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    • picks
    • By picks 28th Sep 17, 8:26 PM
    • 181Posts
    • 67Thanks
    picks
    Bank of Cyprus Easy Access Account warning
    • #1
    • 28th Sep 17, 8:26 PM
    Bank of Cyprus Easy Access Account warning 28th Sep 17 at 8:26 PM
    Currently this Online Easy Access Account is listed as one of the top interest paying accounts in its class during the one-year bonus period. I opened this account last June when the interest rate was lower. Having noticed the higher rate paid to new customers I contacted Bank of Cyprus today saying I'd like to take advantage of the higher rate now paid. I expected them to say that I would need to open a new account and close the older one so that the better rate of interest would be payable. I was taken aback when they told me this was not possible because:
    1. You may not have more than one Easy Access Account open at one time, and
    2. If you close your Easy Access Account you are not permitted to open another one for at least 6 months after closure!
    I wasn't aware of this trick as it hadn't been emphasised to me at account opening time. Those of you who saved with ING Direct a few years back may recall they too employed a similar dirty trick that penalised loyal savers and gave preference to new customers. If you're planning to open this account, beware of this practice.
Page 2
    • newlease
    • By newlease 1st Oct 17, 5:23 PM
    • 72 Posts
    • 12 Thanks
    newlease
    There are some providers out there that do reward their loyal savers with better rates
    Originally posted by Ifts
    Who are these providers and are they competitive? Please name one. Nationwide was in this category once upon a time but no longer.
    • soulsaver
    • By soulsaver 1st Oct 17, 5:26 PM
    • 1,377 Posts
    • 466 Thanks
    soulsaver
    Who are these providers and are they competitive? Please name one. Nationwide was in this category once upon a time but no longer.
    Originally posted by newlease
    Well, ironically, the Bo Cyprus is still paying the higher rate to customers who applied before the reduction...
    There are 24 bottles of beer in a crate. There are 24 hours in a day. Coincidence? I think not....
    • colsten
    • By colsten 1st Oct 17, 7:19 PM
    • 8,752 Posts
    • 7,413 Thanks
    colsten
    Who are these providers and are they competitive? Please name one. Nationwide was in this category once upon a time but no longer.
    Originally posted by newlease
    There are a handful of Building Societies which only offer their best rates to people who held accounts for longer than 12 months, or are shareholding members. One example mentioned only today on this forum is Chorley BS.
    • Tawny_Owl
    • By Tawny_Owl 3rd Oct 17, 12:27 PM
    • 32 Posts
    • 27 Thanks
    Tawny_Owl
    Please can we have an App ?
    I'm generally very happy with Bank of Cyprus.
    When the 'war' between Bank of Cyprus & Ulster Bank broke out a few months ago, I opened up accounts with both banks.
    Wish I hadn't bothered with Ulster Bank, although I've left my account open with only £1 in it.

    Would be nice to have a Bank of Cyprus App, for those of us who partake in banking by smartphone. I contacted their customer services, they confirmed unfortunately there isn't one available.

    I'm sure that they've gained a lot of new customers, hopefully they will expand because of this.

    Perhaps we could all give BoC a gentle nudge ???
    • newlease
    • By newlease 5th Oct 17, 12:22 AM
    • 72 Posts
    • 12 Thanks
    newlease
    Well, ironically, the Bo Cyprus is still paying the higher rate to customers who applied before the reduction...
    Originally posted by soulsaver
    This is fairly normal practice and far from "reward loyal savers with better rate".
    • newlease
    • By newlease 5th Oct 17, 12:33 AM
    • 72 Posts
    • 12 Thanks
    newlease
    There are a handful of Building Societies which only offer their best rates to people who held accounts for longer than 12 months, or are shareholding members. One example mentioned only today on this forum is Chorley BS.
    Originally posted by colsten
    Are you referring to their regular saver with 2.50% rate instead of 2.25? If so, while they are technically rewarding for loyalty, can't exactly say it is competitive. A first time customer of Nationwide, First Direct, Santander, etc. can get double this rate.

    This being an easy access thread I was presuming the Chorley one would be in this category but it is even worse than other regional BS ones I've seen for example Newbury have a 1.65% easy access but limit annual subscription to 4,000.

    Loyalty doesn't pay these days.
    • Ifts
    • By Ifts 6th Oct 17, 6:39 PM
    • 1,746 Posts
    • 1,085 Thanks
    Ifts
    Who are these providers and are they competitive? Please name one. Nationwide was in this category once upon a time but no longer.
    Originally posted by newlease
    Got reminded of this thread today with the following email from RCI Bank*

    The UK savings market has been moving positively and we’re proud to have responded with a rate increase, which we’ve made available to both new and existing customers.

    The rate on our Freedom Savings Account has increased from 1.20% to a leading easy access rate of 1.30% AER gross variable for new account applications from 06 October 2017.

    As you’re an existing customer, we’ve passed this rate increase onto you too. We’ve already increased your rate in line with this so there’s nothing you need to do. We understand these changes only have a small benefit, however we’re pleased to be able to increase your rate nonetheless.
    *RCI Bank protects your cash up to €100,000 using France's FGDR scheme, and not the UK's FSCS.

    And IIRC it was the Halifax that let me redesignate my old account to a new issue - letting me retain the same account number & sort code.
    Never let the perfume of the premium overpower the odour of the risk
    • colsten
    • By colsten 6th Oct 17, 6:49 PM
    • 8,752 Posts
    • 7,413 Thanks
    colsten
    I wouldn't touch RCI with a barge pole, due to the lack of FSCS protection.
    • newlease
    • By newlease 6th Oct 17, 10:39 PM
    • 72 Posts
    • 12 Thanks
    newlease
    And IIRC it was the Halifax that let me redesignate my old account to a new issue - letting me retain the same account number & sort code.
    Originally posted by Ifts
    I have had similar experience with another in The Bank of Scotland group, Birmingham Midshires will change a newly opened automatically if a better comes out shortly after and also allow changing an existing to a new issue while retaining the same bank account which saves everyone the hassle of setting up new. This is only offered over the telephone, it isn't possible online, but it's always been a pleasant process.

    I still wouldn't say this is rewarding loyalty. It is, at least, not punishing loyalty like some do where they insist you can only have one account and make it difficult to apply for a new issue. As nice as it is they automatically switch your account to the higher rate, making the same rate available to existing customers is not really rewarding them.

    I still stay loyalty doesn't pay these days.
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