The Top Regular Savers Discussion Thread

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.

jameseonline

Bob2000 said:

jameseonline said:

Just requested my Principality 2 Year Healthy Habits to be closed, hopefully that will be done today.

Do you get the funds back plus interest  or is there any restrictions due to early closure please?

Nah Principality are decent with closing early, you'll get funds back + interest for their regular savers

jameseonline

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.

I'm both joking & both being serious, I've recently read at least 1 thread where a building society hasn't paid correct interest or at all, Skipton I believe?.

Querying interest isn't going to cause me to get banned, I've not abused Coventry or anything.

I just want clarity etc.

granta

happybagger said:

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).

Interesting that people have had different experiences. I think as I don't mind them enforcing closure given the low interest rate, I will reduce the balance and see what happens. If they give you 60 days' notice, that gives me time to open and instant access account with the proceeds. I've been paying in the minimum £250 a month since opening but make periodic withdrawals. This no longer seems worth it

jameseonline

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?

Well that's what I'm thinking but then would that really explain a 2p loss?, hmm

allegro120

granta said:

Hanley Economic BS Online regular saver (NLA)

Just received notification interest will go down to 4.15% from 1st October.

Any reason why this should stay open (it has no end date) especially as you have to hold a minimum balance of £1000?

I might just open an instant access account with them to retain membership but looking for any counter-reasons to closure

I've closed it back in April when they announced reduction to 4.7%.  It looks like they have made further reductions since.  I don't want to hold £1000 in RS that pays lower rate than EA accounts I have.  
I didn't open any other accounts with Hanley to continue my membership, there wasn't anything suitable on offer at the time.

jameseonline

granta said:

Hanley Economic BS Online regular saver (NLA)

Just received notification interest will go down to 4.15% from 1st October.

Any reason why this should stay open (it has no end date) especially as you have to hold a minimum balance of £1000?

I might just open an instant access account with them to retain membership but looking for any counter-reasons to closure

You could literally put your money into a Santander Edge Saver, Monmouthshire 6%/7% regular or several other better paying accounts, maybe a Cahoot account?

Also with those you can take out whenever & no penalties.

granta

jameseonline said:

granta said:

Hanley Economic BS Online regular saver (NLA)

Just received notification interest will go down to 4.15% from 1st October.

Any reason why this should stay open (it has no end date) especially as you have to hold a minimum balance of £1000?

I might just open an instant access account with them to retain membership but looking for any counter-reasons to closure

You could literally put your money into a Santander Edge Saver, Monmouthshire 6%/7% regular or several other better paying accounts, maybe a Cahoot account?

I hold all the accounts you mention and yes, it seems now is the time to move the remaining Hanley balance elsewhere. I'm struggling to remember why I opened this account in the first place but it must have been competitive at some point

SJMALBA

FWIW, for continuing membership options for those wishing to close the Hanley Online RS, the Instant Access (ORD01) account, which has a min. opening balance of £100, can be reduced to the min. operating balance of £1, after the 10 day period during which time withdrawals cannot be made.

SJMALBA

granta said:

jameseonline said:

granta said:

Hanley Economic BS Online regular saver (NLA)

Just received notification interest will go down to 4.15% from 1st October.

Any reason why this should stay open (it has no end date) especially as you have to hold a minimum balance of £1000?

I might just open an instant access account with them to retain membership but looking for any counter-reasons to closure

You could literally put your money into a Santander Edge Saver, Monmouthshire 6%/7% regular or several other better paying accounts, maybe a Cahoot account?

I hold all the accounts you mention and yes, it seems now is the time to move the remaining Hanley balance elsewhere. I'm struggling to remember why I opened this account in the first place but it must have been competitive at some point

It was 5.5% at the start, on up to £1000/month, with no end date.