Derbyshire regular saver interest rate cut

littlereddevil · 22 March 2006 at 8:03PM

Afahmaep wrote:

Success. Opened Members Loyalty Saver Issue 2 with Leeds BS (NOT Member Bond) with £100 Cash on Fri 17/03/06.
Received Derbyshire Cheque this morning and paid into Loyalty Saver. This can be topped up to a Maximum of £10k until it is withdrawn (fully subscribed). i.e Doesn't have to be a one off payment
Derbyshire Regular Saver Balance still just over £100 and Regular Payment reduced to £10 to stiill qualify as a member.
Leeds BS rate is only up to 31/12/2006 so I will move funds again early 2007

I am a member of Leeds BS but cannot find anything online about these member accounts. Can you point me in the right direction please?
Ta

charlieboycat · 22 March 2006 at 8:51PM

Careful_ly wrote:

I'm the OP and was told in branch on 15th March when I visited the branch to make my monthly payment that the rate was dropping from the 16th.
On the morning of the 16th I checked the website and rate was showing as 5.4% on looking a little later the rate had dropped as I had been told to 5%, and that is when I opened the tread, as unless anyone was looking for this they would have been unaware.
I have just rung to check after reading Charlieboycats posting to ask when rate effective from and been told Thursday 16th March and that letters are being sent out. She also said it has been in the press and when I asked which papers she stated the Times and Express, I dont read these so cannot confim.
The rate is still hard to beat at 5% and I only wanted to let people know so they have a choice if they can move elsewhere for a better rate as some people have been able to do.

My fault I guess - I suppose I should have known better than to believe something I was told by "customer services". My apologies.

Afahmaep · 22 March 2006 at 9:18PM

littlereddevil wrote:

I am a member of Leeds BS but cannot find anything online about these member accounts. Can you point me in the right direction please?
Ta

Account is listed in SAVINGS section.
Title is MEMBER LOYALTY SAVER ISSUE 2 WITH BONUS.

Full Minimum Investment £100

Maximum investment: £10,000 (£20,000 for joint accounts).

When is interest paid? Interest is calculated daily and is paid annually on 1 March, commencing 1 March 2007.

How is interest paid? Interest can either be credited to the account or transferred either to another building society, bank account or to another account held with the Society.

Withdrawals: Access to your funds during the bonus period is subject to 60 days notice or 60 days loss of interest. After 31 December 2006, you can have instant access to your invested funds with no notice or loss of interest.

MiserlyMartin · 23 March 2006 at 2:17AM

I just read this thread and I am annoyed!!!! I just opened one of these reg saver accounts a few weeks ago and I was putting the maximum £1000 PCM into it. I had plans to do a deemy and mary with it. I might as well just close it now, what you you reckon? I take it I'll still get the 5.4% on closure?

I've emailed that woman at derbyshire to express my disgust and have mentioned my intention to take the money elsewhere and close the account. Also said it was bad business policy as they will lose a lot of cash now.

Its going to have to be ICICI now Cahoot have dropped. One wonders if the Derbyshire and Cahoot are collaborating!?

Perhaps they are so awash with cash as a result of this site that this was the idea of the rate cut?

lipidicman · 23 March 2006 at 10:40AM

What's wrong with 5%?. Might this rate look competitive again as the other high rates drop away. It is pretty hard to get a straight 5% (ie no bonus period) from a decent bank. I'm keeping my 5% regular saver as if you empty them it is impossible to redeposit. I find that regular savers usually end up competititive as they rely on the deposits continuing to come in, not apathetic savers.

Deemy · 23 March 2006 at 10:45AM

What makes you think since months down the road its not dropped to 4.6% ?

Derbyshire have lost my confidence in their ability to maintain rates in line with base rate moves... i.e. in the time they have cut it by 0.85% the base rates have only dropped by 0.25% !

ReportInvestor · 23 March 2006 at 11:06AM

It's me that's lost confidence in them. I thought they would tag along with base rates. You thought they wouldn't.

It was one of my earliest posts on MSE and you jumped straight down my throat when I questioned your scepticism :rotfl:

But you invested anyway. Which was sensible at the time.

Deemy · 23 March 2006 at 11:34AM

ReportInvestor wrote:

It's me that's lost confidence in them. I thought they would tag along with base rates. You thought they wouldn't.

It was one of my earliest posts on MSE and you jumped straight down my throat when I questioned your scepticism :rotfl:

But you invested anyway. Which was sensible at the time.

Where ? post the link ...

I have a bad memory

Aark · 23 March 2006 at 11:39AM

Surely it makes no difference what the relative changes to an account's rate have been? 5.40% is in the past and what has happened in the past is irrelevant. All that matters now is whether or not you can get more than 5.00% elsewhere.

If you can then the issues are:

a) Is it worth moving your money for a higher rate elsewhere?
b) How long would it take to rebuild your Derbyshire balance if they increased rates in the future?
c) Is it worth retaining membership of the Society with a small account balance and minimum regular savings?

mary · 23 March 2006 at 11:45AM

Just got my forms to open a 6% Regular Saver Bond £500 p.m (max). with the Principality BS this morning. Also in the literature they have a 5.25% Monthly Saver account, min £20, max £1,000 p.m.
Looks comparable. I don't live in Wales, but it wasn't a problem when I opened their 6.75% Regular Saver Bond last year.

Derbyshire regular saver interest rate cut

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free