Skipton BS launch Special Saver paying 7.55% - 29/10/2007

[Kazza242]

Further to Bristolleedsfan's thread (http://forums.moneysavingexpert.com/showthread.html?t=583369) on Skipton Building Society's Xmas Saver 2008. Skipton are also launching another regular saver, called Special Saver, on 29th October 2007.

It pays 7.55% interest and has a 1 year term. Deposit between £10 - £250.

According to the Skipton website "You can have a maximum of three accounts running at any one time
". Be aware though, that the interest rate is variable and not fixed.

The details are now on the Skipton website, here (http://www.skipton.co.uk/savings_and_investments/savings_accounts/special_saver_account/).

The details are now on Moneyfacts, here (http://www.moneyfacts.co.uk/searches/savingdetails.aspx?moneyfactsid=SAVINGS001406401An niversary).

Well done Skipton!

[bristolleedsfan]

Further to Bristolleedsfan's thread (http://forums.moneysavingexpert.com/showthread.html?t=583369) on Skipton Building Society's Xmas Saver 2008. Skipton are also launching another regular saver, called Special Saver, on 29th October 2007.

It pays 7.55% interest and has a 1 year term. Deposit between £10 - £250.

The details are now on Moneyfacts, here (http://www.moneyfacts.co.uk/searches/savingdetails.aspx?moneyfactsid=SAVINGS001406401An niversary).

Well done Skipton!

i wouldnt be suprised if it turns out to be the same christmas saver 2 albeit the two sources are quoting a different start date bar two days and money facts are calling it "special saver"

lets wait and c. ;)

[Kazza242]

i wouldnt be suprised if it turns out to be the same christmas saver 2 albeit the two sources are quoting a different start date bar two days and money facts are calling it "special saver"

lets wait and c. ;)

Maybe.:) Though the accounts have different maximum investments. The Xmas Saver £3250 while the Special Saver has £3,000. Also the account maturity dates are different. The former is 24/11/2008 while the latter states that it is a 1 year term and interest is paid on the anniversary of opening.

These new accounts have come at the perfect time for me, as my Principality RS (which I funded from income) matures next month. I setup the SO from my Barclays current account so the payments arrive quicker, as both Principality and Skipton use Barclays as their clearing bank with sort codes beginning '20'.

[bristolleedsfan]

Maybe.:) Though the accounts have different maximum investments. The Xmas Saver £3250 while the Special Saver has £3,000. Also the account maturity dates are different. The former is 24/11/2008 while the latter states that it is a 1 year term and interest is paid on the anniversary of opening.



lets c what appears on skipton website in due course after all 3rd party sources are not always 100% reliable with the info. :wave:

[Kazza242]

lets c what appears on skipton website in due course after all 3rd party sources are not always 100% reliable with the info. :wave:

If I get a chance tomorrow I'll pop to my local Skipton branch and ask. Though I think that they are two different regular savings accounts. Moneyfacts has also listed them separately on their Regular Savings account front page. Again with different 'with effect from' dates. See here (http://www.moneyfacts.co.uk/savings/bestbuys/regular-savings-accounts.aspx).

[bristolleedsfan]

If I get a chance tomorrow I'll pop to my local Skipton branch and ask. Though I think that they are two different regular savings accounts. Moneyfacts has also listed them separately on their Regular Savings account front page. Again with different 'with effect from' dates. See here (http://www.moneyfacts.co.uk/savings/bestbuys/regular-savings-accounts.aspx).

i wasnt aware moneyfacts had two diff listings. :smiley:

[Kazza242]

i wasnt aware moneyfacts had two diff listings. :smiley:

No problem BLF.:)

:beer:

[LeeUK]

How do you find your nearest branch? On their website is just a pointless Google map of the UK, doesn't show where the branches are, even after I enter my postcode or town.

[baby_boomer]

Google "Skipton building society myhometown" (include the ".." ) & MyFinance will provide you with a link to an address if there is a Skipton branch in range.

