Regular Saver Thread **New and Restarted**
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You don't need to switch, you can just open these to run alongside your existing current account, always handy in case of aTSB, Lloyds, RBS etc meltdown
The Nationwide FlexDirect will keep you going for three months then you can look at its RS with the First Direct and Santander offerings. None of these require DDs or switching. The monthly pay in requirements are trivial and can be automated with standing orders
It's up to you, a little admin and 5% or settle for 1.35%0 -
I believe that the Santander 123 range does require direct debits and the 123 Lite also costs £1 per month. I recently downgraded from 123 to 123 lite and asked if I still needed to pay in £500 and have two direct debits to qualify for the 5% regular saver. The Santander customer services person said that these were conditions of the account so yes. However, they also said that I would need to continually miss the £500 monthly pay in to jeopardise my regular saver eligibility.You don't need to switch, you can just open these to run alongside your existing current account, always handy in case of aTSB, Lloyds, RBS etc meltdown
The Nationwide FlexDirect will keep you going for three months then you can look at its RS with the First Direct and Santander offerings. None of these require DDs or switching. The monthly pay in requirements are trivial and can be automated with standing orders
It's up to you, a little admin and 5% or settle for 1.35%
I am not sure if this also applied to the two active direct debit condition.0 -
It is the 123 Lite that costs £1 per month - not the 123 range.
The requested fee, the £500 per month, the two active DDs, the logon at least every 3 months and the residency and age criteria are all required.
That said, the DDs only need to be active, so once-a-year DDs will do.0 -
I believe that the Santander 123 range does require direct debits and also costs £1 per month. I recently downgraded from 123 to 123 lite and asked if I still needed to pay in £500 and have two direct debits to qualify for the 5% regular saver. The Santander customer services person said that these were conditions of the account so yes. However, they also said that I would need to continually miss the £500 monthly pay in to jeopardise my regular saver eligibility.
I am not sure if this also applied to the two active direct debit condition.It is the 123 Lite that costs £1 per month - not the full range.
The requested fee, the £500 per month, the two active DDs, the logon at least every 3 months and the residency and age criteria are all required.
That said, the DDs only need to be active, so once-a-year DDs will do.
This was discussed on the last page.
The terms of the 123 Lite account state you need 2 x DDs in order to receive cashback on household bills. So you can have no DDs on the Lite account and still get 5% with their regular e-saver. If you look under 'eligibility' within the products T&Cs, there is no mention of DDs being required for the 123 Lite account. The DDs are mentioned under the 'cashback' terms. Link to T&C here.
Telephone advisers for mainstream banks rarely give out correct information. There are too many products which chop and change on a regular basis so I don't blame them for not knowing all the answers.
I tend to find workers in local building societies are more accurate.:grouphug: Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
Oh yes, it was previously discussed and while I did read it a few days ago I had forgotten that it was on this thread.This was discussed on the last page.
Telephone advisers for mainstream banks rarely give out correct information. There are too many products which chop and change on a regular basis so I don't blame them for not knowing all the answers.
I tend to find workers in local building societies are more accurate.
I do though think that it is a bit strong to say that telephone advisers for mainstream banks rarely give out correct information.0 -
What a fantastic week.
The Royal wedding, Chelsea winning the FA Cup and the launch of TWO competitive regular savers this week.:grouphug: Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
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Telephone advisers for mainstream banks rarely give out correct information. There are too many products which chop and change on a regular basis so I don't blame them for not knowing all the answers.
I tend to find workers in local building societies are more accurate.
Sort-of agree - although they are both pretty dire - and are always so sure that they're right!
Mind you, they are significantly better than HMRC - ask n agents, get n+1 opinions.
Best one recently was NS&I who insisted that the "arising" date for interest was when they calculate it, not when the interest is due. So sure, that they agreed to - and did - put it in writing.
Another one for the, bulging, rogues' gallery. 0 -
And it isn't operated online - only post or branch according to
http://www.chorleybs.co.uk/Files/rc1/rsa.pdf#zoom=auto
"The Society's products can be opened and managed in branch or by post, please refer to the Society's Savings Accounts Terms and Conditions."
Identification -Before opening an account at the Society all customers must fulfil the requirements of the Society's identification criteria. The Society will undertake an electronic identification through its chosen credit agency. The Society reserves the right to request original documentary proof to support an application where necessary
3 questions - does anyone think its better to pre-empt and send your ID copes with your application eg passport copy and some proof of address - rather than having your application delayed?
Even if you already have a Chorley account?
Also will having one ongoing Chorley regular saver stop you having the 2nd new version?
I already view my Chorley RS online so even though it just says branch or post for the new versions will they also appear in your list of accounts?“Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”0
Plus the fact that it works fine with no DDs. 
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