The Top Regular Savers Discussion Thread

Born2Save_3

https://forums.moneysavingexpert.com/discussion/comment/82102459#Comment_82102459

I received a secure message earlier, which I've included a selectively cut, verbatim copy below, Appears that the consequence of no deposit is not quite as lenient as I was informed.

Secure message received :

"I apologise for the late reply and the incorrect information. I have referred your query to our Management Team and the terms of the Monthly Saver states that only 1 monthly payment can be missed and the account will be closed. We will make contact with customers to make them aware of a missed payment before closure.

We will consider any difficulties customers are experiencing. The website will be updated shortly to explain this."

At least the minimum payment is just £1. Maybe for certainty have a SO for £1, then do a manual transfer for the remainder of what you can / want to transfer.

Has anyone with the passbook version of the Monthly Saver missed a payment ? What did ESBS do ? Could you post any communication you received ?

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82103310#Comment_82103310

You cannot with either the Manchester or Newcastle ones

KneadtheDough

https://forums.moneysavingexpert.com/discussion/comment/82103319#Comment_82103319

Manchester BS Regular Saver Issue 1

Thank you. I had a note on my spreadsheet for the Newcastle RS 1 saying it was possible, but have just re-checked the product term's and amended it accordingly.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82103313#Comment_82103313

Will be interested to see what they put on the website, to my mind it isn't clear from that whether one missed payment is allowed and they close after the second, or they close if you miss just the one payment without having extenuating circumstances - and the communication is merely a courtesy rather than a heads up that this will happen if you make another mistake.

Closing after one missed payment feels harsh but they wouldn't be alone in that, Furness do the same for example.

ForumUser7

ESBS

If there was no punishment stated when we applied, they couldn't start applying one without notice. Am I the only one wondering why we are trying to get a punishment for missed deposits codified?

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82103364#Comment_82103364

I haven't contacted them and have no intention of doing so, I am simply curious as to the outcome given that others have brought inconsistent/incomplete/incorrect information to their attention. Wanting certainty as to what would happen is a perfectly reasonable approach and less stressful than unknowingly ending up in the situation where you then needed to argue the point with them.

dcs34

Hanley Economic BS - Smarter Future Saver

5.5% var - £100 / m max - max two penalty-free withdrawals per tax year (any additional withdrawals will be subject to 30 days’ loss of interest on the amount withdrawn) - branch opening only - operated by passbook (online visibility TBC)

https://www.thehanley.co.uk/savings/products/smarter-future-saver-ctar01

Hadn't seen this posted before and noted - although the product description makes it clear this is aimed at parents opening for their children, there doesn't seem to by any restrictions on anyone else doing so?

avocado1988

Hanley Economic BS - Smarter Future Saver

I am meant to be going there tomorrow to open their main regular saver! Any thoughts on if I can open this up too if I’m not a parent (I don’t feel right about doing it - but then again lots of non-teachers opened up the teacher regular saver!). So any thoughts about non-parents opening this up?

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82103464#Comment_82103464

I can't see anything on the product page saying you definitely can't have one as an adult. The 'how do I manage' section seems to assume a parent opening for a child but doesn't seem to say that is a mandatory requirement. The 'smarter future' naming implies a child account. But then the page says minimum age is 17, so this could mean it is:

• only for 17 year olds to hold (but must be opened by an adult > 18 yo),
• only for adults over 17 to open for their child (of any age), or
• open to anyone aged 17 and over and for anyone below 17 (provided it is opened and operated by an adult)

Maybe you can ask them in the branch if there are any age restrictions on this account?

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82103464#Comment_82103464

My thoughts are that it would be a silly and dishonest thing to do.

Well you did ask. 😇