Charity Bank Citra renewal offer - 8.83% Gross equivlant possible

dov

Has anyone received on offer from the Charity Bank to renew their CITRA account? The offer is only for renewal and not for new customers or new money.

They are offering the same t&c as before i.e. 5% tax rebate but only 0.5% Gross interest.

If my calculations are correct the Gross equivalent would be 6.75% for a basic rate tax payer and 8.83% for a higher rate tax payer (down from 8.25% and 10.33% last time).

Even taking into consideration that there is a lag time receiving the rebate it seems that this offer, although not as good as last time, is still a no brainer.

Innys

Yup - I have received the offer as well. In my case they need a reply by next March so I have decided to sit on it for a while as I may need access to the money other than every five years.

If not, I will renew because, as you say, it's a no brainer.

dov

Has anyone replied to this offer and had confirmation from the Charity Bank. I applied ages ago but haven't heard anything since. I'll give them a call to see what's going on...

strawberrylane

Mine rolled over without problem.

Sent the rollover forms back 6 months ago (in October 2009) and got nothing else from them until 2 days after the maturity date in March 2010 when I received a roll-over confirmation letter and new tax certificate.

When is your maturity date?

dov

The middle of April.

I think I'll still phone just to be sure the letter didn't get lost in the post.

Innys

dov wrote: »

The middle of April.

I think I'll still phone just to be sure the letter didn't get lost in the post.

I seemed to recall that when they offered the renewal, they said that unless they heard otherwise, it would roll over automatically. I could be wrong though.

At any rate, I wrote back asking for it to be rolled over and am awaiting to hear back as well.

strawberrylane

when they offered the renewal, they said that unless they heard otherwise, it would roll over automatically

No this is not correct. You had to specifically ask for funds to be rolled over by returning the rollover forms. The reason that they wanted to know 6 months before maturity is that they have a waiting list of new applicants for CITRA3 and wanted to know the likely demand from existing holders.

ManAtHome

I also think the 'do nothing' option was that the acount would be closed.

Sent my 'roll-over' form back last October and money was moved into CITRA3 last week - confirmation letter/cert etc turned up a couple of days afterwards.

dov

As strawberrylane and ManAtHome said you need to inform them that you want to roll over the funds. Here is the quote from the letter I received last October:

I have enclosed a form for you to complete and once I have received your signed form, we can go ahead and issue the new tax certificate.... Should you wish to to have your funds repaid, please can you supply me with your bank account details by completing the 'other' enclosed sheet.