[Kazza242]

I can confirm that the Special Saver and Xmas Saver 2 are two separate accounts. I opened the Special Saver in branch today. I'll be opening the new Xmas Saver soon too.

[DeepSporran]

The Special Saver is an interesting one. Although the maximum monthly deposit is 'only' £250, you can open several accounts to increase your contributions. Since you can subsequently reduce your contribution down to £10, and close an acount at any time and still get the full 7.55% interest on contributions up to closure date, it makes for a very flexible way to save as much as you like at 7.55%.

Drawbacks ? How many application forms can you be bothered completing (One for every £250 per month you want to save.) Also, they may withdraw the multiple account facility, reduce the interest rate (which is variable) etc.

Still, quite tempting ..........

[Kazza242]

The Special Saver is an interesting one. Although the maximum monthly deposit is 'only' £250, you can open several accounts to increase your contributions. Since you can subsequently reduce your contribution down to £10, and close an acount at any time and still get the full 7.55% interest on contributions up to closure date, it makes for a very flexible way to save as much as you like at 7.55%.

Drawbacks ? How many application forms can you be bothered completing (One for every £250 per month you want to save.) Also, they may withdraw the multiple account facility, reduce the interest rate (which is variable) etc.

Still, quite tempting ..........

Agreed it is very tempting indeed. The flexibility of being able to open more than one is a definite advantage. Like you say though, the rate is variable, so savers have to take into account that if base falls their Special Saver rate could too.

I've updated the first post in this thread to include a link to the Skipton website.

[Afahmaep]

I opened 1 yesterday and 6 today even though a call to Skipton's HO was made to confirm multiple accounts could be held by the same person.
Another 6 new accounts tomorrow along with a second payment to the initial 7 and I will have £5000 at 7.55%. Beats any Bond hands down.

[Afahmaep]

For those who want to open multiple accounts and are already a member, simply tell the counter staff how many accounts you wish to open, leave your deposit (cash or cheques), get a receipt, go and do whatever and when you return simply sign the paperwork. No need for you to fill out forms and wait. They do it for you.
NB If you are opening with cheques complete them before leaving home (payable to Skipton BS - YOUR NAME).

[mary]

Has anyone opened an account by post, as all the branches are miles away from me.

[bristolleedsfan]

I opened 1 yesterday and 6 today even though a call to Skipton's HO was made to confirm multiple accounts could be held by the same person.
Another 6 new accounts tomorrow along with a second payment to the initial 7 and I will have £5000 at 7.55%. Beats any Bond hands down.

hopefully numerous Yorkshire BS reg savers will move lump sums out of yorkshire and open multiple skipton accounts, might jog Yorkshire BS minds re last 2 base rate increases that it failed to pass on in full to its reg saver customers.

[Old Slaphead]

I opened 1 yesterday and 6 today even though a call to Skipton's HO was made to confirm multiple accounts could be held by the same person.
Another 6 new accounts tomorrow along with a second payment to the initial 7 and I will have £5000 at 7.55%. Beats any Bond hands down.

Too much like hard work - 2 WBBS=8 Skippies (unless you've already cornered that market as well).

[Afahmaep]

I was the OP on the West Bromwich Magic 8 Thread. What do you think.

[Old Slaphead]

Mmmmm, tricky - I'll guess in that case that you have

[Afahmaep]

Damn. I've just gone to close the drawer where I keep my BS passbooks and the 9 Skipton ones I have now got mean it won't close. :think:

[DeepSporran]

Has anyone opened an account by post, as all the branches are miles away from me.

I rang the number (on Monday) quoted on the website page for this account 0845 603 4735 - which is apparently 'Skipton Direct' at their HO.

After confirming that I could open multiple accounts (which the CSA was surprised about) I asked for forms to open 4 accounts. She said she'd send them out by 1st Class post (though they haven't arrived yet, and it's Wednesday....). She also said she'd give me a ring in a few days to check I had the forms and to carry out online ID verfication if I wanted, to save me having to send in my documents.

[michaels]

Hmm - 50k = 200 accounts - anyone reckon Skipton will go for this?!

