Regular Savings Accounts Article Discussion

uptdale

coyrls said:

uptdale said:

dcs34 said:

bm109 said:

I already have a Coventry Regular Saver.  Does anyone know please whether I can open a Coventry Regular Saver [2] as well? There's nothing i can see in the terms and conditions that says i cant.

I managed it, so let's hope you can too Like you I scoured the T&Cs and couldn't find anything in there to dissuade me from trying it.

I don't think you can.  Para 1.3 of the Ts&Cs says "You can only be named on one Regular Saver (including any subsequent issues) at any one time."

Where did you find the T&Cs specific to the Regular Saver?  I can find the General Savings T&Cs but not the Regular Saver T&Cs.

Here you go: https://www.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=RSD2

I found them by clicking on Apply Now, then scrolling down to find the specific terms.

1882

Perhaps the original (1st edition) didn't have such a rule and therefore it's okay to have 1 & 2but not any 3rd edition. I certainly have 1 & 2.

dekkard

Anyone applied for the Principality regular saver? If so, is it relatively easy to set up/manage? thanks.

pafpcg

dekkard said:

Anyone applied for the Principality regular saver? If so, is it relatively easy to set up/manage? thanks.

Yes, after several years with multiple Principality regular savers, I don't recall any problems.

lazza1973

I'v got one. To be honest you would find out quicker by just applying . As you know many of these accounts can have challenges in , only being available in branches , only being to open in branch , need physical signing . These rules then change , add in C19 impacts on staffing and branch opening and post handling ......so if you want one, apply and see what happens it will quicker than people basing their answers on experiences that may be no longer relevant,

lhsecons

dekkard said:

Anyone applied for the Principality regular saver? If so, is it relatively easy to set up/manage? thanks.

Yes I did a few weeks ago. Handled quite smoothly. I presume they check ID electronically so I didn’t need to send anything in. Apply online and wait for the post where they send you a login and that’s it.

coyrls

1882 said:

Perhaps the original (1st edition) didn't have such a rule and therefore it's okay to have 1 & 2but not any 3rd edition. I certainly have 1 & 2.

I think that's wishful thinking.  It doesn't matter what the terms of the 1st edition are, if the terms of the 2nd say you can't have more than one edition, you can't open the 2nd if you already have the 1st.  Coventry may not be taking any action but it's pretty clear that opening a 2nd edition when you already have the first is against the terms and conditions of the 2nd edition.

pafpcg

coyrls said:

1882 said:

Perhaps the original (1st edition) didn't have such a rule and therefore it's okay to have 1 & 2but not any 3rd edition. I certainly have 1 & 2.

I think that's wishful thinking.  It doesn't matter what the terms of the 1st edition are, if the terms of the 2nd say you can't have more than one edition, you can't open the 2nd if you already have the 1st.  Coventry may not be taking any action but it's pretty clear that opening a 2nd edition when you already have the first is against the terms and conditions of the 2nd edition.

If CoventryBS were to close the errant account then that at least would resolve the situation.  The nightmare scenario is that when the account reaches the maturity date, all that is paid back is the principal with no interest - twelve months of saving and no returns! What would be the grounds for complaint if the account was opened in violation of the T&Cs? 

schiff

pafpcg said:

dekkard said:

Anyone applied for the Principality regular saver? If so, is it relatively easy to set up/manage? thanks.

Yes, after several years with multiple Principality regular savers, I don't recall any problems.

Opening the account yesterday went without a hitch, very straightforward. My first deposit, yesterday, is showing.The odd thing is though that I've had three confirmatory e-mails all of which are totally blank! And today I was told to change my password to something more secure. My password had met all the requirements but I changed it to something similar and it's been accepted!
This verification of the destination of payments thing that is being introduced once again caused problems. I tried Principality BS then Principality Building Society neither of which were recognised! But when I put the sort code in it came up Barclays Bank. Inevitably I was offered the choice to continue at my own risk. On reflection had I put Barclays Bank as the target would that have been accepted as OK?

mushypeaman

Wrong info unfortunately. I desperately want to go with First Direct but they aren't taking on new customers until further notice.