Derbyshire BS NetSaver (issue 1)

buffman

Froglet wrote: »

Found the Nottingham online easy access saver and have now signed up for that instead.Instantly able to add funds,no need for proof,and a higher rate of interest.

No contest!!

Derbyshire accepts faster payments and deposits from any account (not just the linked account). Its bonus is also much longer...........

alanq

Froglet wrote: »

No contest!!

I disagree.

Nottingham 3.20% including a fixed 1.45% bonus until 31st August 2012. Requires £500 opening deposit. Bonus only paid if account still open on 31st August 2012.

Derbyshire 3.18% including a fixed 2.18% bonus until 30th November 2012. Requires £1 opening deposit. I have not read anything to indicate that one has to keep the account open until a particular date to earn a bonus.

Old_Slaphead

buffman wrote: »

Derbyshire accepts faster payments and deposits from any account (not just the linked account). Its bonus is also much longer...........

After the 1st payment doesn't Nottingham also accept deposits from any account ???

afmfifgh

Hi,

Can anyone explain to me why the 'AER % including bonus' has fallen on this account this month from 3.06% to 2.88%. Whilst all the other %'s have remained the same for the account.

The rates can be found using the following link, once opened the account is in the third column on the right, second form the bottom:

http://www.thederbyshire.co.uk/savings/related_links/closed_accounts.aspx

Or you can use these links to go directly to January and February's rate sheets:

January 2012:

http://www.thederbyshire.co.uk/uploadedFiles/Savings/INV35_3Jan2012.pdf

February 2012:

http://www.thederbyshire.co.uk/uploadedFiles/Savings/INV35_1Feb2012.pdf

Many thanks.

psychic_teabag

At a guess... AER represents the interest you'd receive for a year. Since the bonus ends in November, a year from now includes two months with no bonus. Perhaps the AER will decay each month until it reaches the non-bonus 1% in December ?

EDIT: Bonus is 2.25%, so 0.1875% per month. Which is about how much the AER fell in Jan and Feb, I think.

johnmoney05

The AER or Annual Equivalent Rate is the official rate for savings accounts, and is designed to allow easy comparisons as it's meant to smooth out the variances between accounts.
The idea is it shows what you'd get over a year if you put money in the account and left it there. The alternative is the Gross rate, which is the flat rate of interest that's actually paid.


So I guess because your bonus will be less than one year now. Then the AER will be less. I might be wrong.

buffman

I agree with psychic teabag. As the bonus finishes in November, they have taken this into account when computing the AER.

afmfifgh

:T Many thanks for the fast replies. Makes sense now - hopefully I can now help others when they ask the same question in the future

KingL

Worth a reminder that the bonus runs out soon so ditch and switch.

Also - go over your account "statement" details carefully - I found two mistakes in mine so the cumulative sum of the transactions bore little resemblance to the "balance".

johnmoney05

I transferred out £7000 last week. They did it twice!!