The Top Regular Savers Discussion Thread

janusd

happybagger said:

Stargunner said:

Digital_Payback said:

PowerSavingMode said:

fonesaver said:

Bobblehat said:

s71hj said:

Bobblehat said:

s71hj said:

Progressive Rainy Day Issue 4
Obviously COP won't work until tomorrow, so I've done a £1 test payment. Anyone know how long before that will show in online banking? 

from the General T&C's.....

Brill, thanks. I couldn't access details of the account t and cs as it wasn't visible when not logged in and when I was logged in it just said you can't apply as you already have one! 

I just realised I posted for the General T&C's published at the time of Issue 3 ... here are slightly different ones from the updated Issue 4. I'll put a note in my previous post for future readers.

I have sent them a message asking if they intend to increase the rate in version 3 otherwise it's unfair to existing members.

Progressive

Same. In fact, I decided to send them two — one of them might be answered soon (the first one was sent on 3rd Oct)... I will update if they get back and it will still be of relevance/help to everyone here. 

I rang this afternoon for the 2nd time to express my irritation with Progressive. 

I opened the Sunny Saver 3 Acc. on the 18th Sept. and funded Sept. and then again funded at the start of Oct. 

On the 3rd of Oct. I first rang Progressive and an agent confirmed a new Sunny Day Saver 4 was to be launched on Monday. I was told I could not close or cancel the old one. 

Today I removed the funds from it, all but £1 which must remain in the account, and will transfer the £599 to other accounts (Scottish BS) with an equal or higher interest rate.

The real irritation for me is that I had 14 to cancel, but was out by a day or 2 and had funded the account. No consideration was offered or given to change to SD Saver 4. 

Progressive has left a sour taste for now. 

Progressive have done nothing wrong. 

Sometimes you win, sometimes you lose.

No different to buying something, then finding out it gets reduced in price a few weeks later.

I have issue 3, I was happy with it when I opened it, so I will just keep funding it until it matures.

I get the analogy 
But it would be unusual for you to buy something, then find it was reduced later, to be told by the store that you are prevented from buying an additional one at the new price because you had bought one in the past.

although they effectively did tell you, when buying it the first time, that you couldn't have another (for those that read the terms).

but for me, I was so late to the Progressive BS party, that I can't have another now until August 2026 - no big deal, c'est la vie.

s71hj

janusd said:

happybagger said:

Stargunner said:

Digital_Payback said:

PowerSavingMode said:

fonesaver said:

Bobblehat said:

s71hj said:

Bobblehat said:

s71hj said:

Progressive Rainy Day Issue 4
Obviously COP won't work until tomorrow, so I've done a £1 test payment. Anyone know how long before that will show in online banking? 

from the General T&C's.....

Brill, thanks. I couldn't access details of the account t and cs as it wasn't visible when not logged in and when I was logged in it just said you can't apply as you already have one! 

I just realised I posted for the General T&C's published at the time of Issue 3 ... here are slightly different ones from the updated Issue 4. I'll put a note in my previous post for future readers.

I have sent them a message asking if they intend to increase the rate in version 3 otherwise it's unfair to existing members.

Progressive

Same. In fact, I decided to send them two — one of them might be answered soon (the first one was sent on 3rd Oct)... I will update if they get back and it will still be of relevance/help to everyone here. 

I rang this afternoon for the 2nd time to express my irritation with Progressive. 

I opened the Sunny Saver 3 Acc. on the 18th Sept. and funded Sept. and then again funded at the start of Oct. 

On the 3rd of Oct. I first rang Progressive and an agent confirmed a new Sunny Day Saver 4 was to be launched on Monday. I was told I could not close or cancel the old one. 

Today I removed the funds from it, all but £1 which must remain in the account, and will transfer the £599 to other accounts (Scottish BS) with an equal or higher interest rate.

The real irritation for me is that I had 14 to cancel, but was out by a day or 2 and had funded the account. No consideration was offered or given to change to SD Saver 4. 

