Co-Op Regular Saver matured but no interest?

CricketLady

Yes I read my maturity letter/email. It said funds would be available today, which they were.

It also said that upon maturity (today) my interest would be added to my funds. It wasn't.

https://forums.moneysavingexpert.com/discussion/comment/81913276#Comment_81913276

xx

subjecttocontract

But today is NOT a 'Buiness Day' so you won't get all of it until the next Business Day.

My account matures on March 14th....a Saturday. I'm not expecting all the money until Monday 16th.

DragonQ

https://forums.moneysavingexpert.com/discussion/comment/81913276#Comment_81913276

Maturity email mentions nothing regarding that.

exel1966

https://forums.moneysavingexpert.com/discussion/comment/81913276#Comment_81913276

https://forums.moneysavingexpert.com/discussion/comment/81913336#Comment_81913336

I'm 99.999999% sure the Co-op won't be sending out different versions of maturity letters to account holders 😉

CricketLady

What happens when your account matures

At the end of your 12 month term the following will happen automatically:

• Your total interest will be calculated and added to your balance.
• Your Regular Saver account will mature – it will become an instant access variable rate Smart Saver which pays a lower rate of interest.

This copied and pasted from the communication I received from Co op - it implies the interest would be added to my balance before my account matured into the Smart Saver. Seeing and being able to withdraw my £3250 without the interest simply had me wondering if I'd done something wrong at some point and therefore might not have been entitled to any interest.

Totally agree with DragonQ about there being no mention of Monday.

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/81913275#Comment_81913275

I don't know why people are having so much difficultly in understanding this simple statement. Today isn't a business day, Monday IS the next business day. Simples.

CricketLady

And I simply can't understand why you're not recognising that our funds WERE available on a non-business day.

But let's put this to bed, I'm sure it will all be fine in the morning.

Stuart_W

It will be in on Monday. I've had one that matures at weekend before. The name change to Smart Saver is instant, but the interest appears next business day

Angelica123

https://forums.moneysavingexpert.com/discussion/comment/81914095#Comment_81914095

You can withdraw from the co-op regular saver at any point in the 12 months. It's one of the regular savers that allows withdrawals.

The interest will be available on Monday. But I think a useful learning point about considering which date your regular saver will natures, and perhaps timing it so it matures on a business day (if that's important to you).

Hattie627

My Co-operative RS matures on 10th March, which is Tuesday. I am expecting it to change to Smart Saver on Tuesday and the interest to be added same day as it is a business day, I'm guessing that I can't start the process of applying for a new one until "the change"?