a key term of your 

Regular Saver product and we could close your account if you breach this key term and 

we have to return any overpayments to you.

Indeed. I wonder how much of their issue is because they set up the SO which is very confusing for those used to setting up their own savings routines. I know I had to have an "overpayment" returned which was simply the monthly payment I'd set up. 

I opened a new Co-op RS last week (on the maturity of the old RS). I may have been asked if I wanted to set up a standing order but there was no obligation to do so, and I didn't. 

The RS will be funded manually each month (along with my 27 other RSs), the exception being First Direct's RS.