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Bank of Scotland IASAR 5.8% fixed
dougz_2
Posts: 523 Forumite
Bank of Scotland Instant Access Savings Account Reward
http://www.bankofscotlandhalifax.co.uk/savings/bosinstantaccesssavingsaccountreward.asp
It has been discussed on various threads including http://forums.moneysavingexpert.com/showthread.html?p=15860773#post15860773
but I thought it deserves a thread of its own, as this weekend is possibly the last chance for a good rate for icesave claimants awaiting their compensation.
My story. I applied for the account online earlier in the week. I immediately received an email saying they had received my information, and to expect confirmation of opening the account "within the next 14 days". This seemed a long time considering the risk of rates falling, so having still heard nothing more, I called them this afternoon to check progress. The man I spoke to could not find any record of my application, despite calling their online department to double check. So I applied a second time with them via the phone. This time he gave me a roll number, and my sort code and account number for BACS transfers. He guaranteed that I would get 5.8% fixed because I had opened the account today, although he admitted the rate would "probably" drop on Monday to new applicants. He further specified that I needed to make my initial £5k deposit within the next 2 weeks, and that the actual 12 month term would begin as from receiving that, but repeated that I would get todays 5.8% even though the advertised rate could have dropped by the time they receive it. To clarify: The rate is fixed from when you apply, but the term starts when they receive deposit.
However, it seems some may have been told conflicting stories about this. MeGrumps on the other thread was told that the rate is not fixed until they receive the actual deposit. If that is true then it may be too late to get there before Monday, even if sent by faster payments.
A few more points, the account terms pdf linked on their website does not seem to actually be the correct terms for this account, instead it seems to be for the non-Reward variable rate account. As it has no mention of fixed rates, it cannot really clarify this matter. See http://www.bankofscotlandhalifax.co.uk/HelpCentre/pdf/1_451320-9.pdf
Their website says you get a "slightly lower rate" if you choose monthly interest but does not state exactly what that is anywhere. On the phone I was told you actually get exactly the same rate AER, so it is just the largely irrelevant gross amount that is slightly less.
I would be interested to hear others experiences of this IASAR account, especially regarding the cutoff date for the 5.8% fix.
http://www.bankofscotlandhalifax.co.uk/savings/bosinstantaccesssavingsaccountreward.asp
It has been discussed on various threads including http://forums.moneysavingexpert.com/showthread.html?p=15860773#post15860773
but I thought it deserves a thread of its own, as this weekend is possibly the last chance for a good rate for icesave claimants awaiting their compensation.
My story. I applied for the account online earlier in the week. I immediately received an email saying they had received my information, and to expect confirmation of opening the account "within the next 14 days". This seemed a long time considering the risk of rates falling, so having still heard nothing more, I called them this afternoon to check progress. The man I spoke to could not find any record of my application, despite calling their online department to double check. So I applied a second time with them via the phone. This time he gave me a roll number, and my sort code and account number for BACS transfers. He guaranteed that I would get 5.8% fixed because I had opened the account today, although he admitted the rate would "probably" drop on Monday to new applicants. He further specified that I needed to make my initial £5k deposit within the next 2 weeks, and that the actual 12 month term would begin as from receiving that, but repeated that I would get todays 5.8% even though the advertised rate could have dropped by the time they receive it. To clarify: The rate is fixed from when you apply, but the term starts when they receive deposit.
However, it seems some may have been told conflicting stories about this. MeGrumps on the other thread was told that the rate is not fixed until they receive the actual deposit. If that is true then it may be too late to get there before Monday, even if sent by faster payments.
A few more points, the account terms pdf linked on their website does not seem to actually be the correct terms for this account, instead it seems to be for the non-Reward variable rate account. As it has no mention of fixed rates, it cannot really clarify this matter. See http://www.bankofscotlandhalifax.co.uk/HelpCentre/pdf/1_451320-9.pdf
Their website says you get a "slightly lower rate" if you choose monthly interest but does not state exactly what that is anywhere. On the phone I was told you actually get exactly the same rate AER, so it is just the largely irrelevant gross amount that is slightly less.
I would be interested to hear others experiences of this IASAR account, especially regarding the cutoff date for the 5.8% fix.
