r00lish67
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Post by r00lish67 on Mar 7, 2020 11:26:37 GMT
Bit of an MSE question this, but for whatever reason it doesn't seem to want to let me post there. I've just logged into my Coventry regular saver (2.5%, £500pm) and out of interest had a look at the products I could apply for. In there, there was a "Coventry regular saver (2)", with the same 2.5% rate and £500pm. I opened it, and it seems to have created it fine. Yet to fund it though, this seems a bit too generous. Anyone else with a Cov account already noticed this, is that really meant to be allowed? edit: Ah, answered my own question. Looks like you're not meant to from the FAQ here , which makes it a bit bloody silly that they let you open one!
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Post by dan1 on Mar 7, 2020 11:35:22 GMT
Bit of an MSE question this, but for whatever reason it doesn't seem to want to let me post there. I've just logged into my Coventry regular saver (2.5%, £500pm) and out of interest had a look at the products I could apply for. In there, there was a "Coventry regular saver (2)", with the same 2.5% rate and £500pm. I opened it, and it seems to have created it fine. Yet to fund it though, this seems a bit too generous. Anyone else with a Cov account already noticed this, is that really meant to be allowed? I'd not noticed it myself nor created an account (yet). It does state in the summary: It depends on what is meant by "version"? If they meant "issue" then surely they'd of stated that? I remember being able to open and fund two regular savers with Nationwide a few years ago despite the t&c's stating only one regular saver per customer. The second account was closed and the money returned to me a few days/weeks later.
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r00lish67
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Post by r00lish67 on Mar 7, 2020 12:53:21 GMT
I remember being able to open and fund two regular savers with Nationwide a few years ago despite the t&c's stating only one regular saver per customer. The second account was closed and the money returned to me a few days/weeks later. Ditto!
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Post by df on Mar 7, 2020 13:45:15 GMT
Bit of an MSE question this, but for whatever reason it doesn't seem to want to let me post there. I've just logged into my Coventry regular saver (2.5%, £500pm) and out of interest had a look at the products I could apply for. In there, there was a "Coventry regular saver (2)", with the same 2.5% rate and £500pm. I opened it, and it seems to have created it fine. Yet to fund it though, this seems a bit too generous. Anyone else with a Cov account already noticed this, is that really meant to be allowed? I'd not noticed it myself nor created an account (yet). It does state in the summary: It depends on what is meant by "version"? If they meant "issue" then surely they'd of stated that? I remember being able to open and fund two regular savers with Nationwide a few years ago despite the t&c's stating only one regular saver per customer. The second account was closed and the money returned to me a few days/weeks later. I have two with Coventry, the above mentioned (2.5%, £500pm) and my very old one "Regular saver issue 2"(2.2%, £250pm). I've opened this old account in April 2010 and it never stopped running, rate changed many times, but I built up a balance of over 30k out of £250 monthly contributions. Opening and funding the new one (2.5%, £500pm) wasn't a problem, I guess because they are different products.
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one21
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Post by one21 on Mar 7, 2020 14:31:19 GMT
I'd not noticed it myself nor created an account (yet). It does state in the summary: It depends on what is meant by "version"? If they meant "issue" then surely they'd of stated that? I remember being able to open and fund two regular savers with Nationwide a few years ago despite the t&c's stating only one regular saver per customer. The second account was closed and the money returned to me a few days/weeks later. I have two with Coventry, the above mentioned (2.5%, £500pm) and my very old one "Regular saver issue 2"(2.2%, £250pm). I've opened this old account in April 2010 and it never stopped running, rate changed many times, but I built up a balance of over 30k out of £250 monthly contributions. Opening and funding the new one (2.5%, £500pm) wasn't a problem, I guess because they are different products. Thats most unusal with these accounts, as after 12 months interest rates fall to some derisory amount!
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Post by gravitykillz on Mar 7, 2020 16:59:44 GMT
Regular saver 2 converts into an easy access saver after 12 months at a much lower rate of interest.
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Post by df on Mar 7, 2020 18:54:29 GMT
I have two with Coventry, the above mentioned (2.5%, £500pm) and my very old one "Regular saver issue 2"(2.2%, £250pm). I've opened this old account in April 2010 and it never stopped running, rate changed many times, but I built up a balance of over 30k out of £250 monthly contributions. Opening and funding the new one (2.5%, £500pm) wasn't a problem, I guess because they are different products. Thats most unusal with these accounts, as after 12 months interest rates fall to some derisory amount! It's a unique account I've never seen any other regular saver product like this. It has been going for 10 years, don't have to renew or do anything, my standing order adds £250 every month. The rate is variable, but always stays competitive. It was 4.5% when I opened it (Stroud&Swindon BS at the time), the rate kept going down, once went up from 2.5% to 2.75%, now 2.2% (the lowest it ever been).
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Post by df on Mar 7, 2020 19:36:07 GMT
Regular saver 2 converts into an easy access saver after 12 months at a much lower rate of interest. I don't know why I have it as "regular saver 2" on my record, may be it used to be called like this? I've just checked on website, it is now called "Regular Savings Account". The new one I have (2.5%, £500) appears as "Regular Saver" (no '2' attached to the name) - this one converts into much lower rate after 12 month.
