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Buckinghamshire BS launch 6.25% regular saver
Comments
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fair enough. i guess my main question here is how safe with my savings be as i really need them back after 12 months! i might just put my spare money into matched betting to be honest!Debt free!0
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The answer to this is that your savings in this account will not exceed 50k, and therefore as things are today your money is 100% safe. It doesn't come better than that.michaeldcoates wrote: »fair enough. i guess my main question here is how safe with my savings be as i really need them back after 12 months! i might just put my spare money into matched betting to be honest!0 -
What happens if your bookie goes bust before paying out?michaeldcoates wrote: »fair enough. i guess my main question here is how safe with my savings be as i really need them back after 12 months! i might just put my spare money into matched betting to be honest!0 -
The answer to this is that your savings in this account will not exceed 50k, and therefore as things are today your money is 100% safe. It doesn't come better than that.
The possible hitch for the OP is that if they do go bust, it can take several months to pay out compensation. The OP would then not have the money available straight away to pay off the credit card at the end of the deal.
Still, I wouldn't like to call which are likely to go bust and which aren't.
tiptoe0 -
The FSCS aim to settle the overwhelming majority of payouts within 7 days of a British provider collapsing.tiptoe_mouse wrote: »The possible hitch for the OP is that if they do go bust, it can take several months to pay out compensation. The OP would then not have the money available straight away to pay off the credit card at the end of the deal.
Still, I wouldn't like to call which are likely to go bust and which aren't.
tiptoe
And we all know that HM Government will pay the Nationwide a nice backhander to take them on before it got to that anyway.0 -
I'm pleased to see a bit of competition in the monthly saver rates - none seemed to have been offered at more than 5% without a lot of strings attached since Barclays went down from 6% to 4.25%.
Hopefully this will encourage other providers to push their rates up.
They seem to be quite specific about a maximum balance of £3,000 so anyone hoping to make a 13th payment might want to be careful of this, though in practice maybe this is not queried?0 -
tiptoe_mouse wrote: »The possible hitch for the OP is that if they do go bust, it can take several months to pay out compensation.
The last time a building society went bust was in 1800 and something.
Any that have got into financial difficulties are invariably taken over by a larger institution.
So, perversely, your money is probably safer in a small outfit than a big one !0 -
Account reverts to a 'Chiltern Gold Easy Access' after 12 months paying nominal interest rates. [Note the high balance requirement for non locals - Don't close any 'holding' accounts you may have]
For standing orders BBS appears to bank with Barclays:.....under construction.... COVID is a [discontinued] scam0 -
I'm not too sure if seeing this rate makes me feel better or worse. The fact that the issue is only open to new money indicates that they are looking to recapitilise themselves which isn't too encoraging in this climate. Hope it isn't a last ditch attempt!
However increased rates for savers are welcomed, just a shame on the £250 pm max limit and strict t&cs.
As a basic rate tax-payer I think I would be better off to the tune of about £8 at the end of the year against overpaying the £250pm into my mortgage @ 4.49%. For the extra hassle and possible (however improbbable), risk of collapse, I think I shall refrain from opening this one!
Good spot though.0 -
Went into the head office branch to open today - they are only a few miles from me and I wanted an excuse to take the bike out:T
A bit old fashioned - I got a hand written receipt - but very good service as in and out in under 10 minutes. (They have got a computer though!;))
Head office will be the only branch as the other one is closing in December 2009 so I guess times are hard for such a small society.
Happy for them to have my cash - it's all FSCS protected.
Only unusual gotcha I can see is that the monthly deposit is fixed so make sure your opening deposit is repeated for the 12 months.Do Money Saving sites make you buy more bargains - and spend more money?0
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