Skipton BS launch Christmas Saver 6.80%

kanchhelskis

Does Anybody Know How Much Intrest Net You Can Make On This Account? Thanks In Advance!

Afahmaep

kanchhelskis wrote:

Does Anybody Know How Much Intrest Net You Can Make On This Account? Thanks In Advance!

I estimate about £61.20 GROSS which equates to £1800*6.8%/2.
But if you already have that money in a 5% GROSS savings account which is used to feed it which would earn £90.00 GROSS then you will get HALF of that savings account money which is £45.00 PLUS the £61.20 which totals £106.20.
So by combining the 2 accounts you earn an EXTRA £16.20.
Is that all?
Yes BUT IT IS AN EXTRA 18% on what you would have got!
I'm sure the mathematicians will fine tune my calculations down to the nearest penny but this is a pretty likely outcome.

mary

http://www.smile.co.uk/servlet/ContentServer?c=Page&loc=l&pagename=Smile%2FPage%2FsmView&cid=971388238235

I've found the Smile calculator very useful for doing the calculation for me on regular savers.

sashacat

I've just looked on the Skipton site and it says the regular saver pays 5.5%. Am I looking at the wrong one?

Kazza242

sashacat wrote:

I've just looked on the Skipton site and it says the regular saver pays 5.5%. Am I looking at the wrong one?

Yes, 5.5% is the rate they pay on their standard regular saver. The Christmas Saver isn't officially available until 15th January, therefore they won't be advertising the account on their website just yet.

empfun

Nice one! A regular saver that doesn't require a current account from the same institution.

mary

Kazza242 wrote:

The website is really playing up tonight. It's a good thing they are taking it down for maintenance. I didn't see your post earlier until I refreshed a moment ago!

I think they will allow applications to be posted to them, like they do with their 5.55% standard regular saver.

Skipton website here

Taken a while to contact them to clarify if I can apply by post, apparently not. I even asked if I opened up a bond for £500 for 1 year at 5.5%, which can be done by post, which would then make me known to them, would that then enable me to apply for a Xmas Regular Saver. No, it is only branch based applications for the Xmas Saver.

Kazza242

mary wrote:

Taken a while to contact them to clarify if I can apply by post, apparently not. I even asked if I opened up a bond for £500 for 1 year at 5.5%, which can be done by post, which would then make me known to them, would that then enable me to apply for a Xmas Regular Saver. No, it is only branch based applications for the Xmas Saver.

mary, thanks for passing on the info you've received. What they've told you may well be correct.

I think I will wait until the account launches on 15th January before I contact them. Sometimes before a product officially launches, customer service personnel don't always know all the facts regarding the account they will be offering.

I'll contact their head office after the product launches and see whether they are still telling applicants that applications must be done in branch only. Also, when the account launches, the details, including 'how to apply' should be available on their website.

Dagobert

mary wrote:

No, it is only branch based applications for the Xmas Saver.

The branch I phoned is going to send out the application form and they explained to me the requirements for postal proof of id.

Kazza242

Kazza242 wrote:

I think I will wait until the account launches on 15th January before I contact them. Sometimes before a product officially launches, customer service personnel don't always know all the facts regarding the account they will be offering.

Dagobert wrote:

The branch I phoned is going to send out the application form and they explained to me the requirements for postal proof of id.

This is what I meant when I said that customer service staff don't always know the details of the products they are going to be offering before it launches (and in some cases after too). You get told one thing by one advisor and something else by another.

When I originally posted the address to send applications to (on pg 1 of this thread), this was what I was told by Skipton's head office. They will also be accepting customers details from next week prior to the official account launch.

Edit: I wish banks and building societies would more efforts into training their advisors so that they know the general main points of each new product they are launching. If they incorrectly tell prospective customers that they cannot apply by post when it's likely that they can, this can't be good for business.