Stroud and Swindon Regular Saver Issue 2

arsenalboy

Has anybody clarified the situation regarding the bonus on this account?
The rate payable is 4.5% which includes a 2% conditional bonus .
I have now entered my second year but cannot convince myself or otherwise whether the bonus for the 2nd year is only payable on 2nd years payments, in which case leaving the £3000 in from the first year is a no no.

pressuredrop_2

Convincing yourself is easy.

Max annual allowance is £3,000. Total allowance is £20,000.

After reaching £20,000, to receive only the bonus on £3,000 of the £20,000 would be ridiculous.

johnmoney05

I like to know too....but I have been paying for 16 months now.

arsenalboy

You might well be correct Pressuredrop but you haven't convinced me!!
I have exactly the same situation with Ipswich Reg Saver, but in that instance you do only get the bonus on "current" year savings with the prior years getting a low rate.
That is how they make their money hoping you haven't twigged.

Biggles

I need to clarify this, too. The website refers to it as a 'conditional bonus rate'; but what are the conditions?

Normally these bonuses are only payable for the first 12 months.

johnmoney05

I just digged out the terms and conditions for this account. It said "To be eligible for the bonus payment, a deposit must be made into your account by Standing Order (£10-£250) each month, after the initail investment by cheque and no more than one withdrawal made each year. Your account balance must be less than £20,000." Also, I just made a call to them, they did confirm with it. So, if they pay me less interest, I will make a complaint with the terms and conditions.