The Top Regular Savers Discussion Thread

happybagger

happybagger said:

dibbles212 said:

Anyone part-way through an Issue 3? What is your plan of action?

Wait until my Issue 3 matures in January and if it's still available then, open it. Whilst keeping an occasional eye out in case they change the rule.

I messaged PBS on this expressing my 'disappointment', and the response is, they're sorry I'm disappointed, hard luck, "Once your current Rainy-Day Saver Account has matured, you will then be eligible to open the new issue."

No budging.

fonesaver

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.

Response from Progressive:
Currently, there are no plans to increase these rates, however as both rates are variable please bare in mind that they may change in the future. If you require any further assistance or would like to discuss our other savings accounts, please contact us on 0800 0294 997. Our support team opening hours are Monday – Friday 9am – 5pm. Best Regards, Amy

s71hj

TheQuaker said:

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.

It varies but the advent of flexible isas helps. 

jaypers

Progressive…..my thoughts……I’ve read some bad things about them but decided to open the RS account yesterday. All went without a hitch and the ID check thing also worked well. All now funded with £300 so happy so far.

With regards to the Issue 3 interest rate Vs Issue 4, it’s pretty common on their stand here. Even the likes of TSB won’t let you close and reopen their RS until the year has passed by. I too would be annoyed but I guess it’s a fact of life and it’s just their policy. 

Hattie627

Anyone know when Melton BS online will be back up and running? I sent payments to two accounts on 1st October but haven't been able to check that they have been credited. Don't want to phone and bother the staff at a difficult time for them 

castle96

CHORLEY RS 5.15%v

Iv'e read their T&Cs and still cant make out if you can withdraw or close account... A) because you just wish to and if they reduce the rate   TIA

janusd

castle96 said:

CHORLEY RS 5.15%v

Iv'e read their T&Cs and still cant make out if you can withdraw or close account... A) because you just wish to and if they reduce the rate   TIA

there is a line on the RS page that says....

Our Regular Saver allows deposits from £25 to £400 per month.  Partial withdrawals are not allowed but you can close the account within the 12 month fixed period.

I was looking at the account at the weekend (both Chorley RS accounts in fact), and I don't recall there being an "if the rate drops, you can close" clause in the terms - though the fact there is a closure option, probably negates the need for it.

happybagger

castle96 said:

CHORLEY RS 5.15%v

Iv'e read their T&Cs and still cant make out if you can withdraw or close account... A) because you just wish to and if they reduce the rate   TIA

"You cannot make a partial withdrawal from our Regular Saver Account during the 12-month period, but if you need access to your money, you can close the account"
https://www.chorleybs.co.uk/savings/regular-saver-accounts/regular-saver-30092026

Kim_13

jaypers said:

Progressive…..my thoughts……I’ve read some bad things about them but decided to open the RS account yesterday. All went without a hitch and the ID check thing also worked well. All now funded with £300 so happy so far.

With regards to the Issue 3 interest rate Vs Issue 4, it’s pretty common on their stand here. Even the likes of TSB won’t let you close and reopen their RS until the year has passed by. I too would be annoyed but I guess it’s a fact of life and it’s just their policy. 

But at least TSB allow closure and don’t hold £1 hostage. Allowing the closure and saying no new account until the anniversary would make more sense than ending up with £1 in the accounts of annoyed customers, surely?

TSB’s rate is fixed, so it’s somewhat fairer to say you can’t open another. Progressive’s approach is within their T and C though, so they haven’t done anything wrong. I doubt the ombudsman would find their terms unfair since no one is forced to keep a material balance at a rate that isn’t what it was when they applied.

liamcov

West Brom Reglar Saver issue 7

Maturity letter just says it will convert to a EA. Says can get passbook updated in branch. How is best to access the money (avoiding going to a branch)