Regular Saver Thread **New and Restarted**

jimbow25 wrote: »

I opened this account a year ago today.
I logged on today and can see the interest has been added and the new interest rate is 0.1%. However the account is still called PREF REG SAV and the system blocks my attempts to open a new regular saver because I "already have one".

I spoke to both web and telephone customer services and they said I have to wait up to 5 working days for the system to cease to recognise it as a regular saver before the system will allow me to open a new one. Has anyone else encountered this issue or know of a resolution?
I can see that this "works" for the First Direct saver as per Special Saver's post so I'm a bit surprised it doesn't here. Also frustrating as the refusal message says you can open a new one "on or after maturity date". and, I wanted to keep the same anniversary date ideally.

Thanks for the continuing updates to this excellent thread. Ten or so years and going strong! Even if regular savers are not what they once were.

verybigchris wrote: »

The M&S Regular Saver needs two active direct debits to be opened - am I right in thinking they don't have to stay active for the whole 12 months?

(also, the links to the subsections in the first post don't appear to work any more since the thread was resurrected)

badger09 wrote: »

I'm in a similar, but not quite the same:cool: position.

I opened my RS 9th Feb last year. It disappeared completely from the app between 7th & 8th and the balance hasn't yet been credited to my existing Flex Saver Pref. It has simply disappeared into the ether.

Last year the balance on the maturing RS appeared in the Flex Saver Pref on the day after maturity, so I'm hoping it will appear tomorrow.

However, I have been able to apply for a new RS through online banking (not the app), so at least the new one should have the same funding and anniversary dates.

andi2 wrote: »

Hubby's matured on 8th. It had vanished & was renamed by 7th (& balance showing as £0), so he opened a new one. That's up & running today (9th) & his funds with interest were showing today too.

Westie983 wrote: »

It will change overnight tonight, as soon as it changes to a savings account you will be able to open a new regular saver.

Westie983

badger09 wrote: »

UPDATE
Maturity funds showing in Flex Saver Pref this morning with yesterday's date. New RS not yet showing.

I've had trouble in the past when the renewal application got stuck in their system for some reason, so will monitor closely.

jimbow25 wrote: »

Thank you all for the swift responses. However I've now got to 3 days after maturity and I still have PREF REG SAV showing on my account and cannot open a new one.It's maddening. I emptied the account on Saturday for what it's worth. At least the telephone and online support were entirely accurate about their own bank's inefficiencies.
I am talking about HSBC here by the way. Get the impression badger09 may be discussing another bank as there's no reference to "flex" in this one's name.

YorkshireBoy wrote: »

I can assure you she knows exactly what she's talking about. "Flex Sav Pre" is what your "Pref Reg Sav" becomes on maturity. Once you see this, with the proceeds (or not, in your case), you can apply for your new "Pref Reg Sav".