The Top Regular Savers Discussion Thread

TheWoodler

Interesting to see the mystery over the Principality Triple Access continues for others, which reinforces my view that this product hasn’t had the usual care and attention devoted to it, which I find rather unusual as Principality have become something of a RS specialist. 

I could only see my January interest payment on maturity last week, but not the closing balance with closing interest. That was £10.79 and I see others have reported similar, so it will have been more than £5 for people whose product is maturing about now.

It took allowing it to default to the maturity product, then closure of that product, to receive the closing interest, of the order of £20 something, which I assume includes interest for a few days in the maturity account.

The MSE RS calculator states £18 on 12 monthly payments at this interest rate (without the interim capitalisation we had in January) so that seems about right to me. 

friolento

10_66 said:

mhoc said:

...Just realised that the SO is set up to send another £50 on May 1st - is there any point in this as mine matures on May 4th which is Sunday, part of the bank holiday weekend...

Principality
Terms say maximum amount you can pay in is £600, so a further £50 would exceed this.

Mine closed with £670.28, £20.28 of which was interest.

flaneurs_lobster

friolento said:

Mine closed with £670.28, £20.28 of which was interest.

Mine was £669.72.

david72

It sounds like some of you have opened the account on a date that would let you make a 13th payment into the account before the maturity date, even though the terms of the account say that you oughtn't be able to do this…

mhoc

For the Principality 3 access I had £8.68 on January 1st - but looking at the payment schedule because I just use standing orders so the £50 goes out of my current account on the 1st. But on 6 months of the last year it has been the 2nd or the 3rd rather than the 1st of the month before its got to PBS- that may account for a few pence in difference for interest. 

Just had my annual  savings statement from Principality - all the accounts nicely listed with interest, balance and maturity dates but not the triple access 
"If you have any other accounts with us not shown ... you opened them online, your statement will be available in your online profile"

But I opened them all online and they are all listed except the triple access .... baffling 

flaneurs_lobster

david72 said:

It sounds like some of you have opened the account on a date that would let you make a 13th payment into the account before the maturity date, even though the terms of the account say that you oughtn't be able to do this…

Well clearly the 13th payment was possible, whether it generated any additional interest can be calculated by others -  I cannot be bothered.

Rather more concerned by Principality's reported inability to produce an accurate statement of interest for the previous tax year.

Bob2000

Bob2000 said:

chris_the_bee said:

Bob2000 said:

My Principality BS one year triple access regular saver matured  today, but the total balance is only £612.65, seems a bit low. 

I paid in the full £50 per month between 1st-3rd for the entire  term


Can anybody tell me how much interest  they made, please? 

Principality BS one year triple access
Interest is paid 1st January and at maturity, so you will have received about £5 on 1st Jan. Perhaps this was paid direct to your nominated account then.

Nope, there are no payments in January, but l did receive  £12.65 on 4 February, but when l questioned  it at local branch, they admitted it was a error and let me redeposit it four days later.
Also, the February  amount was only £37.35. 
Something  isn't right?

Earlier, l went into my local branch to query  the interest amount on maturity.
The lady said a lot of people have been having issues with this particular  account. 

Will be expecting a phone call off the staff member on Monday. 

BTW,  l closed the account  today at 11.35am  25 April, and it's disappeared from my online portal, but still to appear in my nominated  bank, will it not arrive  now until Monday?

Baileys_Babe

flaneurs_lobster said:

friolento said:

Mine closed with £670.28, £20.28 of which was interest.

Mine was £669.72.

Mine was £670.31

Principality triple access account is very peculiar in paying interest on 1st January and closure, but NOT maturity, I hope they make changes going forward after the confusion that has been caused. A lot of staffing hours must of been lost dealing with queries relating to this matter 

TheWoodler

Re the Principality Triple Access:

 @mhoc exactly my experience and they told me it was because this one was an online-only account, the others are/were available online and in branch. This after consultation with colleagues and I still don’t buy it because my relationship to Principality is also wholly online, it’s a specious distinction IMHO. 

@flaneurs_lobster - I also flagged that concern to them particularly as you can’t access statements through the portal - you can request them but not see them.

This one has definitely slipped through the cracks somewhere: the lack of interest at maturity, the lack of maturity options, the omission from the statements, and the lack of product knowledge all point in that direction. 

allegro120

david72 said:

It sounds like some of you have opened the account on a date that would let you make a 13th payment into the account before the maturity date, even though the terms of the account say that you oughtn't be able to do this…

I did it by accident, forgot to take it off my April distribution list    The Summary Box says

• If your account reaches £600.00, you cannot pay anymore money in. 

but my extra £50 wasn't returned, can't complain . Not a massive gain though, if I didn't make this mistake my £50 would have sat in one of the Cahoots earning 4.75% - according to my calculation I've gained 2p