Derbyshire regular saver interest rate cut

Careful_ly

Derbyshire building society has cut the interest rate from today on their regular saver account from 5.4% to 5% :mad:

Deemy

Careful_ly wrote:

Derbyshire building society has cut the interest rate from today on their regular saver account from 5.4% to 5% :mad:

Bast*&^*Ds !!!!!

Cheek !!!! Bloomin Cheek !!! Ploughed literaly £30k+ into them !!! Bloomin cheeky cheek !!!!

Arghhh!!!

It was so easy just to keep shuving in 2k per month without worrying about what to do on anniversary ! No notice given to account holders i see ! :mad:

The cahoot at 5.3% is now our best account and thats instant access !!! There is no point in keeping the derbyshire savers now - Other than we HAVE TO WAIT till July !!! :mad:

Okay maybe there was a rule about one withdrawl per year ? - Have to go back and check that out.

Bagger

Blimey, that was sudden. I was putting quite a bit into that account. I guess it was too good to last. I now have to find another home for my regular saver.

Bagger

Innys

I didn't think this was permitted. :eek:

I thought with a regular saver, the customer commits to pay £x per month and the bank/b. soc commits to pay the rate quoted at the start of the plan for the life of the plan. If this isn't the case, why would anyone put money in a regular saver???

Speculator

The Derbyshire Regular Saver is a variable rate savings account.

ReportInvestor

It is permitted. I note that the rate cut is just under the 0.5%+ that would trigger a letter to account holders to explain.

If you are really cross, then Derbyshire have given you a channel through which you can express yourselves.

Sophie Snell is the The Derbyshire member director.

0800 085 2060 sophie.snell@thederbyshire.co.uk For broad issues - no individual account queries, please.

Deemy

ReportInvestor wrote:

It is permitted. I note that the rate cut is just under the 0.5%+ that would trigger a letter to account holders to explain.

If you are really cross, then Derbyshire have given you a channel through which you can express yourselves.

Sophie Snell is the The Derbyshire member director.

0800 085 2060 sophie.snell@thederbyshire.co.uk For broad issues - no individual account queries, please.

They droped the rate last year from 5.8% to 5.4% and now to 5% thats .8% drop in less than a year !!! cheeky !!!!!!s ! That email address is goign to get ear full same as the branch staff, really !!!!!! off !!!!

Kazza242

Careful_ly wrote:

Derbyshire building society has cut the interest rate from today on their regular saver account from 5.4% to 5% :mad:

This means that with only one BOE base rate 0.25% cut, the Derbyshire rate has gone down from 5.85% to 5.4% and now 5%. That's a whopping 0.85% reduction! To be honest, I did suspect that they would cut the rate again, even though there have been no base rate reductions.

I remember the T&C's of the Derbyshire regular savers. Account holders are allowed to make one penalty-free withdrawal per account, during each account year (1 Aug-31 Jul). Account holders are permitted to miss only one payment during the account year. Account holders will still receive interest at the bonus rate if they adhere to those terms.

From the Derbyshire website:

"You will qualify for the bonus rate on closure if you:

- Have missed no more than one monthly payment in the account year
- Haven't made any previous withdrawals in the account year".

I'll wait a little while and then my money will be moving to my Cahoot 5.3% account.

derrick

Still showing 5.4% on their website, just tried the 0800 number, it is a answerphone

Kazza242

derrick wrote:

Still showing 5.4% on their website, just tried the 0800 number, it is a answerphone

I was just on their website, it is showing the bonus rate as 5.00%.

http://www.thederbyshire.co.uk/savings_and_investments/easy_access_accounts/regular_savings.html

derrick

Kazza242 wrote:

I was just on their website, it is showing the bonus rate as 5.00%.

http://www.thederbyshire.co.uk/savings_and_investments/easy_access_accounts/regular_savings.html

Just clicked on both yours and my links both go to the same page and the following is stated

Standard rate 2.70% 2.16% 2.70% Bonus Rate* 5.40%* 4.32% 5.40%