The Top Regular Savers Discussion Thread

Section62

https://forums.moneysavingexpert.com/discussion/comment/81920846#Comment_81920846

That's not how FOS works. Might be worth checking the rules, particularly before referencing toys being thrown out of prams.

https://www.financial-ombudsman.org.uk/consumers/expect/compensation-for-distress-or-inconvenience

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81920865#Comment_81920865

Plus the interest that they add only covers what should have been paid if the retrospective notice had been given on the 1st - it wasn’t, and came on the 4th, so the earliest they could legitimately cut the rate was the 19th. They acknowledge it could have affected the ability to decide what to do - the rate had already been cut before they realised their error, even if paid retrospectively, so zero thinking time until after the fact - and they think appropriate goodwill/recompense for this is an adjustment that is always going to amount to 0p. The maximum balance on 31st January given the October launch was £1,200.00, so max missed interest 9p on which 4.5% would be half a penny rounded down after a year.

The “we are unable to do anything as the rate reduced on 1st February” was worse than the original mistake BUT anyone posting here knew the rate was reducing so the people who were negatively impacted by the error are ordinary customers who actually would have withdrawn their money. And those who are not local like me and rely on accounts being available online will probably lose more than can be gained by complaining when future accounts are branch opening only.

masonic

I am surprised the FOS is in play so early. Hanley have 8 weeks before a customer can refer to FOS unless they voluntarily issue a letter of deadlock, which it would be unwise for them to do. Offering a token £5 would probably do the trick in most cases.

On the subject of FOS remit, my past complaints to FOS (most recently related to the TSB IT meltdown in 2018) consisted almost entirely of legally enforceable compensation for customer service issues. In the TSB case, I was awarded £2 for financial loss and £150 for distress and inconvenience.

Bigwheels1111

https://forums.moneysavingexpert.com/discussion/comment/81920989#Comment_81920989

I got best part of £1000 for the TSB, £50 the first day it went tips up.

After more complaints, each issue got £100, ie had to use another bank to pay bill, no access to cash, had to visit a branch and wait 2 hours, borrow money etc.

Then after 6 months or so, they sent me another cheque for a few hundred.

Don’t know why, just cashed it.

I love me a complaint.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81920781#Comment_81920781

While I agree that Hanley should be doing things properly, I think this was a genuine mistake on their part (email was supposed to be sent but wasn't) rather than a deliberate attempt to ignore the rules. And although it would have made more sense to delay the interest rate rise, maybe for whatever reason this was hard to implement. They're a small building society. Their system infrastructure could well be outsourced and a lot of things are outside their control. Similar to Principality (who are much bigger) where we've been saying "why don't they add a couple of lines of code to stop people being offered multiple accounts". If the underlying code was outsourced, then this isn't as easy as it sounds.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81921013#Comment_81921013

That's very good. In my case I just had a credit card with them at the time (I did also have a dormant current account), and I was unable to view my latest statement or see my direct debit amount ahead of it coming out. The £2 was just to cover the cost of me trying to get through to them on the phone about it.

They did also send me an additional £300 in March 2019 out of the blue, about 9 months after they paid the first lot from the FOS, taking my total to £452. But I digress.

jd84

I do get the argument for firms having to strictly meet their own terms and conditions, but feel there is an element of 'biting the hand that feeds', where that leads to not being able to open multiple accounts, for example, Principality, Cahoot, etc.

It usually appears to be the smaller (less well resourced) building societies who get things so wrong, but I have had big well known banks get the interest calculations wrong before, so you do have to pick your battles.

In extreme cases, a few pence too much interest in the wrong tax year, could push someone over the higher rate tax threshold, and reduce their PSA by £500.

Pickledonionlover

Market Harbrough 6% RS2 Maturity Options

We have some very resourceful members on here so does anyone know what these forthcoming instructions (maturity 31/3) might be - based upon maybe previous iterations or talk with branch staff?

TIA

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81922091#Comment_81922091

I got an email about ten days ago asking me to keep a look out for a secure message. Haven't checked for a couple of days, so you've reminded me to have another look!

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81922091#Comment_81922091

MHBC

I can't remember what was on offer when issue 1 matured, but definitely nothing worth opening. I closed the account when it matured. I don't expect any difference this time round.