Regular Savings Accounts Article Discussion

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.

schiff

If you're happy with 1% for a RS you can use Royal Bank of Scotland's Savings Builder in a similar way. 

RG2015

schiff said:

If you're happy with 1% for a RS you can use Royal Bank of Scotland's Savings Builder in a similar way. 

Unlike all other regular savers, you can deposit £10,000 immediately and earn 1%.

With a bit of manipulation you can comply with the requirement to grow the balance by £50 on one specific day each month and continue to earn 1% on up to £10,000.

I have the NatWest savings builder which is the same as the RBS one. It is very useful for sweeping short team excess cash from my current account to earn 1%. You can also set up future transfers to the current account to cover SO and DD requirements.

Gers

I'm very pleased to see that the First Direct RS is still at 2.75%  My 5% one matures today, it did the vanishing trick yesterday so I was able to open a new one just now (well, it'll show in three business days).