[bristolleedsfan]

Hmm - 50k = 200 accounts - anyone reckon Skipton will go for this?!

Hmmmmmmmm ask them. ;) Hmmmmmmmmmmmmmmmmmmm

[Afahmaep]

Having opened 1 Special Saver on 30/10 and 6 more on 31/10 I went in today to top up them all with another £250 each and open several more but was politely informed by counter staff that Skipton HO had rung in the morning saying no more than 3 per customer. No official word on web-site but I wouldn't be surprised if it shortly is limited to one per customer.
NB I have been allowed to keep the 7 I have already got.

[DeepSporran]

Having opened 1 Special Saver on 30/10 and 6 more on 31/10 I went in today to top up them all with another £250 each and open several more but was politely informed by counter staff that Skipton HO had rung in the morning saying no more than 3 per customer. No official word on web-site but I wouldn't be surprised if it shortly is limited to one per customer.
NB I have been allowed to keep the 7 I have already got.

I can't say I'm surprised. I don't think they thought through the logic of restricting the monthly contribution to £250 but allowing multiple accounts. It just results in more admin for both the saver and the Skipton, while not putting any cap on the amount you can save.

The 4 applications I asked for when I phoned them on Monday finally arrived today and I've completed them and sent them back - hope they honour them. If not I'll feel very miffed since I couldn't have completed the process any more quickly.

[bristolleedsfan]

I can't say I'm surprised. I don't think they thought through the logic of restricting the monthly contribution to £250 but allowing multiple accounts. It just results in more admin for both the saver and the Skipton, while not putting any cap on the amount you can save.

The 4 applications I asked for when I phoned them on Monday finally arrived today and I've completed them and sent them back - hope they honour them. If not I'll feel very miffed since I couldn't have completed the process any more quickly.

westbromwich building society allowed maximum of 1000.00 per month into its 8.10% reg saver which is an unprecedented monthly maximum for such a loss leading account and smacks of desperation on behalf of westbromwich to attract retail funds.

skipton by quietly keeping to the "normal" 250.00 monthly maximum for its loss leading short term reg saver yet not restricting the no of accounts per member avoided publicising any such desperation for funds.

whilst skipton had expectation that some people might open a few accounts it probably didnt expect people to open ( who knows how many some people may have opened.........)

by restricting special saver to three accounts per person with xmas saver skipton is effectively allowing same monthly max as westbromwich. ( westbromwich will have saved on administration by allowing 1000.00 per member monthly maximum, however everyone in the financial world will be alerted to fact that westbromwich are desperate for funds)

skipton probably wont be fussed about odd people whove already asked for application forms opening four accounts, it has stemmed the flow of apparent greed on the part of people who have been opening ( who knows how many accounts) :rolleyes:

[stee-t]

Terms and conditions

Interest will be capitalised on the account on the 12 month anniversary of your account opening and this, plus the account balance, will be transferred into our Instant Access Account. Cash withdrawals from this account are limited to £250 per day.

Does this mean it will take 12+ days to transfer or can you get round this by closing the account?

[bristolleedsfan]

Terms and conditions

Interest will be capitalised on the account on the 12 month anniversary of your account opening and this, plus the account balance, will be transferred into our Instant Access Account. Cash withdrawals from this account are limited to £250 per day.

Does this mean it will take 12+ days to transfer or can you get round this by closing the account?


account can be closed.

"You cannot make withdrawals from the Special Saver Account. If you do need to access your money before it is transferred to an Instant Access Account, then your account may be closed. Accrued interest will be paid to the date of closure. "

[DeepSporran]

Cash withdrawals from this account are limited to £250 per day.

Does this mean it will take 12+ days to transfer or can you get round this by closing the account?

