Principality 6m Regular Saver matured but problems opening new one

CricketLady

Hi, please can someone advise? My 6 month regular saver with Principality matured on Saturday and in their letter they said I was entitled to an exclusive maturity account - another 6 month account at 8% (well, 7.85% but... you know.)

When I tried to set my instruction for this to happen it said I was unable to, as I have 'the maximum number of this type of account' so I let it mature into an instant access account, thinking I could always open it up at a later date - I do also have the 6 month Issue 2 which matures in June but it was quite happy to let me have two before this recent one matured on Saturday.

Meanwhile, my daughter has just been able to successfully set her instruction for a new 6 month account at 8% to open upon maturity of HER 6 month 8% account which occurs on the 12th, and at the same time she opened up a second 8% 6 month account!  

I have messaged Principality to ask their advice but I thought I'd ask on here - what am I doing wrong?!  

Archerychick

It’s possible that they are adapting their systems to adhere to the terms. They’ve merged some other accounts last week but I haven’t seen an anything for the 6 month or Xmas savers. 

I’d be interested to know what they say when they respond 

Bigwheels1111

My issue 1 ended on the 28th February, I was given the option to open a new issue 2 and have 1k plus interest returned.
Even though I already had an issue 2.
I was able to load it with £400 in two days.
Sorry they caught up with the hack.

WindfallWendy

Oo, yes I've got this coming next month (opened it to make sure interest hits next financial year). Very much hoping for an easy switch. Might it be easier in branch? I recall their online platform being a tad cumbersome (to the point I don't actually log in to look at my accounts.... I should probably check in on it I guess).

CricketLady

Archerychick said:

I’d be interested to know what they say when they respond 

They said that I can only have one of issue 2 (which I suspected) - but when I asked why my daughter had managed to set her instruction to renew for another six months, when she also had a second six month account, they said that sometimes the system allows this to happen if you go through the renewal options! 

Am not too frustrated at not being able to have another one, the interest was only £27ish and my still-going-strong one is due to mature in June so maybe I can open another one then (although if the interest rate is still 8% I'd be surprised!)

Just thought I'd respond as per your quote, good luck!

Archerychick

CricketLady said:

Archerychick said:

I’d be interested to know what they say when they respond 

They said that I can only have one of issue 2 (which I suspected) - but when I asked why my daughter had managed to set her instruction to renew for another six months, when she also had a second six month account, they said that sometimes the system allows this to happen if you go through the renewal options! 

Am not too frustrated at not being able to have another one, the interest was only £27ish and my still-going-strong one is due to mature in June so maybe I can open another one then (although if the interest rate is still 8% I'd be surprised!)

Just thought I'd respond as per your quote, good luck!

Thank you! Yeah I can’t see 8% staying but I suspect still above 7% which will be good vs most other accounts 🤞

CricketLady

Archery Chick and Cricket Lady - we sound like some kind of sporting double act! xx

Archerychick

CricketLady said:

Archery Chick and Cricket Lady - we sound like some kind of sporting double act! xx

What a team that would make 😆😆😆

nedwilsher

Most banks/societies only allow one regular saver of any type. It's not that well known, I think, that Principality allow more then one provided they are of a different issue. Some people seem to have bucked that sytem - but that's a glitch and not an entitlement - but well done! Lucky you! Some years back Virgin did a similar regular saver 'by issue' and they brought out a new issue every 2 months with a good interest rate so I ended up with six of them! Currently I have just the two (issues 2 & 3) with Principality.

Does anyone know of other banks/societies that allow multiple accounts?

mon3ysav3r

nedwilsher said:

...

Does anyone know of other banks/societies that allow multiple accounts?

I have 3 with Yorkshire BS: Loyalty Regular eSaver, Regular eSaver, Christmas Regular eSaver.

I have 2 with Lloyds: Club Lloyds Monthly Saver and Lloyds Monthly Saver (and a Bank of Scotland Monthly Saver and Halifax Regular Saver, which are also effectively with Lloyds).