The Top Regular Savers Discussion Thread

Bobblehat

Progressive BS RS .....

There might be a argument for wondering what their motive is in restricting members from holding different RS issues simultaneously instead of maybe allowing only one of each issue, or a maximum of 2 or 3 RS's, as other Banks/BS's do?

I doubt they are offering the new 7% RS as a true "loss-leader" and must presumably want to attract a sizeable cash injection to their books. If they find there is a bun-fight for the account and approach being over-subscribed, they can do what other BS/Banks do, close that Issue at the appropriate point. Why risk annoying some of your customer base?

clairec666

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. 😆

I agree that Progressive haven't done anything "wrong". I am however surprised that they have done this - I thought it would be more beneficial for a small building society to reward their loyal customers, and encourage them to stay. They may have gained quite a few customers with this new account, but have peeved a lot of existing ones in the process.

Digital_Payback

Bobblehat said:

Progressive BS RS .....

There might be a argument for wondering what their motive is in restricting members from holding different RS issues simultaneously instead of maybe allowing only one of each issue, or a maximum of 2 or 3 RS's, as other Banks/BS's do?

I doubt they are offering the new 7% RS as a true "loss-leader" and must presumably want to attract a sizeable cash injection to their books. If they find there is a bun-fight for the account and approach being over-subscribed, they can do what other BS/Banks do, close that Issue at the appropriate point. Why risk annoying some of your customer base?

Having attracted new members and a cash injection at 7%, they also might then reduce the variable rate to 5.5% on the Sunny Day Saver 4, matching issue 3. 

Just a thought. 

francoghezzi

clairec666 said:

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. 😆

I agree that Progressive haven't done anything "wrong". I am however surprised that they have done this - I thought it would be more beneficial for a small building society to reward their loyal customers, and encourage them to stay. They may have gained quite a few customers with this new account, but have peeved a lot of existing ones in the process.

What surprised me this morning was the fact that still at 8.59 am, a minute before Issue 4 went on line, someone, not informed, could 'happily' apply for Issue 3. Things could have done in a better way (to put it mildly). When FD moved to 7% its rate the better interest was applied even to those who were already funding the regular saver opened, if I well remember, with a much lower interest. 

allegro120

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.

Totally agree with this.

I'm happy to continue funding issue 3 until maturity, proving the rate is still suitable for me, and see what's on offer in July next year.   

When I opened this account I agreed to t&c.  I was fully aware of the fact that the account can't be closed until maturity and I can't have 2 of the same title simultaneously.  There's no ground for complaining.

Bobblehat

Digital_Payback said:

Bobblehat said:

Progressive BS RS .....

There might be a argument for wondering what their motive is in restricting members from holding different RS issues simultaneously instead of maybe allowing only one of each issue, or a maximum of 2 or 3 RS's, as other Banks/BS's do?

I doubt they are offering the new 7% RS as a true "loss-leader" and must presumably want to attract a sizeable cash injection to their books. If they find there is a bun-fight for the account and approach being over-subscribed, they can do what other BS/Banks do, close that Issue at the appropriate point. Why risk annoying some of your customer base?

Having attracted new members and a cash injection at 7%, they also might then reduce the variable rate to 5.5% on the Sunny Day Saver 4, matching issue 3. 

Just a thought. 

Sunny Day? Good joke! 

allegro120

francoghezzi said:

clairec666 said:

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. 😆

I agree that Progressive haven't done anything "wrong". I am however surprised that they have done this - I thought it would be more beneficial for a small building society to reward their loyal customers, and encourage them to stay. They may have gained quite a few customers with this new account, but have peeved a lot of existing ones in the process.

What surprised me this morning was the fact that still at 8.59 am, a minute before Issue 4 went on line, someone, not informed, could 'happily' apply for Issue 3. Things could have done in a better way (to put it mildly). When FD moved to 7% its rate the better interest was applied even to those who were already funding the regular saver opened, if I well remember, with a much lower interest. 

If my memory is not failing, the jump was from 5% to 7%.  I'm one of those who was on the lower until maturity.  Good thing about FD is that they tend to maintain the rates for a long period of time, so I wasn't worried about not getting 7%.