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daveb
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Post by daveb on Mar 8, 2020 17:55:40 GMT
The old Nationwide regular saver used to let you build up any amount, but for several years now they have only let them run for one year before turning into a square root of not much account
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zlb
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Post by zlb on Mar 9, 2020 9:50:33 GMT
Bit of an MSE question this, but for whatever reason it doesn't seem to want to let me post there. I've just logged into my Coventry regular saver (2.5%, £500pm) and out of interest had a look at the products I could apply for. In there, there was a "Coventry regular saver (2)", with the same 2.5% rate and £500pm. I opened it, and it seems to have created it fine. Yet to fund it though, this seems a bit too generous. Anyone else with a Cov account already noticed this, is that really meant to be allowed? edit: Ah, answered my own question. Looks like you're not meant to from the FAQ here , which makes it a bit bloody silly that they let you open one! Depends on what kind of system is in place for checking - wouldn't it? eg one letter difference in the name? matched or not with NI number or address. If you don't get a refund back to original account soon, then maybe it will, down the line when their systems finally work it out. It's not an obvious FAQ question at the end of their scroll. I saw this account this morning and I was going to open - as I already have a reg sav with them, I wouldn't have read the FAQs anyway - as you didn't either. What stops someone opening a second account using the address of close family member or friend?
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r00lish67
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Post by r00lish67 on Mar 9, 2020 10:01:29 GMT
Bit of an MSE question this, but for whatever reason it doesn't seem to want to let me post there. I've just logged into my Coventry regular saver (2.5%, £500pm) and out of interest had a look at the products I could apply for. In there, there was a "Coventry regular saver (2)", with the same 2.5% rate and £500pm. I opened it, and it seems to have created it fine. Yet to fund it though, this seems a bit too generous. Anyone else with a Cov account already noticed this, is that really meant to be allowed? edit: Ah, answered my own question. Looks like you're not meant to from the FAQ here , which makes it a bit bloody silly that they let you open one! Depends on what kind of system is in place for checking - wouldn't it? eg one letter difference in the name? matched or not with NI number or address. If you don't get a refund back to original account soon, then maybe it will, down the line when their systems finally work it out. It's not an obvious FAQ question at the end of their scroll. I saw this account this morning and I was going to open - as I already have a reg sav with them, I wouldn't have read the FAQs anyway - as you didn't either. What stops someone opening a second account using the address of close family member or friend? Well, ref: the system, not really - I was already logged in when applying and it promptly added the account to my dash, so it def knows it's "me". As I say though, I haven't funded it so no problem really. Re: 2nd account, I think you would fail AML checks if you tried that, and I certainly wouldn't recommend it regardless!
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cb25
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Post by cb25 on Mar 9, 2020 10:27:01 GMT
Depends on what kind of system is in place for checking - wouldn't it? eg one letter difference in the name? matched or not with NI number or address. If you don't get a refund back to original account soon, then maybe it will, down the line when their systems finally work it out. It's not an obvious FAQ question at the end of their scroll. I saw this account this morning and I was going to open - as I already have a reg sav with them, I wouldn't have read the FAQs anyway - as you didn't either. What stops someone opening a second account using the address of close family member or friend? Well, ref: the system, not really - I was already logged in when applying and it promptly added the account to my dash, so it def knows it's "me". As I say though, I haven't funded it so no problem really. Re: 2nd account, I think you would fail AML checks if you tried that, and I certainly wouldn't recommend it regardless! Even if it worked (and I hope it wouldn't, because otherwise others could use their name and my address), possibly fraudulent (telling lies for personal gain).
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Post by dan1 on Mar 20, 2020 10:45:56 GMT
Depends on what kind of system is in place for checking - wouldn't it? eg one letter difference in the name? matched or not with NI number or address. If you don't get a refund back to original account soon, then maybe it will, down the line when their systems finally work it out. It's not an obvious FAQ question at the end of their scroll. I saw this account this morning and I was going to open - as I already have a reg sav with them, I wouldn't have read the FAQs anyway - as you didn't either. What stops someone opening a second account using the address of close family member or friend? Well, ref: the system, not really - I was already logged in when applying and it promptly added the account to my dash, so it def knows it's "me". As I say though, I haven't funded it so no problem really. Re: 2nd account, I think you would fail AML checks if you tried that, and I certainly wouldn't recommend it regardless! Is your second account still up and running or have Coventry BS caught up and closed your second regular saver?
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r00lish67
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Post by r00lish67 on Mar 20, 2020 10:57:36 GMT
Well, ref: the system, not really - I was already logged in when applying and it promptly added the account to my dash, so it def knows it's "me". As I say though, I haven't funded it so no problem really. Re: 2nd account, I think you would fail AML checks if you tried that, and I certainly wouldn't recommend it regardless! Is your second account still up and running or have Coventry BS caught up and closed your second regular saver? huh, good point, might as well check this. Perhaps they'll be distracted by the end of days. edit: It's still there, unmolested, but as I don't want to pump money into it to find eventually they just return it all sans interest, have sent them a message. Will report back when I hear.
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r00lish67
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Post by r00lish67 on Mar 20, 2020 13:50:57 GMT
Is your second account still up and running or have Coventry BS caught up and closed your second regular saver? huh, good point, might as well check this. Perhaps they'll be distracted by the end of days. edit: It's still there, unmolested, but as I don't want to pump money into it to find eventually they just return it all sans interest, have sent them a message. Will report back when I hear. Quick response. They politely me told me to naff off.
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