Derbyshire Building Society 3.06% AER easy access

SnowMan

Derbyshire Building Society variable rate net saver (issue 3) is increasing to 3.06% AER tomorrow according to emoneyfacts.

Rate includes a 2.06% bonus up to 30 June 2013.

Minimum opening balance 1K (must be paid by cheque) but balance can be reduced to £1 subsequently.

At time of posting close to being the best easy access non-ISA rate currently available (can get 3.15% AER from Coventry but that account limited to 4 free withdrawals per annum and 3.2% AER from BM Savings but minimum deposit is 50K). A Skipton BS easy access account pays a similar rate of 3.05% AER.

Edit: New rate now showing on the Derbyshire BS website.

VT82

I KNOW you ain't putting any money in that one Snow man

Issue 1 still has my slush fund in it, as I'm guessing it does some of yours?

Decent rate given the non-restrictive conditions and the competition though.

wiltslass

This account looks interesting. When you withdraw money does it go by faster payment into the nominated bank account? The one I currently use with another provider sends the money within minutes but interest rate is not as good.

pqrdef

wiltslass wrote: »

This account looks interesting. When you withdraw money does it go by faster payment into the nominated bank account?

Overnight. The cut-off is later than most and the money arrives in the wee small hours, though probably not early enough to cover a standing order.

Withdrawals are limited to one per day.

Edit. Should have said that overnight can mean over a weekend, though that may depend on which bank you're sending the money to.

buffman

Like a number of you, I too have issue 1. I was thinking of opening this account with a nominal balance and transfering my funds from Issue 1 when its bonus ends. Does anyone know whether it is permitted to have more than one issue open at the same time?

SnowMan

buffman wrote: »

Like a number of you, I too have issue 1. I was thinking of opening this account with a nominal balance and transfering my funds from Issue 1 when its bonus ends. Does anyone know whether it is permitted to have more than one issue open at the same time?

You can have one of each issue. In the account summary it says

You can open one Derbyshire NetSaver for each issue

As you correctly say VT82 I've got issue 1 which pays 3.25% (including a 2.25% bonus payable to 30 November 2012) :rotfl::T

but am opening up an issue 3 (initially with £1,000 but will then reduce it to £1) just in case it is of use when the bonus runs out.

VT82

Great idea. I shall do the same.

Not that I'll have anything left in my slush fund by December that hasn't already gone into an ISA or the Monmouthsire!

talexuser

I've also got Issue 1, 3.25% (thanks to Snowman) and had a terrible time trying to find the current interest rate on the website (confusing pdfs and back and forth links). The poor website is the only downside of the Derbyshire.

SnowMan

talexuser wrote: »

I've also got Issue 1, 3.25% (thanks to Snowman) and had a terrible time trying to find the current interest rate on the website (confusing pdfs and back and forth links). The poor website is the only downside of the Derbyshire.

Best place to bookmark for Derbyshire closed accounts is this page of their website.

Then check from time to time picking the latest effective date from the list on the right, which at the moment is 1st March 2012.

Then find the account in that leaflet. You actually have to look at the gross rate though as the AER seems to be recalculated at each leaflet date for the next 12 months from the date of the leaflet and so if the remaining bonus period is less than 12 months it will be less than the current daily accruing interest.

So looking at the net saver issue 1 the AER is 2.69% (so reflecting that about only 9 months of bonus is left) but the reasurring thing and the think to check is that the gross is still shown as 3.25%

neil324

Silly question, but once opened, can money be transferred between each issue, or do you have to move to your nominated account first.

Thanks for the reminder, i have issue 1 and for some reason thought the bonus ran until 2013.

talexuser

SnowMan wrote: »

Best place to bookmark for Derbyshire closed accounts is this page of their website.

Hi, yes that was my point, hidden away in a pdf, with a confusing list of dates to get there, what is the point of giving an AER based on todays month to end of bonus when you can't even open the account this month?... really stupid.