Derbyshire regular saver interest rate cut

derbyram_3

Hi this is the first time that i have posted a view on here but have been watching the forum closely for the past couple of days.

Just some of my views

1. Like most of you i have a regular savings a/c with the derbyshire. But unlike you i am not that angered, upset, emotionally attached to my money. Sure i like to make my money work for me but when i opened this account was aware it was a VARIABLE account not a fixed.

2. If you want a consistant interest rate, put it in a fixed rate and then you will no what you will be getting.

3. By law the derbyshire have 30 days after the change to let us know and they have done.

4. the letter that stated it was fair for all the customers i think is fair! Instead of thinking about yourselfs all the time think about the bigger picture for a change. How the hell do youy expect the derbyshire to run if they keep the savings rate high and the mortgage rates low, how can they run as a BUILDING SOCIETY, also they are not a bank.

5. also like with other bs or banks they are not asking you to have a current account with them, £10 to £1k is a great range of deposits, also you can change the amount each month. Also just think all of you who think £20k is alot of money to them, every time you close your account someone is borrowing £100k from them.

6. Also finally the derbyshire is IN derbyshire, they are not trying to reach nationally, they are not a bank, they must be doing something right to get the midlands investing with them, and as most of the acccounts are meant to be branch based, i for 1 am very happy with the service both in person and over the phone that i have recieved.

7. Before last august when the base rate dropped the derbyshire kept its rates higher and did not drop them but last august when the rate went from 5.85% to 5.4% i was happy because i had been getting a higher rate for longer.

So think about that when you are bad mouthing a company who are getting better with age and for the carpet baggers out there who are only putting minimum in. the derbyshire with beat you!!!!

MiserlyMartin

Sounded suspiciously like a Derbyshire employee but as I read further I don't think they would be quite so.... I had to reply to your points!


1. 'VARIABLE account not a fixed'.
Theres variable and theres unstable. I think a 0.85% drop is a bit excessive. Especially this time when 0.4% of it happened with no rate rate change.

2. 'put it in a fixed rate and then you will no what you will be getting'.
Ah but these deals are limited and usually have restrictions ie fixed terms or notice. The rates on offer are not that great either. Plus if the base rate rises which I think it will by the end of the year, fixed makes no sense.

3. 'By law the derbyshire have 30 days after the change to let us know and they have done'.
Big deal, do they want a medal for keeping us informed?!!

4. 'the letter that stated it was fair for all the customers i think is fair!'
So if the BS says its fair then it must be then? I see.

'How the hell do youy expect the derbyshire to run if they keep the savings rate high and the mortgage rates low, how can they run as a BUILDING SOCIETY, also they are not a bank.'
You talk as if the society is paying savers more than they charge the borrowers. I can assure you that they are not. Why should savers have to subsidise all the borrowers who quite frankly ought not to be stretching themselves any further to get on the property ladder. This policy just pushes up prices even further. You are right they are not a bank so they are able to set their margins lower than a bank, resulting in a fair deal for borrowers and savers.

5. 'Also just think all of you who think £20k is alot of money to them, every time you close your account someone is borrowing £100k from them.'
If your theory is true than they will soon be short of cash then won't they.


6. Nothing wrong with localness.

7. 'Before last august when the base rate dropped the derbyshire kept its rates higher and did not drop them but last august when the rate went from 5.85% to 5.4% i was happy because i had been getting a higher rate for longer.'
But the base rate only dropped by 0.25%. Derbyshire lowered by over twice that -0.45%!!! How can you be happy with that!?

ReportInvestor

derbyram wrote:

6. Also finally the derbyshire is IN derbyshire, they are not trying to reach nationally,

That's not quite true.

Derbyshire, like several other building societies, likes to have it both ways on the regional / national issue.

While claiming it is aiming at being the leading financial service provider in its heartland, it wants to be a specialist lender for England and Wales, according to its mission statement.

And Derbyshire Direct and its offshore subsidiary don't suggest an organisation with purely local aspirations.

I think one of the problems here is when an intermediate organisation like Derbyshire tries to turn the national tap on, fills up or overfills its quota bucket and then decides it has to turn the national tap off.

This causes confusion and disappointment nationally.

At least they have

The Derbyshire Fairness Forum

to help put our minds at rest .

