Derbyshire BS 3.25% AER easy access account

SnowMan

Derbyshire Building society have just launched this easy access (on-line only) NetSaver (issue 1) account which is probably the best rate currently available for an easy access account (non ISAs).

http://www.thederbyshire.co.uk/Savings_Portfolio.aspx?id=3491

Interest rate of 3.25% AER is variable (edit: increased to 3.18% and then 3.25% AER on 12/9/2011 and 28/9/2011 respectively and applies automatically from these dates to NetSaver issue 1 accounts already opened) and includes a fixed bonus of 2.25% gross p.a. (was 2.18% and 2.11% gross pa before 28/9/2011 and 12/9/2011 retrospectively) paid until 30 November 2012 (so 14 months of bonus which is better than the common 12 months for best buy accounts)

Unlimited withdrawals (subject to a 1 withdrawal per day max and £10 minimum withdrawal). Has minimum balance of £1.

Doesn't offer Faster Payments transfers out (I think faster payments in are possible see this post although it is not explicity mentioned on their webpage), and transactions in and out have to be from/to a single nominated account, but otherwise looks a good account

To apply (non existing customers) go to their website using the above link and click on the obvious 'apply on-line' on the right. You complete your details in an on-line form which prefills into an application form which you can print, sign and send to them (Online Savings Applications, Savings and Investment Team, Derbyshire Building Society, PO Box 29216, Dunfermline, KY12 2BZ) with your cheque (has to be a cheque) for the opening balance (e.g. £1).

Alternatively you can choose instead through an obvious option (that comes up when you have completed the on-line form) for them to post you the pre-filled application form, which comes with a pre-paid return envelope, which you sign and return with a cheque for the opening balance.

See page 6 of their brochure for very clear info on the opening process and what happens after that.

Edit: now showing in the top savings account article

King_Of_Bling

As you say, unlimited withdrawals compared to Coventry. One withdrawal a day, £100k limit, not that i'd put that much in there
Cheers

Sceptic001

Don't forget Derbyshire BS shares a banking licence with the Nationwide, Cheshire and Dunfermline Building Societies, so only one £85k FSCS cover limit across all these institutions.
http://www.thederbyshire.co.uk/About_Us.aspx?id=3269

VT82

Crikey. That's a winner.

I've just applied for one, and I'm normally really put off by not having faster payments and immediate transfers.

ChiefGrasscutter

I like the bit in the important info in the T&C for the account......

Quote:
In future we may offer new issues of this account with different features such as a new bonus and we will not write and tell you about it.
End Quote:

VT82

That doesn't mean they won't remind you when the existing bonus is going to expire, which would be a bigger issue.

They're already offering the best rate going, with the least of withdrawal inconvenience. They are a business after all - no point trying to fail them on a technicality.

Ifts

Saw it earlier today on thisismoney.co.uk during my lunch break, was going to put it up on here but Snowman beat me to it.

Looks like a good rate for instant access with unlimited withdrawals.

Probably wont be around for long, so might be worth applying sooner rather than later!

Tom_Pickering

ChiefGrasscutter wrote: »

I like the bit in the important info in the T&C for the account......

Quote:
In future we may offer new issues of this account with different features such as a new bonus and we will not write and tell you about it.
End Quote:

Standard !!!! from a "mutual" owned by Nationwide who have some of the worst rates i have seen, that is supposed to be for the benefit of members [not]. As long as you stick around MSE, i guarantee you will find out about any new offerings they have to offer:T

talexuser

Snowman strikes again... thank you for the useful info, my application has gone in. :beer:

Stompa

This looks a good deal. The only (very minor) irritation is that after you complete the so-called online application you have to print it out and send it off by snail mail!

SnowMan

Stompa wrote: »

This looks a good deal. The only (very minor) irritation is that after you complete the so-called online application you have to print it out and send it off by snail mail!

Yes a slight irritation.

That said if you don't want to print and send on the application (or you don't have a printer) you can click an obvious box for them to send you an application form instead, which on receipt you presumably then sign and return with your cheque.

I've added some info into the first post.