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Regular Saver Thread **New and Restarted**

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Comments

  • solartom
    solartom Posts: 48 Forumite
    Part of the Furniture 10 Posts Photogenic Name Dropper
    Re Saffron BS RS

    Thank you to all who posted on ways to open this account
    It worked a treat
    Mortgage Free 02/02/2024
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Seventh Anniversary 500 Posts Name Dropper
    edited 15 May 2019 at 11:18AM
    This was discussed upthread.

    My postal application was successful, despite not being within the catchment area of the Society.

    Opening was slow. I posted application form on 30 April with cheque for £500, then received letter requesting hard copy identification documents which I posted on 8 May. Account was opened on 13 May, passbook received today 15 May. Cheque was debited form my current account today.

    Advantages:-

    Interest rate is 3% (but variable) paid annually on anniversary of opening
    Monthly deposit is £500 maximum (maximum of £6000 annually)
    Account is unlimited in time (but subject to overall limit of £24,000)

    Disadvantages:-

    Miss more than 2 monthly payments out of 12 and the account is downgraded to a low interest one.
    Withdrawals are not more than 2 per year, each up to £500 (but can close account at any time)
    No online access (but payments can be electronic one-offs or SO's)
  • Ken68
    Ken68 Posts: 6,825 Forumite
    Part of the Furniture 1,000 Posts Energy Saving Champion Home Insurance Hacker!
    Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.
  • schiff
    schiff Posts: 20,258 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    This account matures on 31 May. They have given about 4 weeks previously in issuing the What can I do next? letter. I've not had mine yet. There is no new RS account on the website yet; hopefully they will dream up something attractive in June, or even in the letter!
  • tg99
    tg99 Posts: 1,248 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Ken68 wrote: »
    Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.


    You don’t have to physically attend head office to close the account - you can write to head office.
  • bristolleedsfan
    bristolleedsfan Posts: 12,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I posted application form with 500.00 Cheque together with original ID on 30th April.


    Loughborough BS posted new passbook together with ID returned on 1 May which I received on 2nd May, Cheque was debited from my account around 3rd May.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Seventh Anniversary 500 Posts Name Dropper
    Ken68 wrote: »
    Thanks Hattie, have the form but hesitating on this one. No online access. Could they go the way of Hanley and limit the payout to mortgage applicants.Also head office trip to close the account.

    I don't see how they can refuse to pay out from the account unless you are applying for a mortgage. There is absolutely nothing in the T and Cs to say that they could do this. The only reference to anything to do with mortgage in the T and Cs is to make it clear that having the account does not, by itself, mean that a mortgage application by the holder will be successful. What happened with Hanley? I asked about the head office requirement for closure. LBS confirmed that you can post your passbook to HO and ask for closure. It's just that you can't deal by post with branches.
  • Ken68
    Ken68 Posts: 6,825 Forumite
    Part of the Furniture 1,000 Posts Energy Saving Champion Home Insurance Hacker!
    Thanks Hattie, will have a re-read of the t&c's. Will probably leave this to the homebuyers.
  • Speculator
    Speculator Posts: 2,342 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 16 May 2019 at 10:15AM
    schiff wrote: »
    This account matures on 31 May. They have given about 4 weeks previously in issuing the What can I do next? letter. I've not had mine yet. There is no new RS account on the website yet; hopefully they will dream up something attractive in June, or even in the letter!

    Says "We will contact you at least 14 days prior to maturity to advise you of the maturity date and provide options available at that time"

    So should get a letter by Monday.

    Hoping for a new Members Regular Saver with similar interest rate. Withdraw by cheque only so cheques will be paid into our Santander 123 for next day clearance.
  • schiff
    schiff Posts: 20,258 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Speculator wrote: »

    Hoping for a new Members Regular Saver with similar interest rate. Withdraw by cheque only so cheques will be paid into our Santander 123 for next day clearance.

    June 1st is a Saturday.
This discussion has been closed.
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