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  • FIRST POST
    • Mayday
    • By Mayday 19th Sep 16, 7:33 PM
    • 531Posts
    • 279Thanks
    Mayday
    Charter Savings Bank Savings Bond for elderly parent ?
    • #1
    • 19th Sep 16, 7:33 PM
    Charter Savings Bank Savings Bond for elderly parent ? 19th Sep 16 at 7:33 PM
    Anyone any experience of Charter Savings Bank

    http://www.chartersavingsbank.co.uk/

    as my elderly father is looking for somewhere to invest £10,000 for a short time. He's looking at their 18 Month Fixed Rate Bond / 1.46%
Page 1
    • Hattie625
    • By Hattie625 19th Sep 16, 7:40 PM
    • 371 Posts
    • 225 Thanks
    Hattie625
    • #2
    • 19th Sep 16, 7:40 PM
    • #2
    • 19th Sep 16, 7:40 PM
    I've had accounts with them since June 2015. Generally good rates (although recent drop in a closed issue 120 day notice account from 1.90% to 1.65% with no notice given, but still competitive) and I have had no problems with setting up and managing accounts. I've recently (Jan, July and September 2016) opened 3 fixed rate bonds on behalf of my elderly mother. Again, no problems so far.
    • Mayday
    • By Mayday 19th Sep 16, 8:03 PM
    • 531 Posts
    • 279 Thanks
    Mayday
    • #3
    • 19th Sep 16, 8:03 PM
    • #3
    • 19th Sep 16, 8:03 PM
    I've had accounts with them since June 2015. Generally good rates (although recent drop in a closed issue 120 day notice account from 1.90% to 1.65% with no notice given, but still competitive) and I have had no problems with setting up and managing accounts. I've recently (Jan, July and September 2016) opened 3 fixed rate bonds on behalf of my elderly mother. Again, no problems so far.
    Originally posted by Hattie625
    Thank you - will probably go ahead now.
    • mjmal51
    • By mjmal51 20th Sep 16, 9:50 AM
    • 538 Posts
    • 273 Thanks
    mjmal51
    • #4
    • 20th Sep 16, 9:50 AM
    • #4
    • 20th Sep 16, 9:50 AM
    Another thumbs up from me, no problems at all and a good rate.
    • talexuser
    • By talexuser 20th Sep 16, 10:34 AM
    • 1,985 Posts
    • 1,456 Thanks
    talexuser
    • #5
    • 20th Sep 16, 10:34 AM
    • #5
    • 20th Sep 16, 10:34 AM
    Ive had 3 accounts with them over the years when they had best buys and started a 1 year fix at 1.79% a few weeks ago before the brexit drops. Never had a problem, very efficient when closing accounts.
    • Alice Holt
    • By Alice Holt 20th Sep 16, 10:45 AM
    • 450 Posts
    • 413 Thanks
    Alice Holt
    • #6
    • 20th Sep 16, 10:45 AM
    • #6
    • 20th Sep 16, 10:45 AM
    Again - no problems.

    Have a 3 month notice account originally at 1.8%. Pleased that the rate only dropped by 0.25% to 1.55%.
    • Mayday
    • By Mayday 20th Sep 16, 12:23 PM
    • 531 Posts
    • 279 Thanks
    Mayday
    • #7
    • 20th Sep 16, 12:23 PM
    • #7
    • 20th Sep 16, 12:23 PM
    Thanks again for all replies - very helpful
    • CJL
    • By CJL 22nd Sep 16, 10:44 PM
    • 10 Posts
    • 5 Thanks
    CJL
    • #8
    • 22nd Sep 16, 10:44 PM
    Would not recommend
    • #8
    • 22nd Sep 16, 10:44 PM
    Personally, I would not recommend Charter Savings. They recently reduced the rate on a closed issue 120 day account, telling me by e-mail late in the day that it was happening that day. They gave no option to close the account because of the change of interest rate, nor did they give 120 days notice of the rate change. This is in contrast to other "challenger" banks such as Shawbrook, Aldermore, Paragon and Cambs & Counties, who all did one or other of these.

    Their customer services team was completely confused by what they had done, initially saying that the account could be closed without notice within thirty days of the notification of the rate change, but they then back-tracked on that. They said that the closure within thirty days of the notification was with 120 days notice. But, that can be done, as of right, even after the 30 days?
    • 2010
    • By 2010 23rd Sep 16, 7:24 AM
    • 3,978 Posts
    • 3,196 Thanks
    2010
    • #9
    • 23rd Sep 16, 7:24 AM
    • #9
    • 23rd Sep 16, 7:24 AM
    Personally, I would not recommend Charter Savings. They recently reduced the rate on a closed issue 120 day account, telling me by e-mail late in the day that it was happening that day. They gave no option to close the account because of the change of interest rate, nor did they give 120 days notice of the rate change. This is in contrast to other "challenger" banks such as Shawbrook, Aldermore, Paragon and Cambs & Counties, who all did one or other of these.

