britannia regular saver 7.5%

Kazza242

The Britannia 7.5% RS has now been added to Moneyfacts' list of regular savings accounts.

ReportInvestor

steady__eddie wrote:

"The downside is that those pesky carpetbaggers probably also qualify for the full extra and so stand to pick up an early windfall"

Only seeing it from Britannia's point for view, s_e .

I'm just trying to work out why, "as a mutual" (their favourite words, not mine)"that aims to be the best mutual"(their words not mine) their savings products have been utter garbage for an entire decade .

It's perverse

Can anyone give me a clue to explain their perverse behaviour?

I'd be grateful as it bothers me a tad how these overpaid executives can live with themselves and talk like this to millions of members (mostly savers) every year

Actually what I think they're doing is expanding their mortgage asset base and their executive bonuses.

islandannie

ReportInvestor wrote:

Only seeing it from Britannia's point for view, s_e .

I'm just trying to work out why, "as a mutual" (their favourite words, not mine)"that aims to be the best mutual"(their words not mine) their savings products have been utter garbage for an entire decade .

It's perverse

Can anyone give me a clue to explain their perverse behaviour?

I'd be grateful as it bothers me a tad how these overpaid executives can live with themselves and talk like this to millions of members (mostly savers) every year

Actually what I think they're doing is expanding their mortgage asset base and their executive bonuses.

OOOOOOOOOOOH Moriarty some really devious thinking there LOL

ReportInvestor

Don't forget that there is an upper limit to the Britannia Reward Scheme (if you are a "loyal member" thinking that the Regular Saver could be worth 7.94%/7.83%/7.72% to you).

I can hardly conceive of a situation where a regular reader of MSE has a significant sum of money saved with Britannia, but anyone with a Britannia mortgage of £110K would have hit the upper limit last year & would be unlikely to qualify for extra money by taking out a Regular Saver.

But even then, 7.5% is 7.5% .

Dagobert

Milarky wrote:

The paying in method for months 2-12 is by direct debit - so there would be no lost days interest there.

How do you know there's no lost interest? Just because the money is taken by DD does not mean that it accrues interest before the funds are cleared.

Milarky wrote:

But this also implies that Britannia choses the same date as the opening payment - and thus there would be no tweaking possible (monthly payments brought forward by opening at the end of the month)

The customer chooses the DD date on the form. Presumably that means that the application + cheque can be sent at the end of the month and DD requested for the 1st.

RayWolfe

Dagobert wrote:

The customer chooses the DD date on the form. Presumably that means that the application + cheque can be sent at the end of the month and DD requested for the 1st.

Not quite, organisations often require 15 day to set up the DD. Gawd knows why!
Anyway mine started on 9th and first DD kicks in on 1st December.
Ray

Robert_Sterling

oldfella wrote:

there is a condition which transfers the cash to a 1 year fix at 3.25% if you dont move the money on maturity - I hate terms like that !
12. At the end of the Fixed Term ........... Following this one month period your account will be automatically transferred into the Members’ 1 Year Bond (or equivalent, unless you advise us otherwise).
Mike

I hate terms like that too.
A mutual society setting traps for the unwary.
Wot a chiz

ReportInvestor

I remember an article in the Times on building societies that suggested that some, including Britannia that was bizarrely singled out for mention, rewarded loyalty with special "Members' Bonds".

Hmmm :rolleyes:. If that's a special members' account, what do they do to you if you are disloyal :eek: ?