The Top Regular Savers Discussion Thread

KneadtheDough

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

Not received an email since the one on 3 March (my RS matures at end of March) — the 'yellow highlighting' is mine:

happybagger

MHBS

I consider the 5.75% fixed RS worth opening.

whether they will have that as an option rather than requiring a branch visit is a different matter.

dcs34

https://forums.moneysavingexpert.com/discussion/comment/81921067#Comment_81921067

Oh I absolutely agree about the computer system aspect of it. This type of mistake happens. My whole job is managing contracts and having to track the right notices, payment certificates invoices etc. are issued in accordance with a range of contracts.

My real concern is that they shouldn't be hiding behind "the computer system" excuse when they failed to uphold their own terms and conditions. Ultimately the computer system is there to deliver operational actions; it doesn't have a mind of its own to adjust interest rates as and when it feels like! The main thrust of my annoyance is not that notice wasn't given (mistakes happen) but that their response to their process not functioning correctly was "oops, oh well, nothing we can do now, the rate cut is already in the system, sucks to be you, etc.".

When they discovered the issue a better response would have been "we've identified that you might not have been notified about a recent change to your account interest rate. We intended to provide you notice on X date. We are now providing you notice as of today, so whilst your online account might already show a reduced rate, please be rest assured this won't take effect until +14days. To put this right we will credit affected accounts with £5 to make up for any lost interest and a gesture of goodwill as apology. We will aim to do this within X working days. Please contact us if you feel you have been further affected by this issue. We have taken steps to make our procedures more robust so that this type of mistake shouldn't happen again. We thank you for being a loyal customer and here's all the good work we do for the local community…"

The £5 payment would have cost them far less than multiple customer interactions, complaints, loss of confidence in their competence etc. from effectively ignoring the notice periods of their savings accounts.

KneadtheDough

https://forums.moneysavingexpert.com/discussion/comment/81922267#Comment_81922267

MHBS 5.75% RS

Branch only, I'm afraid.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81922267#Comment_81922267

MHBS didn't have any worth while maturity options for online RS ending in November 25 with branch based RS not being an available maturity option, so I wouldn't hold your breath 🤐.

Bigwheels1111

By the end of this month I will be down to 10 reg savers from over 20.

2 MHBS matured

4 Principality issue 3,4’s

TSB

Zopa

West Bromwich

Plus a few others.

Was good while it lasted.

dgpur

https://forums.moneysavingexpert.com/discussion/comment/81922385#Comment_81922385

6 as of today. ☹️

Archerychick

Principality

I may be looking to close one or two of my regular saver accounts to release funds before the end of the tax year to replace flexible isa cash.

I know I have to close the account to do this, but how long does that typically take in peoples experience please?

masonic

I'm currently in rundown too. I intend to make a more substantive post about the background to this, AML/source of wealth implications etc, here at some point, but I'm working through such a process right now, so might as well share when that's reached a conclusion.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81922416#Comment_81922416

It's very quick but it's a manual process on their end. Last time I did it I went through the account closure form in the evening outside of business hours and it was processed the next morning. Had a secure message around 10AM-ish to say it was closed, and the money was in my nominated account by the end of the day.