Derbyshire regular saver interest rate cut

Afahmaep

Afahmaep wrote:

Write a letter asking for my funds less £100 (to still qualify as a Member).
Reduce monthly deposits from £1000 to £10. ( I use Nationwide and can change the amount on their web-site.) still keeping Regular Saver open to run it's course till end of July.

Hopefully get cheque back quick enough to put into Leeds Member Bond offering 5.5% Gross for a year. (Having left £100 to still qualify as a Member in their internet account (4.6% Gross)

Success. Opened Members Loyalty Saver Issue 2 with Leeds BS (NOT Member Bond) with £100 Cash on Fri 17/03/06.
Received Derbyshire Cheque this morning and paid into Loyalty Saver. This can be topped up to a Maximum of £10k until it is withdrawn (fully subscribed). i.e Doesn't have to be a one off payment
Derbyshire Regular Saver Balance still just over £100 and Regular Payment reduced to £10 to stiill qualify as a member.
Leeds BS rate is only up to 31/12/2006 so I will move funds again early 2007

anticlaus105

Afahmaep wrote:

Success. Opened Members Loyalty Saver Issue 2 with Leeds BS (NOT Member Bond) with £100 Cash on Fri 17/03/06.
Received Derbyshire Cheque this morning and paid into Loyalty Saver. This can be topped up to a Maximum of £10k until it is withdrawn (fully subscribed). i.e Doesn't have to be a one off payment
Derbyshire Regular Saver Balance still just over £100 and Regular Payment reduced to £10 to stiill qualify as a member.
Leeds BS rate is only up to 31/12/2006 so I will move funds again early 2007

Investment Gross Rate§p.a AER† variable %
£100 5.50* 5.30
* including 1.25% bonus until 31 December 2006

Hmmm.... looks good for 10 grand. Cheers!

Anyone know if the rate is likely to drop during bonus period as withdrawls are limited in this period?

EDIT: !!!!!!! i'm not a member. Those blood sucking leeches at derbyshire get to keep my money a while longer damn them!

djblamire

The downloadable 'Interest Rates Guide' still shows the old rate

Daniel

charlieboycat

Been away for a while and only noticed the Derbyshire rate drop on their website (before logging on to this forum) this morning. Rang them to ask when it was effective from - was told it is effective from the beginning of NEXT month (ie. from 1st April) and that I should be receiving a notification letter.

Careful_ly

charlieboycat wrote:

Been away for a while and only noticed the Derbyshire rate drop on their website (before logging on to this forum) this morning. Rang them to ask when it was effective from - was told it is effective from the beginning of NEXT month (ie. from 1st April) and that I should be receiving a notification letter.

I'm the OP and was told in branch on 15th March when I visited the branch to make my monthly payment that the rate was dropping from the 16th.
On the morning of the 16th I checked the website and rate was showing as 5.4% on looking a little later the rate had dropped as I had been told to 5%, and that is when I opened the tread, as unless anyone was looking for this they would have been unaware.
I have just rung to check after reading Charlieboycats posting to ask when rate effective from and been told Thursday 16th March and that letters are being sent out. She also said it has been in the press and when I asked which papers she stated the Times and Express, I dont read these so cannot confim.
The rate is still hard to beat at 5% and I only wanted to let people know so they have a choice if they can move elsewhere for a better rate as some people have been able to do.

djblamire

ReportInvestor wrote:

It's only your excellent financial management that gives you a 5.3% alternative.

As of today 22nd March, Cahoots rate for the previous 5.3% account has been reduced to 5%

Daniel

mary

That's not what I wanted to hear!

mary

So, Deemy, where do we go next?

anticlaus105

mary wrote:

So, Deemy, where do we go next?

ICICI.............HA HA HA....

djblamire

I've started a new thread about the Cahoot interest rate deduction:

http://forums.moneysavingexpert.com/showthread.html?p=1826136

Thanks
Daniel