Chorley BS Rovers Premiership account rate increased to 7.25%

Kazza242

Chorley & District BS will increase the rate on their Rovers Premiership regular savings account by the full 0.25%, from 7.00% to 7.25%, effective from the 1st January 2007.

The new rate now appears on the Moneyfacts website, here.

kanchhelskis

you are always on the ball kazza.

kanchhelskis

is this open to everbody because what i wont to do is take some money out of my scraborough regular saver it only pays 6.25% and i 4 more paying more than this.so i want to start putting money into this one in the new year.

tom188

yes

though do your sums because the difference between 6.25% and a combination of 5.45% and 7.25% is slight.

ie 3000 held in scarborough for entire year = 3000 * 0.0625 = 3187.5
3000 transferred from ice save to chorley rs over year = 1500*0.0725 + 1500*0.0545=3190.5.
(roughly).
so you gain about £3 and thats before tax and before interest lost due to transfer times of up to 5 days a month.

i personally would hesitate before i withdrew any money from these high rate long term paying regular savers unless the short term one was particularly good.

if you have money coming in it would be better to fund the short termers from that and drop the long termers to minimum deposit.

Kazza242

kanchhelskis wrote:

is this open to everbody because what i wont to do is take some money out of my scraborough regular saver it only pays 6.25% and i 4 more paying more than this.so i want to start putting money into this one in the new year.

Yes, this account is open to everyone. You have to open a nominated account at the same time. My Chorley regular saver balance + interest will be swept into my 'Paid Up' Share account on maturity.

Here is the link to the Chorley Rovers Premiership RS.

Are you sure that it is worth using your Scarborough RS money to fund this regular saver? Although Scarborough pays a lower rate than Chorley, Scarborough runs for longer allowing you to build up a lump sum which will continue to receive a high rate of interest. Your money will also benefit from compounding (you'll earn interest on your interest).

However, if you are saving for a short time only, then the Chorley RS would be the best option as it pays a higher rate of interest.

mary

Kazza242 wrote:

Yes, this account is open to everyone. You have to open a nominated account at the same time. My Chorley regular saver balance + interest will be swept into my 'Paid Up' Share account on maturity.
.

Just made enquiries about this account. Yes, you do have to open a nominated account at the same time, but I didn't realise you have to open that account with £25 and leave it there for the whole time.

Kazza242

mary wrote:

Just made enquiries about this account. Yes, you do have to open a nominated account at the same time, but I didn't realise you have to open that account with £25 and leave it there for the whole time.

Yes, you do have to leave the £25 there until maturity. When I received my application form a couple of months ago, there seemed to be limited nominated account choices available. I chose the 'Paid Up' share account because it had the lowest minimum account balance compared to the other choices on the form.

Another choice, an account called Chorleian, has a £200 minimum account balance and pays 1.5% on it. Therefore I opted for the Paid up, which also pays 1.5%, but as it is only £25 in the account I'm not too bothered.

Afahmaep

mary wrote:

Just made enquiries about this account. Yes, you do have to open a nominated account at the same time, but I didn't realise you have to open that account with £25 and leave it there for the whole time.

Just for reference because when Chorley BS send your passbooks back they only have your Account Numbers in them. The account details to arrange your Standing Order is

Chorley BS Sort Code 16-16-22
Chorley BS Account no 11-75-88-05
Your Acc Number nnnn-nnnnn-n (10 Digits)

NB Make doubly sure your Bank/BS doesn't confuse other Building Societies beginning with CH.. (Chelsea BS, Chesham BS or Cheshire BS)

sashacat

does anyone think that Chorley will demutualise this year, because, if so that's another reason for opening his account

tom188

does anyone think that Chorley will demutualise this year, because, if so that's another reason for opening his account

You can be pretty certain it wont demutualise and anyway its got a signaway.
However you never know it might get taken over...