If you mean 'Do you need to make 12 separate withdrawals of £250 each over 12 days to get your £3000 out ?', then the answer is no. I'm sure that you can get it all out by cheque in one transaction, even from the Instant Access account that they automatically transfer the funds to after the 12 months are up. The £250 is just a daily limit on cash withdrawals that applies to the Instant Access account

[bristolleedsfan]

If you mean 'Do you need to make 12 separate withdrawals of £250 each over 12 days to get your £3000 out ?', then the answer is no. I'm sure that you can get it all out by cheque in one transaction, even from the Instant Access account that they automatically transfer the funds to after the 12 months are up. The £250 is just a daily limit on cash withdrawals that applies to the Instant Acess account

yes true can get whole maturity balance out by cheque in one go, most investors will give advance maturity instructions, result the funds wont reach the instant access account. ;)

[lustydog]

lets c what appears on skipton website in due course after all 3rd party sources are not always 100% reliable with the info. :wave:
This isn't an online account, and you have to go to a branch to fill an application form.
I'm going in tomorrow. I got the info from Skiptons website
The beauty of it is, that you can put in any amount from £10 -£250 each month. Apparently the amount can vary.
Some of the similar accounts require a fixed sum each month. ie Leek B.S.
Thanks all, especially Martin ugh!! creep

[DeepSporran]

Got a phonecall from Skipton yesterday to say that though I managed to open 4 accounts, I'm only allowed 3 so I have to close one.

They offered to open a Christmas Saver instead ( I haven't got one at the moment) though I'll need to fill in a new form (why ?????)

Bit miffed about this as I carefully checked with them on my initial contact (at launch date - 30th October ?) that I could have multiple accounts. After thinking about it (and checking the marketing info once I'd directed them to the relevant section), they agreed that I could open as many as I wanted. Not being too greedy, I asked for 4 applications, which were duly processed and the accounts opened by November 6th.

Others have posted that multiple accounts (above 3) have been allowed if they were open before Skipton realised that it might be a good idea to apply a limit of 3.

Don't think I can force them to change their minds - their general terms and conditions allow them to close any account without giving a reason if they want to.

However, it's a bit of a customer relations own goal as far as I'm concerned.

Anyone else had the phonecall ?

[baby_boomer]

They offered to open a Christmas Saver instead ( I haven't got one at the moment) though I'll need to fill in a new form (why ?????)
No mystery.

It's a different account with different terms & conditions which you have to sign up to.

[DeepSporran]

No mystery.

It's a different account with different terms & conditions which you have to sign up to.

You're right of course. But it would be nice if they offered to complete the form for me (using the info they've already got - 4 times ;) ) and sent it to me for checking and signing. It was their error that led to this situation.

[baby_boomer]

They can indeed do this.

When I opened my XMas Saver at a branch along with my first Special Saver I only had to manually fill out one form. They transferred the rest of the info from one account opening form to the other & printed it out.

[DeepSporran]

They can indeed do this.

When I opened my XMas Saver at a branch along with my first Special Saver I only had to manually fill out one form. They transferred the rest of the info from one account opening form to the other & printed it out.

I did the original applications by post (I don't live near any branch) and filled them all in myself.

Maybe they will do the new one for me. It's no big deal really. I'm just being grumpy because I was careful to check the conditions before opening the accounts and they have now changed things retrospectively.

[LeeUK]

Does this account come with a passbook? :) I like passbooks.

[mary]

Curious as to why you would like passbooks. With several BS regular savers, I find they take too much room in my files but then I do have quite a few.

[Kazza242]

Does this account come with a passbook? :) I like passbooks.

Yes, it does come with a passbook. It's purple.

[LeeUK]

I have 3 reg savers with 3 different BS all with passbooks even though the passbooks only show the initial cheque deposit. Even one of the BS has a branch on my local high street which I have yet to set foot in. :rolleyes:

[baby_boomer]

I'm just being grumpy because I was careful to check the conditions before opening the accounts and they have now changed things retrospectively.
Technically the t&cs remain the same. In legal terms the sods are "just" closing one of your accounts. It's the same "principle" that Portman BS used when it closed the accounts of 500 people who dared to put a members' resolution to its AGM in 2000. [You many recall that the Chief Executive was "committed" to remaining independent. The same one who just merged with Nationwide :rotfl: ]