Progressive Building Society - 7% Reg Saver?

Bobblehat

flaneurs_lobster said:

Don't bother getting upset with ProgBS, get an RS with Zopa (7.1%) or Co-op, FirstDirect (7%).

They need a current account (Zopa only needs a soft search) but not a lot of effort.

Am I allowed to do all of the above, given I have those 3 RS's plus the ProgRS3 and Progressive are on my naughty list with their Iss 4 shenanigans? 

Aretnap

fonesaver said:

35har1old said:

WindfallWendy said:

Posting a specific thread on this as the general RegSav thread is too busy and thriving for me to follow easily. Hope that's ok.

I have an RS with Progressive BS and think I'm only getting 5.5% But I had an email from them which was showcasing a 7% RS. I had to "Make an enquiry" as it doesn't seem to be an account I can just open online.

*Does anyone have any experience about this BS and more generally are there reflections on Member Only offers and access?*

My feeling is that it's good to have fingers in pies and keep accounts live to take advantage of member deals. But I've not got a huge amount of experience with Building Societies and particularly this one was a bit of a should I/shouldn't I? moment as it felt a bit creaky when I joined. But maybe that is what traditional building societies are like?

You wouldn't be able to open the new issue until issue 3 has matured and you can't close it to change to issue 4
Annoying when you login there's a big advert for issue 4.
Open new account error you  already have a Regular Saver only one is allowed

I have already raised this with them pointing out building societies are supposed to act in the interests of their members. They just replied to say the 7% is variable and that they do not intend to raise issue 3 to match. Disappointing behavior for a mutual.
Text from their website is basically BS!

Putting our Members first

Since Progressive was founded in 1914 our main priority has been putting our Members at the heart of everything we do.

We are a mutual society, owned by our Members and we’re always looking at ways to further enhance our branches and products – we know our customers seek out great value but don’t want to compromise on quality

Matthew 20: 1–16 applies.

(For those who didn't go to church school: https://en.wikipedia.org/wiki/Parable_of_the_Workers_in_the_Vineyard )