Co-Op Regular Saver matured but no interest?

exel1966

You can send a customer the terms/instructions, but you can't make them read them.

cc123mm456

I think I can see how the confusion has arisen. The email from Co-op Bank (about 2 weeks before maturity) contains this:

Your Regular Saver is maturing

Hello cc123mmm456,

Just a reminder that your Regular Saver is due to mature and will convert to a Smart Saver on xx/03/2026.

What do I need to do?

Please refer to our recent correspondence for details. Alternatively, you can view our Regular Saver maturity help page and explore your options for when your account matures. You can also get hints and tips on how to maximise your savings.

The "recent correspondence" is a reference to a letter that Co-op Bank sent by post. That paper letter contains the information that maturity and interest payment is on business day only.

In case the post is delayed or lost, Co-op's email also provides a link to the Regular Saver maturity help page. That contains this:

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.

- Any standing orders set up for your Regular Saver will automatically continue. They’ll keep paying into your new Smart Saver account unless they’re cancelled.

- We’ll send you an email confirmation on your maturity date.

- You can only have one Regular Saver of the same issue at any one time with us.

- Once your existing account matures you can open a new Regular Saver account.

That's all the relevant information on that help page. No mention about the maturity on non-working days.

If Co-op had simply included the same information on their help page as was in the posted letter, this confusion could have easily been avoided.

By the way, I had always assumed that the maturity of this regular saver would be on business days only. Generally the banks that only credit the deposits on business days (including Co-op) will usually mature the accounts on a business day.

exel1966

The above is all very well, however that is not a maturity instruction, it's just an e-mail advisory giving notification and instructing the customer to 'refer to our recent correspondence for details…… and options'.

It's no different from what many societies do.

Stuart_W

https://forums.moneysavingexpert.com/discussion/comment/81914306#Comment_81914306

I imagine you probably can't, but you can do it on the day of the change to Smart Saver, as I have definitely done that previously. The T&C's say you can only have one regular saver account. As soon as it has transformed into a Smart Saver account you no longer have one (even if the money is still there) so you can open a new one.

Angelica123

Curious to know if all those affected have now got their interest today.

CricketLady

Hello! Yes, as expected my interest was received on Monday.

It confused me that Coop had said (as someone on here kindly pointed out) that interest would be added first, then the account would morph into a Simple Saver - if an account matures over the weekend this happens the other way round (the account became a simple saver, the interest was paid on the first business day.)

Also, I HAD tried to open that account on a weekday (I read through my messages!) - I applied for the account when my previous account matured in February 2025, Co op straight away emailed "thank you for your application" but then I heard nothing so I chased them after a week, they said my application was being processed, a week after that I had another message exchange with them and was told that my application was nowhere to be found! So I applied again and my account was finally opened on Friday 7th!! This of course meant that the account matured on a Saturday. This year's process was much quicker, my account is open and funded as of this morning.

Thank you to everyone who was kind on this page.