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More 'carp' from the Britannia
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apt
Posts: 3,231 Forumite


Prospective 'super mutual' Britannia is lowering most of its savings rates by 0.5% from 31 January unless the rate was already too close to zero to allow this. Best of a pretty bad lot, the Direct Saver Reserve, is down from 2.5% to 2%, but 3% for the first six months. It has even managed to squeeze the Regular Savings rate (excluding 3% bonus) down from 0.25% to 0.1%. Unless it is going to surprise savers with a generous reward payment, the society seems to be taking members' votes for granted in the upcoming merger ballot.
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2% is still higher than base rate....0
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Unless it is going to surprise savers with a generous reward payment, the society seems to be taking members' votes for granted in the upcoming merger ballot.
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No doubt the money will need to go elsewhere in due course.0 -
Why on earth should Britannia pay higher than the high paying accounts of nearly every other institution? That would put it in the company of Anglo, Icici and First of Nigeria: 'flounder' rather than 'carp'. Not sure that is where I would want BBS and/or Co-op to be.0
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Why on earth should Britannia pay higher than the high paying accounts of nearly every other institution?
Because if they don't then by definition they pay one of the lowest rates around. As a mutual, they should be paying at least as high rates as the big 5 banks - the membership reward makes up for the shareholder dividend0 -
That is a difficult one !!
To be honest there rates are no different from other Mutuals perhaps a little better on some of the accounts !! If you want to look at poor rates look at Nationwide or Norwich + Peterborough BS( who are offering a decent rate just to new money into the society).
My personal opinion is Mutuals are missing a trick at the moment !! Why do they not provide a better rate for existing members who have had membership of the society for a few years and promote the fact that they are rewarding loyalty and mutuality.
Its a bit of a shock when Nationwide are offering rates which are not as high on member reward bonds than other accounts0 -
jack_spratt wrote: »Why do they not provide a better rate for existing members who have had membership of the society for a few years and promote the fact that they are rewarding loyalty and mutuality.
Bottom line.. mutuality isn't compatible with top ranking products/offers to individual customers. Thus banks 'cherry pick' and consumers 'tart' and both benefit. Who doesn't benefit is any passive bank customer or mutual member........under construction.... COVID is a [discontinued] scam0 -
Mutuals can and do pay class leading rates !! Yorkshire B S 3.75%, Chelsea have had some bonds with a good rate recently , Newcastle BS
Nationwide are now using
Solid,Stable,and Dependable are now the buss words with Nationwide0 -
Mutuals are always ready to trumpet their ability to pay the best rates because they do not need to pay shareholders so it is a pity that the britannia have so many pitiful offerings(much like the Nationwide)0
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