Progressive has left a sour taste for now. 

Progressive have done nothing wrong. 

Sometimes you win, sometimes you lose.

No different to buying something, then finding out it gets reduced in price a few weeks later.

I have issue 3, I was happy with it when I opened it, so I will just keep funding it until it matures.

I get the analogy 
But it would be unusual for you to buy something, then find it was reduced later, to be told by the store that you are prevented from buying an additional one at the new price because you had bought one in the past.

although they effectively did tell you, when buying it the first time, that you couldn't have another (for those that read the terms).

but for me, I was so late to the Progressive BS party, that I can't have another now until August 2026 - no big deal, c'est la vie.

I do love a good analogy retort-off. I keep switching sides! 

35har1old

Digital_Payback said:

Stargunner said:

Digital_Payback said:

PowerSavingMode said:

fonesaver said:

Bobblehat said:

s71hj said:

Bobblehat said:

s71hj said:

Progressive Rainy Day Issue 4
Obviously COP won't work until tomorrow, so I've done a £1 test payment. Anyone know how long before that will show in online banking? 

from the General T&C's.....

Brill, thanks. I couldn't access details of the account t and cs as it wasn't visible when not logged in and when I was logged in it just said you can't apply as you already have one! 

I just realised I posted for the General T&C's published at the time of Issue 3 ... here are slightly different ones from the updated Issue 4. I'll put a note in my previous post for future readers.

I have sent them a message asking if they intend to increase the rate in version 3 otherwise it's unfair to existing members.

Progressive

Same. In fact, I decided to send them two — one of them might be answered soon (the first one was sent on 3rd Oct)... I will update if they get back and it will still be of relevance/help to everyone here. 

I rang this afternoon for the 2nd time to express my irritation with Progressive. 

I opened the Sunny Saver 3 Acc. on the 18th Sept. and funded Sept. and then again funded at the start of Oct. 

On the 3rd of Oct. I first rang Progressive and an agent confirmed a new Sunny Day Saver 4 was to be launched on Monday. I was told I could not close or cancel the old one. 

Today I removed the funds from it, all but £1 which must remain in the account, and will transfer the £599 to other accounts (Scottish BS) with an equal or higher interest rate.

The real irritation for me is that I had 14 to cancel, but was out by a day or 2 and had funded the account. No consideration was offered or given to change to SD Saver 4. 

Progressive has left a sour taste for now. 

Progressive have done nothing wrong. 

Sometimes you win, sometimes you lose.

No different to buying something, then finding out it gets reduced in price a few weeks later.

I have issue 3, I was happy with it when I opened it, so I will just keep funding it until it matures.

Nothing wrong at all. It’s just business I suppose, to allow someone to open an account, and tie them in for a year, a short time before offering a better product.

As you say - some you win, some you lose. 

But in removing my deposits and placing the money in higher paying accounts, I win. 

Progressive lose, even if it is in a very small way. 

Maybe others will do the same.  

And I’m still a member. I have £1 imprisoned with Progressive. 😆

Issue 2 started at 5% and dropped to 4%  went unnoticed at maturity of issue 1 Issue 3 was available 

nigelholl2

Progressive BS

Well that was quite an uneventful application, seeing the fun folks seemed to have with the recent Monmouth RS new App only issue.
Just need the website to come off maintenance to logon for the 1st time. That gives me two RS's that take payment by debit card, allowing me to get extra top-ups into Nwest RS.

This thread & the whole of the MSE forums setup is such a wealth of news and information, I am truly appreciate of the time & effort people put in to supporting it

clairec666

happybagger said:

Stargunner said:

Digital_Payback said:

PowerSavingMode said:

fonesaver said:

Bobblehat said:

s71hj said:

Bobblehat said:

s71hj said:

Progressive Rainy Day Issue 4
Obviously COP won't work until tomorrow, so I've done a £1 test payment. Anyone know how long before that will show in online banking? 

from the General T&C's.....