DealSeeker11

Bridlington1 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'd agree. To my mind it's no different as when they released issue 3 in the first place, it was launched at a higher rate than issue 2, those who opened issue 2 missed out by not getting issue 3 but their accounts'll mature sooner than those who opened issue 3 so may become eligible for issue 4 if the account is still available when their accounts mature.

Moreover Progressive BS aren't alone in this, TSB don't allow you to open a new regular saver until the 12 month anniversary of you opening the one you have, FD & HSBC allow you to close your accounts early but this comes at a heavy penalty so I seem to recall many missed out on last year's 7% offering from HSBC for this reason.

I'd also be surprised if the same people complaining to Progressive BS now would also make complaints if they launched a new issue at a lower rate than the previous version but then didn't pass on this cut to existing customers. Presumably not passing on the cut from the launch of a new lower rate issue would be just as unfair as not passing on the increase from the launch of a new higher rate issue since new customers would be getting disadvantaged.

Progressive BS

Fair points, they are acting well within the bounds of their T&Cs and I knew what I signed up for so I'm not taking them to court over this lol.  That said, during the term of my previous Rainy Day Saver (expired in Aug), they reduced my interest rate 3 times.  Maybe I was naive to assume a variable rate means it could go down as well as up, which has happened with other banks, just not PBS.

I have accepted that I will not benefit from the launch of the new issue now I'm tied to issue 3, however I do feel justified to voice my negative opinion about their practice in this case.  Of course I have the choice to move my funds out if I'm not happy and as someone pointed out there are plenty of good places to put our cash in now.  They won't miss me but no harm sending them a polite email about what I think either, I would think building societies do want to know what their customers think too?

Kim_13

Bobblehat said:

Progressive BS RS .....

There might be a argument for wondering what their motive is in restricting members from holding different RS issues simultaneously instead of maybe allowing only one of each issue, or a maximum of 2 or 3 RS's, as other Banks/BS's do?

I doubt they are offering the new 7% RS as a true "loss-leader" and must presumably want to attract a sizeable cash injection to their books. If they find there is a bun-fight for the account and approach being over-subscribed, they can do what other BS/Banks do, close that Issue at the appropriate point. Why risk annoying some of your customer base?

It’s certainly an odd stipulation that you cannot close a variable rate account early, since you would expect to have that option available if they were to cut the rate - surely imprisoning £1 per customer costs them money? 

Time will tell how the rate holds up, but the fact that a tranche of customers are tied to a rate they don’t increase makes a cut seem less reasonable (as they’ve been saving money by not opening that higher rate to everyone willing to jump through hoops.)

I am always more careful about opening an account where you can only have one at a time and can’t close early - Tipton come to mind, but again, that was fixed. I’d sooner lose a small amount of interest by keeping the money in an EA than miss an opportunity. I don’t see 7% being bettered in the next year.

francoghezzi

allegro120 said:

francoghezzi said:

clairec666 said:

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. 😆

I agree that Progressive haven't done anything "wrong". I am however surprised that they have done this - I thought it would be more beneficial for a small building society to reward their loyal customers, and encourage them to stay. They may have gained quite a few customers with this new account, but have peeved a lot of existing ones in the process.

What surprised me this morning was the fact that still at 8.59 am, a minute before Issue 4 went on line, someone, not informed, could 'happily' apply for Issue 3. Things could have done in a better way (to put it mildly). When FD moved to 7% its rate the better interest was applied even to those who were already funding the regular saver opened, if I well remember, with a much lower interest. 

If my memory is not failing, the jump was from 5% to 7%.  I'm one of those who was on the lower until maturity.  Good thing about FD is that they tend to maintain the rates for a long period of time, so I wasn't worried about not getting 7%.

The new rate was applied on 01/12/2022 if I well remember by First Direct to my regular saver opened 5 months before the change and with a lower rate: I remember even sending them a message with a 'thank you'. Defo a nice way of doing things. 
From MSE:
First Direct doubles interest on regular saver to 7% – here's how to get the new rate