The Top Regular Savers Discussion Thread

DealSeeker11

Bobblehat said:

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! 

Sunny Day for some, Rainy Day for quite a few too

clairec666

DealSeeker11 said:

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?

Yes, good idea to email them your thoughts. Perhaps I am being naive, but I suspect Progressive did not intend to deceive any of their customers, they have just failed to realise the implications of their T&Cs re account closure.

DealSeeker11

PowerSavingMode said:

DealSeeker11 said:

Scottish BS

Can anyone tell me if you have got any automated messages from SBS after submitting your application by email?  I emailed mine off on Fri evening, haven't got any answer today which could be normal but I would have expected an automated reply when the email was sent?

Scottish BS

No, not automated, but a personalised message from a named sender the next morning.

Thanks everyone for your feedback on SBS' auto message.  I will stop moaning about having a rainy day from Progressive, this community has given me far more. 

theseatedfinance

I just wanted to say a huge thanks to Bridlington1 for maintaining this thread - it's such a useful resource. 

happybagger

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 👍

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.