Brill, thanks. I couldn't access details of the account t and cs as it wasn't visible when not logged in and when I was logged in it just said you can't apply as you already have one! 

I just realised I posted for the General T&C's published at the time of Issue 3 ... here are slightly different ones from the updated Issue 4. I'll put a note in my previous post for future readers.

I have sent them a message asking if they intend to increase the rate in version 3 otherwise it's unfair to existing members.

Progressive

Same. In fact, I decided to send them two — one of them might be answered soon (the first one was sent on 3rd Oct)... I will update if they get back and it will still be of relevance/help to everyone here. 

I rang this afternoon for the 2nd time to express my irritation with Progressive. 

I opened the Sunny Saver 3 Acc. on the 18th Sept. and funded Sept. and then again funded at the start of Oct. 

On the 3rd of Oct. I first rang Progressive and an agent confirmed a new Sunny Day Saver 4 was to be launched on Monday. I was told I could not close or cancel the old one. 

Today I removed the funds from it, all but £1 which must remain in the account, and will transfer the £599 to other accounts (Scottish BS) with an equal or higher interest rate.

The real irritation for me is that I had 14 to cancel, but was out by a day or 2 and had funded the account. No consideration was offered or given to change to SD Saver 4. 

Progressive has left a sour taste for now. 

Progressive have done nothing wrong. 

Sometimes you win, sometimes you lose.

No different to buying something, then finding out it gets reduced in price a few weeks later.

I have issue 3, I was happy with it when I opened it, so I will just keep funding it until it matures.

I get the analogy 
But it would be unusual for you to buy something, then find it was reduced later, to be told by the store that you are prevented from buying an additional one at the new price because you had bought one in the past.

Anyway, it is what it is. If it's still there in January I'll bag it 👍

Well, the shopping/discount analogy doesn't quite fit. A shop wouldn't prevent you from buying another of the same item. But there are certain items that most people would only ever want one of.... fridges, washing machines, etc. If you tried to get a refund on your original purchase, you would probably only be offered the price it is currently sold at, unless it was faulty. So you wouldn't be able to take advantage of the lower price.

Kim_13

clairec666 said:

happybagger said:

Stargunner said:

Digital_Payback said:

PowerSavingMode said:

fonesaver said:

Bobblehat said:

s71hj said:

Bobblehat said:

s71hj said:

Progressive Rainy Day Issue 4
Obviously COP won't work until tomorrow, so I've done a £1 test payment. Anyone know how long before that will show in online banking? 

from the General T&C's.....

Brill, thanks. I couldn't access details of the account t and cs as it wasn't visible when not logged in and when I was logged in it just said you can't apply as you already have one! 

I just realised I posted for the General T&C's published at the time of Issue 3 ... here are slightly different ones from the updated Issue 4. I'll put a note in my previous post for future readers.

I have sent them a message asking if they intend to increase the rate in version 3 otherwise it's unfair to existing members.

Progressive

Same. In fact, I decided to send them two — one of them might be answered soon (the first one was sent on 3rd Oct)... I will update if they get back and it will still be of relevance/help to everyone here. 

I rang this afternoon for the 2nd time to express my irritation with Progressive. 

I opened the Sunny Saver 3 Acc. on the 18th Sept. and funded Sept. and then again funded at the start of Oct. 

On the 3rd of Oct. I first rang Progressive and an agent confirmed a new Sunny Day Saver 4 was to be launched on Monday. I was told I could not close or cancel the old one. 

Today I removed the funds from it, all but £1 which must remain in the account, and will transfer the £599 to other accounts (Scottish BS) with an equal or higher interest rate.

The real irritation for me is that I had 14 to cancel, but was out by a day or 2 and had funded the account. No consideration was offered or given to change to SD Saver 4. 

Progressive has left a sour taste for now. 

Progressive have done nothing wrong. 

Sometimes you win, sometimes you lose.

No different to buying something, then finding out it gets reduced in price a few weeks later.

