The Top Regular Savers Discussion Thread

OrangeBlueGreen

s71hj said:

Hattie627 said:

Bridlington1 said:

potlings said:

Surely this bubble must burst?

It's bound to eventually, otherwise you'll get people with absurdly high numbers of 6 month RSs.

I seem to recall some have reported PBS manually reviewing and closing some people's accounts that've been opened after they went NLA. Sooner or later I'd imagine they'll run a report on duplicate accounts and do a cull. Alternatively they could remove the RS as a maturity option or manually check maturing accounts.

The question that remains though is when shall the bubble burst.

Some readers will recall the double interest paid on maturing Virgin Money RSs. It went on for ages, a couple of years possibly, through several issues of the account. VM must have been aware of the issue but didn't summon up the energy to solve it, or perhaps it was just too difficult for the IT people.  Who knows. The holding of multiple accounts of the same issue of a short duration Regular Saver pales into insignificance in comparison. PBS should be aware by now, but haven't stopped it, suggesting that it's not worth their effort. Maybe Issue 4 is to be the last of the 6 month accounts.

Reminds me of when our local Coop had  a checkout flaw whereby if you bought something on a BOGOFF that was also reduced as near date it would still take the full BOGOFF amount off, generating negative till receipts. I remember somebody buying a stack of packs of meat and 2 hairdryers to generate an amount owed of sort of £1.50 ish. The lady behind the counter said she had reported it repeatedly. I wonder if these things only get addressed when an organisation are revisiting their systems more widely 

The best one I ever had at Asda once was a £2 gift card that was given to me due to a price issue/wrong price going through at the till. I think it was their policy to issue a token couple of pounds to say sorry. I did my shop as normal a couple of weeks later and the card voided off the whole shopping bill!

PloughmansLunch

kermchem said:

PloughmansLunch said:

Principality RS34 maturity instructions also include 6 month saver issue 4, so along with the Xmas RS maturity just submitted I've hopefully bagged another 2 today

As I reported earlier in the week, the RS Bond issue 34 mature to 6 month RS issue 3 worked for me. Come back and let us know if it works for you.

Ah, I must have missed that despite frequent checking. If all goes to plan I'll have 2 x RS3 and 4 x RS4 in two weeks time.

10_66

ChewyyBacca said:

BestSeagull Good tip for the other fixed rate RS I hold with Suffolk BS! How did you give maturity instruction to Suffolk?

In case of the variable rate RS, Im not sure what steps I should have taken to access my funds sooner, without loss of interest. 
I had given them clear instruction to send closure proceeds to my nominated account xxxxxxx
Also referenced their email that I received, regarding interest rate reduction and thus I can withdraw without any notice or penalty.

The maturity instructions are available online.  I can't remember how soon before maturity date.

masonic

Principality BS Maturity: Option 2 chosen and no sent secure message

ChewyyBacca

10_66 said:

ChewyyBacca said:

BestSeagull Good tip for the other fixed rate RS I hold with Suffolk BS! How did you give maturity instruction to Suffolk?

In case of the variable rate RS, Im not sure what steps I should have taken to access my funds sooner, without loss of interest. 
I had given them clear instruction to send closure proceeds to my nominated account xxxxxxx
Also referenced their email that I received, regarding interest rate reduction and thus I can withdraw without any notice or penalty.

The maturity instructions are available online.  I can't remember how soon before maturity date.

Is it similar to Principality maturity instructions, as in choose online and no secure msg to be sent to be applied manually?

poolboy

Principality maturing options appear 14 days before end date.  I await Xmas ones so expect it to be Monday.

BestSeagull

ChewyyBacca said:

BestSeagull said:

ChewyyBacca said:

Suffolk BS Reg Saver Online 1 Year Variable Rate Regular Saver (31.03.2026)

Since they reduced rate to 4.6%, I sent a msg to close the account on 1 Oct
On 2 Oct, acct disappeared from Online system
Proceeds received on 7 Oct. 
Im told from 1 Oct to 2 Oct, the balance earned 1.85%. Im assuming the outstanding balance didnt earn anything from 2 Oct to 6 Oct.

Is this as per their Ts&Cs?

The rate chaser in me is peeved that I lost interest for 6 days.Anyone has those handy excel sheets to input numbers so that I see how much I should have received?

I had the same thing happen to me. Not because I closed the account early but because I didn't provide them with maturity instructions. Apparently if you do give instructions, the money is received into your nominated account the day after maturity but if you don't, it's the same holding hostage of the funds at that abysmal rate for several days.
So if you have any other of their RS accounts, make sure to give instructions before they mature. 

BestSeagull Good tip for the other fixed rate RS I hold with Suffolk BS! How did you give maturity instruction to Suffolk?

In case of the variable rate RS, Im not sure what steps I should have taken to access my funds sooner, without loss of interest. 
I had given them clear instruction to send closure proceeds to my nominated account xxxxxxx
Also referenced their email that I received, regarding interest rate reduction and thus I can withdraw without any notice or penalty.

I didn't, that was the problem.   

They told me that a letter had been sent to me and that I could have done it online. If no instructions are received the account is closed and the way out of that holding account is not quick.  Presumably they treated the closure of your account in the same way as if it had matured without instructions even though the circumstances were clearly different. 
Might be worth your while opening a complaint, at the very least they will have to dust off their terms and conditions to prove themselves in the right...

nottsphil

Is this a mistake in the SBS listing because I can see no way of opening this online (even though I'm over 18!)

Zekko

nottsphil said:

Is this a mistake in the SBS listing because I can see no way of opening this online (even though I'm over 18!)

You can only open the Scottish BS Regular Saver by Branch or Post.

masonic

The online version is anticipated to launch next week.