Regular Saver Thread **New and Restarted**
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I cancelled the SO for the last 2 months with my HSBC regular saver and did 2 x £250 manual transfers on the same day/2 months before the account was due to mature (for experimentation purposes
).
Interest was paid based on 12 monthly deposits having been made on the original date the account was opened.
So changing the SO date to the 1st and/or trying to squeeze in a 13th payment etc. won't earn any extra interest (unlike with Hali/BOS/Lloyds).:grouphug:
Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
My point (accepting it wasn't well made) was you didn't need to hold an account for 6 months, or open in branch: Immediately after being acepted for the esaver on line, (contrary to their blurb) you could apply for the RS, on line too.glider3560 wrote: »There was no residency requirement with Saffron.
You either had to open the account at a branch, or to have held an account for 6 months (used to be 12 months) to open an account by post.
However for their anniversary RS you had to live in designated local post codes (and maybe in branch only?).0 -
Re. Monmouthshire Building Society
I opened a 3% Celebration Regular saver bond a couple of months ago and have just been in to open a 2.5% Regular saver bond - which I did.
Surprisingly I was also offered a 150th Birthday Regular saver bond paying 4% , so I opened one as well. Max. £150 a month, but it all helps.
I believe you only have till the 14th September to open this account. I tried to do it via secure message but was told it could only be opened at a branch.0 -
Have been wondering about this one for a while, but discounted it on the basis, it needed another bank account and was dependent on a switch, and I didn't have a suitable account to switch. However......
It seems to require at least 2 direct debits although I think I've also seen conflicting info that suggests you may need 4. What I can't make out is, do you have to have existing direct debits on the account that you switch or could the DDs be set up after the switch? Anyone know? Also can anyone confirm is it definitely two or is it four needed if you want the associated regular saver?
I've recently applied and was accepted for a co-op reward bank account (the one that pays £4 a month if you have 4 DDs) but its been a dreadful new customer experience. The online registration process doesn't work, their online chat requires you to be signed in, which of course I can't, the other chat option is permanently unavailable and having emailed a complaint to the email they provide on their contact us page they haven't even bothered to acknowledge it, let alone answered it. So as it stands I have an account but I can't access it and am already thoroughly fed up with co-op lack of customer service, so now wondering can I cut and run and actually use it for a switch, setting up the DDs after the switch?
Anyone have any advice on this one?0 -
You only require 2 DD for the regular saver and these can be added to the account once opened, they also don't have to be monthly just active.. The 4 DD is for the switching incentive..0
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Switch: "Once you’ve switched using the Current Account Switch Service, including four active Direct Debits"
Monthly Saver: "Eligibility:
To be eligible you must:
- be a UK resident
- be a current account customer
- have switched to M&S Bank using the Current Account Switch Service
- have two active Direct Debits"0 -
Switch: "Once you’ve switched using the Current Account Switch Service, including four active Direct Debits"
Monthly Saver: "Eligibility:
To be eligible you must:
- be a UK resident
- be a current account customer
- have switched to M&S Bank using the Current Account Switch Service
- have two active Direct Debits"
So if I understood correctly, I could potentially use this utterly useless co-op account for a switch, despite it having no DDs set up (because I can't access it to set them up!), but wouldn't get the switching bonus? Would they likely quibble about the co-op account being just an empty account, no SO or DD and no money in it during the switch?
Since its M&S gift card rather than a money offer and I never go near M&S, not sure losing out on the bonus is too great a loss. Then after the switch if I added 2 DDs I would be eligible for the regular saver, which is really the only element I'm interested in. Don't need or really want another bank account but it seems the only option to get decent interest at the moment.0 -
Snapdragon wrote: »So if I understood correctly, I could potentially use this utterly useless co-op account for a switch, despite it having no DDs set up (because I can't access it to set them up!), but wouldn't get the switching bonus? Would they likely quibble about the co-op account being just an empty account, no SO or DD and no money in it during the switch?
Since its M&S gift card rather than a money offer and I never go near M&S, not sure losing out on the bonus is too great a loss. Then after the switch if I added 2 DDs I would be eligible for the regular saver, which is really the only element I'm interested in. Don't need or really want another bank account but it seems the only option to get decent interest at the moment.
Well you probably could, but the £4-£5.50 pm Co op rewards is worth more than the M&S interest... so may be worth persevering.
And you could always open a donor ac and do the M&S switch as well.
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You don't need access to Co-op to set DDs up...you set them up with the DD originator.Snapdragon wrote: »...useless co-op account for a switch, despite it having no DDs set up (because I can't access it to set them up!), but wouldn't get the switching bonus? Would they likely quibble about the co-op account being just an empty account, no SO or DD and no money in it during the switch?
The account wouldn't be empty though, would it?...you'd send a tenner or whatever to the sort code and account number you already have first before initiating the switch.
M&S have an online presence. You may also have family who could benefit from the gift card, either bits and bobs for a few or as an Xmas present for one of them?Since its M&S gift card rather than a money offer and I never go near M&S, not sure losing out on the bonus is too great a loss.0 -
YorkshireBoy wrote: »You don't need access to Co-op to set DDs up...you set them up with the DD originator.
The account wouldn't be empty though, would it?...you'd send a tenner or whatever to the sort code and account number you already have first before initiating the switch.
True, thanks. I think I'm letting my frustration with the co-op get the better of my usual common sense! I could go ahead and put some money in the co-op account and even set up the DD's I'd been intending to set up. I just don't like the idea of not being able to 'see' if it got there, if they are set up etc. I have numerous bank accounts and have switched for bonuses before and this co-op one has been the worst experience ever:eek:
Think I'll hold-out a while longer and see if the co-op bother acknowledging my complaint about the online registration issues or even try to rectify them, then decide whether I stick with it.0
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