I don't think Derbyshire should overreach itself quite so much in future since the resulting disappointment can harm that cherished reputation for fairness.

mary

MiserlyMartin wrote:

Sorry I've just read further back and seen you had no problems. I will phone and see. So can you open up a normal reg saver then be able to apply for an issue 2 straight away?

To answer your question, I can't see why not. Only the Principality's answer is the one that counts.
Below is the order in which I've done things, if it helps.

Last June I opened the Principality Regular Saver Bond 6.75% with £500 p.m. and at the same time I opened an Instant Access Account with £1. That's where they dump the bond at the end of the 12 month.
Last week I opened the Regular Saver Bond 6% with £500. p.m.
Everything has been done by post, no visits to any branches.
I have not yet done the Regular Monthly Saver 5.2% where you can put in up to £1K p.m.

ReportInvestor

I see that Derbyshire BS's "How Fair is That?" ad campaign of 2005 won the Financial Services Forum's "most effective advertising campaign" award and was described as "financial services marketing at its best".

MiserlyMartin

Mary, Principality are sending me the forms, thank you.

I've been trying to close my Derbyshire. I spent 15 mins on hold (on their expensive 0845 number) and speaking to an advisor who clearly had no clue and passed me to a dept that were too busy to deal with me. Finally I phone them again and I was told I have to send the passbook through the post to close it. Surely this is risky as it is signed in viewable pen so anyone could steal it and clear my account out! What do you do about things like this? I could drive 50 miles to a branch to close the Derbyshire if I have to, but if I open one with the Wales lot I don't fancy driving 1000 miles in situations like this! Can you advise please?

eagle

MiserlyMartin wrote:

Mary, Principality are sending me the forms, thank you.

I could drive 50 miles to a branch to close the Derbyshire if I have to, but if I open one with the Wales lot I don't fancy driving 1000 miles in situations like this! Can you advise please?

I am in the same situation. I got my Principality forms through the post and they want proof-signed photocopies of official documents for proof of identity. I am beginning to think the hassle involved is a bit too much... Apparently the proof-signed documents are to be signed by a solicitor, etc.!! :eek:

mary

MiserlyMartin wrote:

Mary, Principality are sending me the forms, thank you.

I've been trying to close my Derbyshire. I spent 15 mins on hold (on their expensive 0845 number) and speaking to an advisor who clearly had no clue and passed me to a dept that were too busy to deal with me. Finally I phone them again and I was told I have to send the passbook through the post to close it. Surely this is risky as it is signed in viewable pen so anyone could steal it and clear my account out! What do you do about things like this? I could drive 50 miles to a branch to close the Derbyshire if I have to, but if I open one with the Wales lot I don't fancy driving 1000 miles in situations like this! Can you advise please?

I sent mine through the post, came back the following day, or the day after, can't remember precisely. £20K was at stake. Naively, maybe, didn't worry too much about it. If you want to, maybe take a photocopy of the book for your own records, to prove you once had it, but in my case all the monthly payments in were only visible when the cancelled book was returned to me, when it was updated before closing. All I had in it initally was the first deposit. To take an extra precaution, maybe send it Recorded Delivery. I certainly wasn't driving to Derby, never even considered it.

mary

eagle wrote:

I am in the same situation. I got my Principality forms through the post and they want proof-signed photocopies of official documents for proof of identity. I am beginning to think the hassle involved is a bit too much... Apparently the proof-signed documents are to be signed by a solicitor, etc.!! :eek:

Do they suggest other approved people who could sign, as solicitors will cost! Ask them first, who is acceptable - maybe you know a professional person - architect, bank manager, bank clerk, policeman who they would accept.

eagle

mary wrote:

I sent mine through the post, came back the following day, or the day after, can't remember precisely. £20K was at stake. Naively, maybe, didn't worry too much about it. If you want to, maybe take a photocopy of the book for your own records, to prove you once had it, but in my case all the monthly payments in were only visible when the cancelled book was returned to me, when it was updated before closing. All I had in it initally was the first deposit. To take an extra precaution, maybe send it Recorded Delivery. I certainly wasn't driving to Derby, never even considered it.

Exactly the same here. I emailed them when I openned the account (not that long ago) and was told that I could send it in at any time to get all my transactions updated on it.

I'm not driving to their nearest branch either!