The Top Regular Savers Discussion Thread

Emily_Joy

Kim_13 said:

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.

I opened Members Month Loyalty Saver myself last year (8% one) and it matured last Sunday 8th of June.

Mr Joy applied on Sunday 1st of June and have had his account closed with no explanation on Friday 6th of June.

Kim_13

Emily_Joy said:

Kim_13 said:

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.

I opened Members Month Loyalty Saver myself last year (8% one).

Had it possibly matured and not been renewed by the time they performed manual checks for your OHs account? All 2024 Members' Month Loyalty Savers will mature this month.

Emily_Joy

Kim_13 said:

Emily_Joy said:

Kim_13 said:

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.

I opened Members Month Loyalty Saver myself last year (8% one).

Had it possibly matured and not been renewed by the time they performed manual checks for your OHs account? All 2024 Members' Month Loyalty Savers will mature this month.

No, as I have explained in the edited comment above. Apologies for not saying this at first place.

dcs34

Bridlington1 said:

10_66 said:

Kim_13 said:

I can see why those who applied on the Saturday or Sunday might wish to complain - if terms don’t exclude something then by implication, it is permitted. If Monday or later, the terms were updated to say you must be a new customer so later applicants always knew it was a gamble and that there was a possibility the account would be closed as they weren’t entitled to it (as is the case with any duplicate Principality issues.)

Terms weren't updated until later on Monday morning, I applied early Monday morning and the new customer only restrictions were not on the referral form etc at that time.

Indeed. I applied on Monday morning (around 5am IIRC).

For future reference for anyone else making complaints please find the archived Ts&Cs for the Refer A Friend Saver on the link below from before they added the term excluding existing customers:
https://web.archive.org/web/20250531084120/https://www.saffronbs.co.uk/MM_Refer_a_Friend_Saver

For ease of reference this is the link listed on the first page of the archived thread.

I've been told:

"This is currently something that our Marketing and Payments Teams' are investigating. As per the current Terms and Conditions, you must be a new member to the Building Society to open the 'Refer a Friend' Saver. Should the terms and conditions be wrong at the time of you opening the account, an update may be provided."

I've asked them how a customer is supposed to second-guess if their terms and conditions will be changed (without any notice or signposting) after the account is opened - perhaps instead of 8% interest they really meant 0.8% interest, or 80%?

ForumUser7

dcs34 said:

Bridlington1 said:

10_66 said:

Kim_13 said:

I can see why those who applied on the Saturday or Sunday might wish to complain - if terms don’t exclude something then by implication, it is permitted. If Monday or later, the terms were updated to say you must be a new customer so later applicants always knew it was a gamble and that there was a possibility the account would be closed as they weren’t entitled to it (as is the case with any duplicate Principality issues.)

Terms weren't updated until later on Monday morning, I applied early Monday morning and the new customer only restrictions were not on the referral form etc at that time.

Indeed. I applied on Monday morning (around 5am IIRC).

For future reference for anyone else making complaints please find the archived Ts&Cs for the Refer A Friend Saver on the link below from before they added the term excluding existing customers:
https://web.archive.org/web/20250531084120/https://www.saffronbs.co.uk/MM_Refer_a_Friend_Saver

For ease of reference this is the link listed on the first page of the archived thread.

I've been told:

"This is currently something that our Marketing and Payments Teams' are investigating. As per the current Terms and Conditions, you must be a new member to the Building Society to open the 'Refer a Friend' Saver. Should the terms and conditions be wrong at the time of you opening the account, an update may be provided."

I've asked them how a customer is supposed to second-guess if their terms and conditions will be changed (without any notice or signposting) after the account is opened - perhaps instead of 8% interest they really meant 0.8% interest, or 80%?

If you made this specific point (perhaps instead of 8% interest they really meant 0.8% interest, or 80%?) then that is completely goated, and I eagerly await hearing their response!

Dizzycap

surreysaver said:

Hattie627 said:

jameseonline said:

Dizzycap said:

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. 

I think that's the thing I've pretty much done the same, submitted maturity instructions online & maturing accounts have changed into the new issue, account details remaining the same. 

I've not called or posted instructions.

Also I opened 1 of the new issue to start with before a maturing account ended & got converted.

Did it previously hence why I had 2 issues 2's, now I've got 2 issues 3's (£400 in 1, £200 in the other) & hoping my remaining issue 2 also gets converted into another issue 3, taking me up to 3 issue 3's.

So that's why people can have more than 1 because system allows it.

It's not like I just went I'll get 2 or 3 of x account by hitting apply on the account page several times.

It's upto Principality to sort (or not) things out, the maturity or whatever trick has been a thing for a while though from what I can tell & encourages to keep saving with them, not massive amounts of interest etc anyway so if they do actively stop it then no big loss for me.

This.

Principality have been offering the 6 month RS3 as a maturity option for maturing 6 month RS's, including those who already have an Issue 3, They can't blame their customers for accepting what is offered. I wouldn't describe it as a maturity "trick". No customer is making a false pretence by accepting what is offered. If it's an error, it's up to Principality to sort it out.

I'm not even sure (I might be wrong) that the maturity choice even stated it was as Issue 3 six month regular saver, so people clicking on it might have thought it was a different account anyway 

Yes, it did - Drop Down Box. Once selected you were then asked where you wanted the remainder of your maturity money & interest to be paid to - Nominated account, another savings account etc. The interesting point will be when all the first round Issue 3 RS mature, if no new issue is released and whether then they won't be renewed due to having more than 1 issue 3? 

Bridlington1

Bridlington1 said:

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.

Further to the above Saffron BS have said they shan't reinstate the account but are paying me £45 to compensate the loss of interest and inconvenience.

Bridlington1

Furness BS Regular Saver 6 has seen its interest rate reduced from 4.5% to 4.25% at some point between 3/6/25 and today (12/6/25), and has thus been removed from the first page of this thread.

Their Christmas RS Issue 2 (NLA) appears to have remained unchanged at 5.25%.

Bridlington1

Loughborough BS Interest Rate Reductions 1/7/25:

Account	Old rate	New rate	Date
Loughborough BS Limited Access Monthly Saver	4.75%	4.45%	01/07/2025
Loughborough BS Regular Monthly Saver  Account	2.50%	NO CHANGE	01/07/2025
Loughborough BS Holiday Monthly Saver	5.60%	NO CHANGE	01/07/2025
Loughborough BS 1 Year Super Saver	6.00%	NO CHANGE	01/07/2025
Loughborough BS 2 Year Super Saver	5.00%	NO CHANGE	01/07/2025

happybagger

Re: Loughborough BS
I attempted to open a Super Saver in branch, as a member of many years but NOT in the postcodes they require.
I thought a trip there way have worked. It did not! No flexibility in their rules.