I have issue 3, I was happy with it when I opened it, so I will just keep funding it until it matures.

I get the analogy 
But it would be unusual for you to buy something, then find it was reduced later, to be told by the store that you are prevented from buying an additional one at the new price because you had bought one in the past.

Anyway, it is what it is. If it's still there in January I'll bag it 👍

Well, the shopping/discount analogy doesn't quite fit. A shop wouldn't prevent you from buying another of the same item. But there are certain items that most people would only ever want one of.... fridges, washing machines, etc. If you tried to get a refund on your original purchase, you would probably only be offered the price it is currently sold at, unless it was faulty. So you wouldn't be able to take advantage of the lower price.

They do sometimes specify a maximum quantity per customer. In reality you could get around that by getting someone else to queue for more with you / go back through a different checkout or on another day, whereas the only way around Progressive's terms might be giving the money to a spouse to fund an account if they couldn't afford to do so themselves and wouldn't be wanting to open their own (but it would then be legally their money and taxed as their interest.)

You could get a refund on most things at the price you paid by having the receipt, but in this case the analogy is the store doesn't accept returns (and for an in person purchase they don't have to) or the returns period has just expired.

TheQuaker

I'm newish to this RS game. I've been doing it 3 months or so and have racked up 10 regular savers so far. I'd used up my ISA allowance before discovering this obsession. My concern is getting taxed and affectively doing all this work to affectively pay the tax man. I've 22k or so trickle feeding into these and I'm a lower rate tax payer. I'm also a Nationwide member so got one of those £100 payments. So I guess this limits my tax free allowance for savings interest to £900. The question is, do banks and building societies tell HMRC how much interest you've earned at the end of the tax year or when the Saver matures? This obviously will affect when I stop and maybe put some into an ISA after April. I need to do the numbers but want to avoid having to scrape back money from HMRC.

friolento

TheQuaker said:

I'm newish to this RS game. I've been doing it 3 months or so and have racked up 10 regular savers so far. I'd used up my ISA allowance before discovering this obsession. My concern is getting taxed and affectively doing all this work to affectively pay the tax man. I've 22k or so trickle feeding into these and I'm a lower rate tax payer. I'm also a Nationwide member so got one of those £100 payments. So I guess this limits my tax free allowance for savings interest to £900. The question is, do banks and building societies tell HMRC how much interest you've earned at the end of the tax year or when the Saver matures? This obviously will affect when I stop and maybe put some into an ISA after April. I need to do the numbers but want to avoid having to scrape back money from HMRC.

They report what they have paid you in a given tax year

wmb194

TheQuaker said:

I'm newish to this RS game. I've been doing it 3 months or so and have racked up 10 regular savers so far. I'd used up my ISA allowance before discovering this obsession.

My concern is getting taxed and affectively doing all this work to affectively pay the tax man.

I've 22k or so trickle feeding into these and I'm a lower rate tax payer. I'm also a Nationwide member so got one of those £100 payments.

So I guess this limits my tax free allowance for savings interest to £900.

The question is, do banks and building societies tell HMRC how much interest you've earned at the end of the tax year or when the Saver matures?

This obviously will affect when I stop and maybe put some into an ISA after April. I need to do the numbers but want to avoid having to scrape back money from HMRC.

Yes, they report interest received in a tax year to HMRC and then HMRC will alter your tax code to collect any tax. The only provider people are aware of that reports at the end of the term if the interest is inaccessible during the term is NS&I.

Usually it's better to think about maximising your gains after tax rather than always avoiding paying tax e.g., 7% is 5.6% net of 20% tax and is still better than most Isa accounts, 6% is 4.8% net at 20%.

TheQuaker

Usually it's better to think about maximising your gains after tax rather than always avoiding paying tax e.g., 7% is 5.6% net of 20% tax and is still better than most Isa accounts, 6% is 4.8% net at 20%.

Very true. Thanks for that. Makes me think having money in cash ISAs is not worth it if playing this game.