The Top Regular Savers Discussion Thread

Kim_13

roked said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

Thanks for info, this prompted me to dig deeper in to the T&Cs. My assumption was that this is a daily interest account and now I am wondering if interest paid is only based on 'deposit month', at least for the purpose of early closure. 

This would make sense for what happened, as my deposit month runs 18th to 17th, hence the august one finished 2 weeks ago on the 17th and the interest payment reflects that. Of course it still could be a co-incidence. 

One way to check, for anyone that still has one open, is to try and close it and you will get a closing balance. You then don't proceed with it and try again the following day, to see if the figure changes slightly. 

I’ve just logged in and today’s closure figure is £101.69, so by my calculations it isn’t applying a penalty (£1 test paid in on 1 May due to COP fail and for whatever reason I then didn’t pay in the remaining £99 until the next day) so the £100 will have been in there for 4 calendar months (or a third of a year) today. I’m not as great as others here in calculating what the interest due should be but did as a rough calculation £100 x 0.05 / 3.

Mine is a Loyalty Regular rather than a Seasonal, so perhaps an issue with the way they are calculating the interest for that account, as I believe that also had a rate reduction and thus a penalty free closure window.

When I logged in to test this there was a reply to my secure message, stating that the account could be closed by myself online through the payments menu or by phone and that I had until 2 October to do it, which means that today is being counted as day 1 of 30 following the effective date. I won’t leave it that long in case the CS is mistaken and the system starts applying penalties as early as 18th September (which would be the 31st day if the date of notification were counted as day 1.)

The date given to me isn’t in accordance with the T and C but as they wish for accounts to be closed with no human intervention required, they might be doing it this way as 30 days from notification would be a nightmare to automate if the notification emails went out in batches over several days.

ChewyyBacca

Kim_13 said:

roked said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

Thanks for info, this prompted me to dig deeper in to the T&Cs. My assumption was that this is a daily interest account and now I am wondering if interest paid is only based on 'deposit month', at least for the purpose of early closure. 

This would make sense for what happened, as my deposit month runs 18th to 17th, hence the august one finished 2 weeks ago on the 17th and the interest payment reflects that. Of course it still could be a co-incidence. 

One way to check, for anyone that still has one open, is to try and close it and you will get a closing balance. You then don't proceed with it and try again the following day, to see if the figure changes slightly. 

I’ve just logged in and today’s closure figure is £101.69, so by my calculations it isn’t applying a penalty (£1 test paid in on 1 May due to COP fail and for whatever reason I then didn’t pay in the remaining £99 until the next day) so the £100 will have been in there for 4 calendar months (or a third of a year) today. I’m not as great as others here in calculating what the interest due should be but did as a rough calculation £100 x 0.05 / 3.

Mine is a Loyalty Regular rather than a Seasonal, so perhaps an issue with the way they are calculating the interest for that account, as I believe that also had a rate reduction and thus a penalty free closure window.

When I logged in to test this there was a reply to my secure message, stating that the account could be closed by myself online through the payments menu or by phone and that I had until 2 October to do it, which means that today is being counted as day 1 of 30 following the effective date. I won’t leave it that long in case the CS is mistaken and the system starts applying penalties as early as 18th September (which would be the 31st day if the date of notification were counted as day 1.)

The date given to me isn’t in accordance with the T and C but as they wish for accounts to be closed with no human intervention required, they might be doing it this way as 30 days from notification would be a nightmare to automate if the notification emails went out in batches over several days.

I have sent a secure message to them, asking until what date I can make charge free withdrawal as per their T&Cs, now that they have reduced interest rate ?
Hoping to get response soon

In my excel sheet, i have noted 15 Aug as the date when they declared rate reduction, possibly read here on the forum
Though I do not remember seeing any notification of interest rate reduction either through a letter or an email. I might have missed it though.

surreysaver

I've received notification from Principality my Learner Earner (original issue) is going down from 4.9% to 4.65 on 18th September.
This account has always remained competitive until it was reduced to 4.9% at the last rate changes 

PowerSavingMode

fuzzzzy said:

35har1old said:

mon3ysav3r said:

Slinky said:

I've just tried logging in to Progressive to check my SO has arrived today, and after putting in my password it's come up with a Salesforce page asking me to change my password.  Never had this before, I've abandoned the login. Is this genuine?

Yes it appears to be genuine.

It did the same to me a week or so ago, I changed my password and all is good.

I have worked my entire life working in IT, and I was surprised that they use Salesforce for authentication it makes no sense, but then I thought this is the only institution to stop using SMS message 2FA and swap to WhatsApp ....

Site doesn't operate correctly if in private window won't go back to accounts.
They haven't stopped using SMS messages
Both take equally as long to come through 
Online services don't appear to run 24 hrs a day 

I have just received a text from Progressive saying when I next login I will receive my 6 digit Code via WhatsApp, not SMS. I don't even have an account. I tried applying for one a while ago but gave up because it was too much hassle to satisfy their ID checks.

I had similar a while back. I don't have or use WhatsApp, either, and after a few going-back-and-forth emails, Progressive agreed to send the code via email (saying that SMS was not secure!).

Sussex_Green_Man

Does anyone know if Aldermore Bank allow a 13th payment?  The T&C do not specifically state that £3600 is the maximum deposit balance.  Thanks

ChewyyBacca

Sussex_Green_Man said:

Does anyone know if Aldermore Bank allow a 13th payment?  The T&C do not specifically state that £3600 is the maximum deposit balance.  Thanks

Yes 13th payment is allowed in Aldermore

Hattie627

Hattie627 said:

s71hj said:

trickydicky14 said:

I can confirm Monmouth are still processing postal requests for the branch RS. I posted mine first class on the 27th and account showing today 2nd Sept in the app.

My only disappointment being they have credited my account as of today the 2nd yet the cheque was dated 27th so I can’t pay in another £500 for September. I’m not complaining, I’m pleased they opened the account without me having to go all the way to Hereford to sort it.

Yep, mine and wife's posted 2nd class Wed and showing this morning with deposit date of today

Monmouthshire BS Branch Exc RS

I posted my application last Wed 2nd class but no action on the app yet. Still, I'm hopeful it will be opened soon. Thanks for the updates on this.

Account showing as open this afternoon on the app, with a cheque credit of £500 dated today. Cheque not yet cleared through bank account but presumably it will be debited tomorrow. I have successfully added the new account to my Monmouthshire online account list and set up monthly SO to run from 1 October to 1 August next year.

Bridlington1

Hanley Economic BS Interest Rate Cuts 1/10/25:

Online Regular Saver (NLA) ~~~ Reduction from 4.4% to 4.15%.

Aidanmc

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

s71hj

Aidanmc said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

Is there a penalty for early closure of the Coventry Loyalty Seasonal saver?