Regular Savings Accounts Article Discussion

cageyr

pafpcg said:

coyrls said:

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? 

I've got issue 1, 2 and 3 of Coventry's RS. (Issue 3 also has the 'no more than one edition' in the T&Cs.) I'm pretty relaxed about it as a) all accounts are showing online with the correct associated rates b) it's surely their job to block applications for multiple issues c) I spoke to them about issue 1 maturing shortly and nothing was said about issue 2, 3.

Oasis1

Just recieved this from Nationwide and wondered if worth adding for comparison to MSE's webpage:

https://www.nationwide.co.uk/products/savings/start-to-save/features-and-benefits?et_cid=24904364&et_rid=6009016307

Your chance to win...

Simply increase your balance by between £50 and no more than £100 in each of the three months leading up to a prize draw and you’ll automatically be entered to win £100. Terms and conditions apply*.

There are still four prize draws taking place, and the next one you can enter will be on 23 Ap‌ril 20‌21. To be in with a chance of winning, you need to increase your balance by at least £50 in January, February and March.

Start to Save at a glance:

Open your account with just 1p 1.00% AER/gross per year (variable) 2 year fixed term account Access your money if you really need it (but you may need to pay all or some of it back in to qualify for the prize draw).

If you’d like to find out more about how the prize draw works, check out our handy Start to Save guide.

couriervanman

Far to complicated its a no from me

1. The prize for each winner will be £100. And the number of winners depends on how many £100 prizes can be made up from the prize fund.
2. The prize fund is equal to 1% of the total increase in the balances of all accounts that qualify for the draw across the three Calendar Months leading up to the month of that prize draw.
3. If your account qualifies for a particular prize draw, your chance of winning is between 1/34 and 1/67.

      Anyone  care to work it out

Oasis1

couriervanman said:

Far to complicated its a no from me

1. The prize for each winner will be £100. And the number of winners depends on how many £100 prizes can be made up from the prize fund.
2. The prize fund is equal to 1% of the total increase in the balances of all accounts that qualify for the draw across the three Calendar Months leading up to the month of that prize draw.
3. If your account qualifies for a particular prize draw, your chance of winning is between 1/34 and 1/67.

      Anyone  care to work it out

I think it's a regular saving account with interest of 1% for monthly deposits up to £100, but with a little bonus of a prize draw every 3 months for £100, which you'll have a 1.5-3% chance of winning.

I've opened one as already have a Nationwide current account with money sitting in it for bills, so easy to set up the standing order of £100 each month. 1% interest is better than nothing and the punt on winning a prize is just a bit of fun!

Wheres_My_Cashback

Plenty of RS accounts available out there paying over 1% , but if you don't mind gambling on a lower rate for a small chance to win £100 every few months.

Dandytf

Tempted to open RBS Reg Saver 3% upto 50 pounds per month.
Maybe free up 25 pounds and give it a try during 2021.
Alternative to help2save/HL Isa.

colsten

The NW Start To Save account has had its own thread on the forum for about a year: https://forums.moneysavingexpert.com/discussion/6105019/nationwide-start-to-save-account

Other Regular Savers here: https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Dandytf

Decided simple Starr to rbs Reg Saver 3% gross.
10 pounds per week.