The Top Regular Savers Discussion Thread

OrangeBlueGreen

Hattie627 said:

jameseonline said:

schiff said:

jameseonline said:

saverkev said:

jameseonline said:

Just checked my CBS app it seems my Sunny Day has been converted to Easy Access 7 but the amount is 2p less than the amount given in letter, hmm, I know the guy on the chat said it gets converted at 12am but yeah 2p less & already converted, I'm a bit confused.

So at the moment I have £1859.27 showing in Easy Access 7, guess I'll see if 2p gets added at 12am yea?🤔

Coventry Sunny Day 

Just checked mine - its converted to Easy Access Saver £2009.20 - withdrawal instruction given to pay into nominated bank tomorrow - don't know what the amount on the letter said as its been filed in the shredder.

My letter dated 7th August clearly states £1859.29 was my current closing balance at the time, app is still showing £1859.27.

So something is clearly wrong here.

Does beg the question can Coventry add things up properly?.

Going to have to do another webchat or something later I think.

For 2p !??!

Well on principal yes I want them to explain why there's 2p missing, like I said they sent me a letter, the app displays 2p less than the printed letter.

But then how can I be sure it's just 2p missing?, I'm probably not going to go down compensation/complaints route (unless they push it & many banks etc do), I'm just after an explanation to be honest.

Also if they've calculated things wrong they've probably done it with other people.

Might just be 2p, but I'm sure there would be several people kicking off if was £30 or something higher right?

I think I know the reason why it's 2p less than expected but they've had plenty of time to explain why it differs from the letter.

Ahh well I've requested a transfer out now so hopefully that will arrive today or tomorrow 

I mean this in a light-hearted way, but I often don't know if you are being serious or taking the mickey. Either way, it's fine. But with all the talk recently on here about institutions closing accounts and banning customers without explanation, you might try the patience of a bank just once too often by querying a 2p discrepancy in maturity amount. As I say, good on you for being thorough and looking after your interests etc but, jeez, there has to be a limit to a bank's patience.

On this one though, I don't think Coventry would have a leg to stand on. They can't say Amount A on documentation 1 and then Amount B for transaction, and then be even remotely annoyed if customers point this out when this specific situation is entirely of their own doing. That would be the banking equivalent of victim blaming. (Victim is obviously way too strong for this situation but I can't think an appropriate word). It's the building society's discrepancy, not the customer's. If they don't want the complaints or time spent on this, they should ensure information is always accurate.

I agree when posters talk about the principle. It doesn't really matter whether it's 1p or £100, it's about information or potentially transactions being wrong. (Though I also understand that some customers will not care about such matters).

granta

soulsaver said:

Hanley RS

They didn't enforce the min or the pay in rules for me when they became uncompetitive; I've not paid in for c.6 months now. 

They confirmed by phone they'll still pay the interest rate on the balance & accrued interest whilst below the £1k 'min' but warn they may issue 30 days notice of closure per the terms. 

It's a £1k pm NLA, area restricted RS with no end date, so the only thing making it unattractive for me is the rate - I'll keep it open as long as they allow with a small balance, in the hope that their rate returns to useful.

Thanks. I may just reduce the balance down to £100 then and wait to "hear" from them before taking further action. Saves me opening another account with them

s71hj

I gave my maturity instructions online to Principality re RS3 asking them to open an RS4 (I already have one, but it was accepted) . I have received a letter confirming the funds going to my current account but when I look closely to try and set up the s/o for 1/10 onwards I realised there was no reference to the RS4 or an account number. In peoples experience does this come later? 

PloughmansLunch

s71hj said:

I gave my maturity instructions online to Principality re RS3 asking them to open an RS4 (I already have one, but it was accepted) . I have received a letter confirming the funds going to my current account but when I look closely to try and set up the s/o for 1/10 onwards I realised there was no reference to the RS4 or an account number. In peoples experience does this come later? 

