The Top Regular Savers Discussion Thread

Nuggy96

Hanley BS

Just submitted my complaint to FOS, will see how it goes…

clairec666

Hardly worth a complaint over a few pence. I'm not bothering. Just because you can complain doesn't mean you should. I'd rather the FOS spent their time investigating more serious cases.

OneUser1

In the past Hanley Building Society have not been especially welcoming to non locals. Indeed many of their accounts have been a poor rate. Make enough complaints about a useful account offered to anyone and they will presumably resume excluding non locals. Plus the other smaller societies will be watching. Some will say if Hanley have a rule they must be held to it, even when the losses suffered by the investor are negligible. Others will say reducing the number of providers of decent regular savers is more of a loss.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81920068#Comment_81920068

And to an extent, they already do - the branch version of the same account remains available to open to this day, postal application not possible. Online application has only been available within two limited windows.

SJMALBA

My Club Lloyds RS matured on the 11th, with money available today and the account having now become a 'Standard Saver' - am I correct in thinking that I simply close this account, and am then free to open a new RS?

bioboybill

You can start a new one now. It doesn't matter what you do with the Standard Saver.

SJMALBA

https://forums.moneysavingexpert.com/discussion/comment/81920113#Comment_81920113

I assumed that there wouldn't be any 'complications', but as it's my first CL RS, thought I would check just to sure.

Thank you.

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81919934#Comment_81919934

The only organisation to gain will be FOS

dcs34

https://forums.moneysavingexpert.com/discussion/comment/81919961#Comment_81919961

Yes the actual 'loss' incurred is quite small in this case, but I would argue this is actually quite a serious example of a growing trend in financial institutions not acting in the interests of their customers, and their leadership teams doing less than the bare minimum in response to their own operational mistakes and trying to sweep technical issues under the carpet.

Hanley, well aware of the T&Cs which form part of their contract with their customers, reduced interest rates without providing the required notice (thereby rendering the reduction void). When they realised this mistake, instead of doing the 'right thing' and deferring the change until correct notice had been given, carried on and then sent a retrospective "oops" email to (some) of their customers affected. Then, knowing they'd done wrong, were quite happy to admit this, hiding behind "well its in the system now so nothing we can do about it" excuses. I guess they expect their customers to just put up with their errors and incompetence whilst handling £££ of their money.

If they treat their own T&Cs as an optional nice to have when it suits them then I see no issue with customers raising this to the regulator.

exel1966

https://forums.moneysavingexpert.com/discussion/comment/81919934#Comment_81919934

If the adjustment already made by Hanley puts your account back to where it would/should have been then your case is already closed. The FOS is not there to deal with customer service issues, has no remit to do so nor can it legally force any bank or society to pay goodwill/compensation for poor service no matter how many toys you throw out of the pram.