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Comments
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It's quicker to open over the phone tbh.
I opened the 6.5% one online in July ... took ages but they give you 14 days to fund the account after it's withdrawn.
Looks like I made a good decision with that rate!
Top account and excellent online banking service (once it's up and running).0 -
I applied for this earlier in the week, but never received any confirmation email from them. Don't suppose I'll ever hear from them...0
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I opened this up earlier in the year, since I had savings in an old account not making much money but I needed to have access to it for decorating, christmas etc. Anyway, I am fairly pleased with them so far as been able to put in and withdraw money no problem - we will see what interest is attached to it next year. At the moment I am withdrawing for christmas, as I tend to save up all year and then go xmas shopping November.MFIT T2 Challenge - No 46
Overpayments 2006-2009 = £11985; 2010 = £6170, 2011 = £5570, 2012 = £12900 -
I opened the 6.5% one online in July ... took ages but they give you 14 days to fund the account after it's withdrawn.
could you clarify this - I have one which I plan to use for my Icesave cash - my impression was the rate was guaranteed for a year from opening ?0 -
Yes. The rate from July is 6.5% fixed for 12 months from opening, allowing additional deposits.I opened the 6.5% one online in July ... took ages but they give you 14 days to fund the account after it's withdrawn.
could you clarify this - I have one which I plan to use for my Icesave cash - my impression was the rate was guaranteed for a year from opening ?0 -
Was the situation in July the same as will apparently happen on Monday, i.e did it continue to be available to new applicants but merely at a revised rate, or was it a different situation, such as if the account was completely withdrawn from sale or something?opinions4u wrote: »I opened the 6.5% one online in July ... took ages but they give you 14 days to fund the account after it's withdrawn.
Anyway, at least you were told the same 14 days as I was. Others have reported being told the time limit is Dec 1st, or 28th. Or the worst, before the advertised rate changes, which could likely be this Monday.
It would be useful to be able to delay the start as long as possible to get the fix going as far into 2009 as possible, but obviously not at the risk of losing out altogether. So it would be interesting to hear what others get told this weekend as the time limit for making a minimum deposit to achieve 12 months at 5.8%.
PS: Does the account accept faster payments as credited the same day 24/7? The person I spoke to seemed unsure. The APACS checker says the sort code (80-49-43) should be able to.0 -
He further specified that I needed to make my initial £5k deposit within the next 2 weeks, and that the actual 12 month term would begin as from receiving that, but repeated that I would get todays 5.8% even though the advertised rate could have dropped by the time they receive it. To clarify: The rate is fixed from when you apply, but the term starts when they receive deposit.
This is direct contradiction to what they have told me. I opened the account in October but only received the Reward rate for November. When I complained, I was firmly told that the rate is fixed when you initially fund the account, not when you open it. Using what you have said I'll have another go at them, because I was not told that a different rate might apply when I opened the account (nor was I even told that the rate was any different from the one they mailed to me - I discovered this for myself when I accessed my account online).
Let us know whether you do get the rate you opened at. It will help my argument with them..0 -
Just applied for an account online and it was accepted. It clearly stated that I had a fixed period (can't remember how long) to fund it from my non HBOS account.
The key statement on their web site isLimited offer - open and fund an account before 1 December 2008, although may be withdrawn earlier
Fingers crossed but to me that means that they cannot change the interest rate and non of the small print gave them the right to do so.0 -
If anyone is waiting for their Icesave savings but has 5K accessible elsewhere, perhaps you should open up the BOC account by phone on monday and pay a cheque in at a branch ASAP. Providing the rate hasn't dropped within the next few days, ofcourse. Once it's funded with the 5K, you won't stress so much about how quickly your Icesave money comes through.
I opened up the BOC account by phone two days ago and then paid in a cheque at the nearest halifax branch yesterday. That really sped things up, rather than waiting for the stuff to arrive through the post. There aren't any BOC branches in england as such, they just have a dedicated area for BOC within particular halifax branches. Anyway, if you have access to 5K, you might not want to wait around.0 -
Monday might well be too late as the rate could have already dropped. Safer to open it now, the phone line is until 5pm.0
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