From the sounds of it you chose option 2 - is this right? If so I did the same and I had my maturity confirmation letter today. It only states the funds will be transferred into my nominated account, but going by past practice £200 will remain in your renamed Principality 6 month saver with the same account details, and the balance of £1000 + interest going to your bank account

happybagger

granta said:

soulsaver said:

Hanley RS

They didn't enforce the min or the pay in rules for me when they became uncompetitive; I've not paid in for c.6 months now. 

They confirmed by phone they'll still pay the interest rate on the balance & accrued interest whilst below the £1k 'min' but warn they may issue 30 days notice of closure per the terms. 

It's a £1k pm NLA, area restricted RS with no end date, so the only thing making it unattractive for me is the rate - I'll keep it open as long as they allow with a small balance, in the hope that their rate returns to useful.

Thanks. I may just reduce the balance down to £100 then and wait to "hear" from them before taking further action. Saves me opening another account with them

As soon as I requested a withdrawal that took it below £1k they emailed to ask me to confirm I wanted such a withdrawal, as that would close it. (That's the option I took).

flaneurs_lobster

granta said:

soulsaver said:

Hanley RS

They didn't enforce the min or the pay in rules for me when they became uncompetitive; I've not paid in for c.6 months now. 

They confirmed by phone they'll still pay the interest rate on the balance & accrued interest whilst below the £1k 'min' but warn they may issue 30 days notice of closure per the terms. 

It's a £1k pm NLA, area restricted RS with no end date, so the only thing making it unattractive for me is the rate - I'll keep it open as long as they allow with a small balance, in the hope that their rate returns to useful.

Thanks. I may just reduce the balance down to £100 then and wait to "hear" from them before taking further action. Saves me opening another account with them

Thanks for the heads-up, I've had a fiver in my HEBS RS since May, just checked in and they've added this year's interest that I'd forgotten to note was due. £120-ish withdrawn and left £5 in place.

Ch1ll1Phlakes

Aidanmc said:

jameseonline said:

saverkev said:

jameseonline said:

Just checked my CBS app it seems my Sunny Day has been converted to Easy Access 7 but the amount is 2p less than the amount given in letter, hmm, I know the guy on the chat said it gets converted at 12am but yeah 2p less & already converted, I'm a bit confused.

So at the moment I have £1859.27 showing in Easy Access 7, guess I'll see if 2p gets added at 12am yea?🤔

Coventry Sunny Day 

Just checked mine - its converted to Easy Access Saver £2009.20 - withdrawal instruction given to pay into nominated bank tomorrow - don't know what the amount on the letter said as its been filed in the shredder.

My letter dated 7th August clearly states £1859.29 was my current closing balance at the time, app is still showing £1859.27.

So something is clearly wrong here.

Does beg the question can Coventry add things up properly?.

Going to have to do another webchat or something later I think.

Maybe the letter you received didn't take into account the rate reduction on 1s Sept?

@jameseoline I believe here lies the answer to the missing 2p. The letter you received was dated 7th August. Coventry then informed of rate reduction on the 18th August (at least for me) with these rate reductions coming into effect on September 1st.

While the 2p discrepancy is annoying, Coventry cannot future proof every letter. The base rate was decreased on the 7th of August so it's highly unlikely that Coventry had already decided their rate reductions (even if they had they hadn't informed of such) when the base rate probably occurred after your letter was generated. They provided a predicted maturity value based on the interest rate at the time the letter was generated and it's  likely the letter says it's only a prediction or something to that effect.

A few calculations shows that 2p interest would be the difference for a rate reduction of 0.1% on a holding of £1800 for roughly 1/90 of a year or approximately 4 days. Saying as you provided the information regarding your account on the 5th, 2p lost on 4 days of a reduced interest rate seems very reasonable.

SJMALBA

Re Hanley Online RS

I reduced mine down to zero (for part funding of other RSs, while still deciding what to do with this account)), and received an email the next day:-

'... We note from our records that you have recently withdrawn the full balance of your Hanley Economic Online Regular Saver account.

