The Top Regular Savers Discussion Thread

Emily_Joy

Saffron: the OH submitted an application last week for Refer a Friend saver. Filled the extra form giving my name. On Friday received an email "we are closing your account according to your instructions". 
He was new to Saffron. I have been a member for 3 years, with a qualifying account.  I am trying to convince him to give them a call but this week he works 12 hours a day... 

Kim_13

Emily_Joy said:

Saffron: the OH submitted an application last week for Refer a Friend saver. Filled the extra form giving my name. On Friday received an email "we are closing your account according to your instructions". 
He was new to Saffron. I have been a member for 3 years, with a qualifying account.  I am trying to convince him to give them a call but this week he works 12 hours a day... 

Was any online access set up for him? Might be easier to secure message in his circumstances, or you could do so asking why the new customer you referred had their account closed. Does the RAF form literally only ask for a name, so things like shortening it might lead them to conclude that the specified customer didn’t qualify to make referrals? It surely would have been easier for them to ask for the qualifying account number(s) - some referers will have Members Month Loyalty Savers that have been open for less than a year, if they didn’t spot the maturity option for one, therefore relying on another account for the 1 year term. Was this you, and Saffron are perhaps looking at your MMLS that has been open for a week or so and wrongly rejecting it?

Emily_Joy

Kim_13 said:

Emily_Joy said:

Saffron: the OH submitted an application last week for Refer a Friend saver. Filled the extra form giving my name. On Friday received an email "we are closing your account according to your instructions". 
He was new to Saffron. I have been a member for 3 years, with a qualifying account.  I am trying to convince him to give them a call but this week he works 12 hours a day... 

Was any online access set up for him? Might be easier to secure message in his circumstances, or you could do so asking why the new customer you referred had their account closed. Does the RAF form literally only ask for a name, so things like shortening it might lead them to conclude that the specified customer didn’t qualify to make referrals? It surely would have been easier for them to ask for the qualifying account number(s) - some referers will have Members Month Loyalty Savers that have been open for less than a year, if they didn’t spot the maturity option for one, therefore relying on another account for the 1 year term. Was this you, and Saffron are perhaps looking at your MMLS that has been open for a week or so and wrongly rejecting it?

Just to be clear - no, I have not attempted to open a Refer a Friend account via maturity instructions. My MMLS have matured on Sunday and the funds were used to fund a new RS I am eligible for.  I am not sure about online access for OH, to be honest. 

Kim_13

Emily_Joy said:

Kim_13 said:

Emily_Joy said:

Saffron: the OH submitted an application last week for Refer a Friend saver. Filled the extra form giving my name. On Friday received an email "we are closing your account according to your instructions". 
He was new to Saffron. I have been a member for 3 years, with a qualifying account.  I am trying to convince him to give them a call but this week he works 12 hours a day... 

Was any online access set up for him? Might be easier to secure message in his circumstances, or you could do so asking why the new customer you referred had their account closed. Does the RAF form literally only ask for a name, so things like shortening it might lead them to conclude that the specified customer didn’t qualify to make referrals? It surely would have been easier for them to ask for the qualifying account number(s) - some referers will have Members Month Loyalty Savers that have been open for less than a year, if they didn’t spot the maturity option for one, therefore relying on another account for the 1 year term. Was this you, and Saffron are perhaps looking at your MMLS that has been open for a week or so and wrongly rejecting it?

Just to be clear - no, I have not attempted to open a Refer a Friend account via maturity instructions. My MMLS have matured on Sunday and the funds were used to fund a new RS I am eligible for.  I am not sure about online access for OH, to be honest. 

I was wondering how you had opened the new Members’ Month Loyalty Saver, it was clear that you hadn’t opened a RAF yourself. If you haven’t got a new Members’ Month and instead swapped to say the 12 Month Members’ account, that would be the reason - as the terms say the referer has to hold the Members’ Month Loyalty Saver.

Nasqueron

badger09 said:

I’ve had £5.89 £25.29 & £43.58. Do I win the prize?

I’m expecting another interest payment 30 June and again on maturity 31 July

The KPI suggests a final balance on maturity of £3162.40 based on assumed payment date 1st, full £250 every month & no withdrawals. There is no mention of it morphing into any other account so I’m expecting VM to offer maturity instructions by mid July. 

That sounds about right then, I guess the 4th quarter payment would be say £70 and then the final interest month on the £3000 would be the balance

The odd pennies is in line with the switch bonus of the 12% interest on £1000 - if my June interest is more than £9.82 I would get £120.xx total

Bridlington1

Regarding the Saffron BS Refer a Friend Saver they closed my account yesterday. I have now phoned them and they claimed the title "Refer a friend saver"  makes it clear that the account is for new customers only.

I have now raised a complaint on the grounds that the title is immeterial and that the terms at the time I applied for the account did not exclude existing customers and also cited that the FCA states that firms are required to provide terms that are clear, fair and not misleading.

Kim_13

Refer A Friend Saver could not reasonably be interpreted as the full terms of the account - people would expect to be able to refer relatives, spouses or partners also. Though if Saffron are taking ‘friend’ literally, perhaps this explains the closure of Emily_Joy’s OH’s account. But the terms did not exclude anyone living at the same address.

Dizzycap

Money_Grabber13579 said:

Dizzycap said:

Money_Grabber13579 said:

My second principality account has matured and it was also blocked from maturing into a 2nd regular saver account (but not by the same person who was mentioned here previously). So looks like that opportunity might be coming to an end.

How very strange! I've got 3 x Issue 3 6 month RS and @surreysaver has 4, so something seems to be a miss as Issue 3 is still available. I presume that you tried to set-up the maturity instructions pre-maturity? If so, then then should have been no issue regardless of being completed online or over the telephone??

Principality

Yes, both maturity accounts had instructions provided pre maturity. One was provided several weeks before, the other provided the day before, after close of business. The instructions for both accounts were blocked and matured into a maturity savings account.

OUCH!     

Dizzycap

Money_Grabber13579 said:

Section62 said:

Money_Grabber13579 said:

Principality

Yes, both maturity accounts had instructions provided pre maturity. One was provided several weeks before, the other provided the day before, after close of business. The instructions for both accounts were blocked and matured into a maturity savings account.

In the second case did you get a human response saying the instruction couldn't be accepted, or if not, could it be you just missed the cut-off time for the instruction to be processed?

Principality

Yes, in both cases, I got responses from (different) named humans, both of which broadly said I couldn’t have another regular saver 3 because I already had one, which was the maximum allowed.

That's certainly not the experience I've had. I've submitted my maturity instructions online and then called to see that they've been received and it's never been an issue for accounts coming into maturity converting into the new accounts requested. I've got 2 Christmas Savers & 3 x 6 month RS (ALL now Issue 3). The system should be able to keep the RS Issue number i.e 1 & 2 and apply the Issue 3 account details. 

orange-juice

flaneurs_lobster said:

orange-juice said:

I feel like it shouldn’t be possible to hold both accounts - members and refer a friend, as it might not be in the ‘spirit of the promo’, but who knows 👀

I think you are over-thinking the value of these accounts, £50 a month each, even at their elevated interest rates, is hardly over-generous. 

People are putting in their complaints👀