    Their customer services team was completely confused by what they had done, initially saying that the account could be closed without notice within thirty days of the notification of the rate change, but they then back-tracked on that. They said that the closure within thirty days of the notification was with 120 days notice. But, that can be done, as of right, even after the 30 days?
    Originally posted by CJL
    The rate cut was permitted without notice within their T&C,which could/should have been read when you opened the account.
    In fact you may have had to tick a box saying that you had indeed read them!
    • Hattie625
    • By Hattie625 23rd Sep 16, 1:15 PM
    • 371 Posts
    • 225 Thanks
    Hattie625
    Personally, I would not recommend Charter Savings. They recently reduced the rate on a closed issue 120 day account, telling me by e-mail late in the day that it was happening that day. They gave no option to close the account because of the change of interest rate, nor did they give 120 days notice of the rate change. This is in contrast to other "challenger" banks such as Shawbrook, Aldermore, Paragon and Cambs & Counties, who all did one or other of these.

    Their customer services team was completely confused by what they had done, initially saying that the account could be closed without notice within thirty days of the notification of the rate change, but they then back-tracked on that. They said that the closure within thirty days of the notification was with 120 days notice. But, that can be done, as of right, even after the 30 days?
    Originally posted by CJL
    I think this is rather unfair to CSB.

    The notice accounts to which the rate reduction applied were old issues which were paying better rates than the current issues at the time of the drop. And had been paying better rates for some time. The drop was 0.25%, exactly in line with the Base Rate drop. The T and C's permitted the drop without notice. I opened a 120 day notice account in July 2015; the issue at that time paid 1.90% variable. This continued to be the rate until August 2016, despite several drops in later issues, when it dropped to 1.65% after the base rate drop. I have kept the account open as I think the rate is still quite good. You can't get this even locking your money up for one year. Each month I am giving notice to withdraw a substantial amount in 120 days time. The notice can be cancelled up to the withdrawal date, or the money paid back in. This keeps options open.

    In any event, the OP's father is looking to open a fixed rate account, so concerns about notice account rates aren't really relevant.
    • 2010
    • By 2010 23rd Sep 16, 3:22 PM
    • 3,978 Posts
    • 3,196 Thanks
    2010
    Each month I am giving notice to withdraw a substantial amount in 120 days time. The notice can be cancelled up to the withdrawal date, or the money paid back in. This keeps options open.
    Originally posted by Hattie625
    Thanks for this great tip.
    I never gave it a thought before.
    So doing it like that you can always have a lump sum ready to draw out but if you don`t need it just cancell the notice.

    Sometimes you can`t see the obvious.
    • teddysmum
    • By teddysmum 23rd Sep 16, 5:03 PM
    • 5,128 Posts
    • 3,116 Thanks
    teddysmum
    I assume the gentleman already has the high rate current accounts, as via these he would get a much better return and instant access.
    • Hattie625
    • By Hattie625 23rd Sep 16, 6:11 PM
    • 371 Posts
    • 225 Thanks
    Hattie625
    I assume the gentleman already has the high rate current accounts, as via these he would get a much better return and instant access.
    Originally posted by teddysmum
    From my own experience, I have explained to my 89 year old mother the good rates offered by having several high interest current accounts but, frankly, the various administrative hurdles are too much for her to contemplate as she is a non-computer user. From other posts I have read, I believe that this is not unusual among people at her stage of life, and it may be that the OP's father feels similarly. However I am taking steps to open a Tesco current account for my mother, but it took some effort on my part to convince her to abandon her adult life practice of having only one current account with RBS (formerly National and Commercial Bank of Scotland).
    • teddysmum
    • By teddysmum 23rd Sep 16, 9:07 PM
    • 5,128 Posts
    • 3,116 Thanks
    teddysmum
    Tesco's current accounts aren't the best paying but would, at the moment give 3% on £6000 of the £10000, besides being the simplest as no paying in or direct debits are required.


    I opened two today, by phone and the lady mentioned the 3% interest rate, but nothing about a possible change in rate.
    • Hattie625
    • By Hattie625 23rd Sep 16, 9:20 PM
    • 371 Posts
    • 225 Thanks
    Hattie625
    Tesco's current accounts aren't the best paying but would, at the moment give 3% on £6000 of the £10000, besides being the simplest as no paying in or direct debits are required.


    I opened two today, by phone and the lady mentioned the 3% interest rate, but nothing about a possible change in rate.
    Originally posted by teddysmum
    Yes, two Tesco current accounts holding £3K each would be a good option for the OP's father. Once set up, they don't require any servicing, other than perhaps creaming off the monthly interest into another account. Only issue is how long the 3% interest rate will continue.
    • teddysmum
    • By teddysmum 25th Sep 16, 4:36 PM
    • 5,128 Posts
    • 3,116 Thanks
    teddysmum
    Yes, two Tesco current accounts holding £3K each would be a good option for the OP's father. Once set up, they don't require any servicing, other than perhaps creaming off the monthly interest into another account. Only issue is how long the 3% interest rate will continue.
    Originally posted by Hattie625

    They haven't given notice, yet, so hopefully will keep the rate as an incentive to join them. They do have the advantage of offering cash transactions during CS desk hours, for anyone not wanting to work over the internet.
    • checker6
    • By checker6 26th Sep 16, 9:27 AM
    • 15 Posts
    • 3 Thanks
    checker6
    I recently opened an 18 month fixed rate bond and it was very easy to do online.
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