 This leaves your account below the minimum holding balance of £1000.00 and wondered if it had been your intention to close your account?

 Please could you reply to this email to confirm if you did intend to close your account, if so, we can arrange for any closing interest to be paid into your nominated bank account.

 If we do not hear from you within 60 days of this email we will automatically close your account.'

jameseonline

Got my money from Coventry & Principality.

Principality paid me £994.02 in total, I think it's like £44.02 total interest.

I've now saved up enough to get 2 new phones with some money left over, so probably gonna get that sorted soon.

Kim_13

OrangeBlueGreen said:

Hattie627 said:

jameseonline said:

schiff said:

jameseonline said:

saverkev said:

jameseonline said:

Just checked my CBS app it seems my Sunny Day has been converted to Easy Access 7 but the amount is 2p less than the amount given in letter, hmm, I know the guy on the chat said it gets converted at 12am but yeah 2p less & already converted, I'm a bit confused.

So at the moment I have £1859.27 showing in Easy Access 7, guess I'll see if 2p gets added at 12am yea?🤔

Coventry Sunny Day 

Just checked mine - its converted to Easy Access Saver £2009.20 - withdrawal instruction given to pay into nominated bank tomorrow - don't know what the amount on the letter said as its been filed in the shredder.

My letter dated 7th August clearly states £1859.29 was my current closing balance at the time, app is still showing £1859.27.

So something is clearly wrong here.

Does beg the question can Coventry add things up properly?.

Going to have to do another webchat or something later I think.

For 2p !??!

Well on principal yes I want them to explain why there's 2p missing, like I said they sent me a letter, the app displays 2p less than the printed letter.

But then how can I be sure it's just 2p missing?, I'm probably not going to go down compensation/complaints route (unless they push it & many banks etc do), I'm just after an explanation to be honest.

Also if they've calculated things wrong they've probably done it with other people.

Might just be 2p, but I'm sure there would be several people kicking off if was £30 or something higher right?

I think I know the reason why it's 2p less than expected but they've had plenty of time to explain why it differs from the letter.

Ahh well I've requested a transfer out now so hopefully that will arrive today or tomorrow 

I mean this in a light-hearted way, but I often don't know if you are being serious or taking the mickey. Either way, it's fine. But with all the talk recently on here about institutions closing accounts and banning customers without explanation, you might try the patience of a bank just once too often by querying a 2p discrepancy in maturity amount. As I say, good on you for being thorough and looking after your interests etc but, jeez, there has to be a limit to a bank's patience.

On this one though, I don't think Coventry would have a leg to stand on. They can't say Amount A on documentation 1 and then Amount B for transaction, and then be even remotely annoyed if customers point this out when this specific situation is entirely of their own doing. That would be the banking equivalent of victim blaming. (Victim is obviously way too strong for this situation but I can't think an appropriate word). It's the building society's discrepancy, not the customer's. If they don't want the complaints or time spent on this, they should ensure information is always accurate.

I agree when posters talk about the principle. It doesn't really matter whether it's 1p or £100, it's about information or potentially transactions being wrong. (Though I also understand that some customers will not care about such matters).

I withdrew roughly half of the money from mine a day early, so didn’t check the interest tallied. I also paid in £150 in August due to an account maturing, and having nowhere higher paying to put it until this month. I agree it should be accurate though, assuming no further transactions between the printing date and maturity. NS&I paid out to the penny the sum that they said a month ago.

I recall the letter saying it included interest owing in the figure if you’d selected to have it added to the account, but not if it had been set up to pay away. So they obviously weren’t obliged to give an interest figure in advance, and need only have said it will become an EA7 paying whatever.

I think the lowest I’ve complained about was 42p, when Cambridge paid it away to a closed account rather than the account that had been nominated to replace it before. But that was also about preventing any issues at RS maturity time.