Derbyshire Building Society 3.06% AER easy access

pqrdef

talexuser wrote: »

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.

It's based on the next 12 months. It tells you what you'll get on this account if you leave your money in for another 12 months, so you can compare directly with what you could get over 12 months somewhere else.

Your best option now may be to take the money out and move it to an account that pays a lower rate, but for 12 months ahead. You'll probably prefer to leave your money alone until December, but if you do, you're taking a chance on the rates you'll be able to get in December.

SnowMan

talexuser wrote: »

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.

I agree it definitely causes confusion the way that AER is quoted.

Unless someone keeps the account for exactly 12 months (from the date of the pdf file) and pays nothing in or or out inbetween does the AER have any meaning. As the chances of this happening are pretty much zero, it is a meaningless figure of no use in decision making.

If you toss a coin 10 times and it comes up heads 5 times and tails 5 times it is meaningless to summarise that on average it lands on its edge. That is equiavalent to the information conveyed in that AER.

They are probably doing it to be squeaky clean, so I wouldn't want to really criticise the Derbyshire, but I can't really see how it infringes the AER rules to quote the 3.25% AER rate when we are talking about an account that is no longer available where the bonus end date is clearly stated.

The closed account rates are indeed difficult to find but at least when you have worked out the system it becomes fairly straightforward to look from then onwards.

And so far at least, Derbyshire haven't done anything sneaky by reducing the issue 1 or issue 2 rates, which is the main thing.

SnowMan

neil324 wrote: »

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.

It's not a silly question. Well if it is I am also silly as I can't answer it. :rotfl:

I suspect that it is not possible to make internal transfers. As I am waiting for my issue 3 account to be opened I can't test it.

So that would mean moving money back to the nominated account and then back into the other issue (at least with faster payments that isn't as bad as it used to be).

Have a horrible feeling I will have to fund my issue 3 with a cheque even though I have an issue 1 open.

Perhaps someone else with an issue 1 and 2 open might be able to answer more authoritatively, or someone may have spotted a way of making internal transfers.

talexuser

pqrdef wrote: »

It's based on the next 12 months. It tells you what you'll get on this account if you leave your money in for another 12 months, so you can compare directly with what you could get over 12 months somewhere else.

I see what you mean but I'm getting 3.25% now and as soon as the bonus ends I'm off somewhere else, but until November it'll still be 3.25% if they haven't changed it by then. So you would be mad to withdraw now, give up 3.25, and go to the nearest equivalent paying less than that - so this AER is just silly for anyone who has 2 brain cells to know what they are doing.:)

talexuser

SnowMan wrote: »

And so far at least, Derbyshire haven't done anything sneaky by reducing the issue 1 or issue 2 rates, which is the main thing.

Yes, I suppose this is, after all, the most important point .

neil324

SnowMan wrote: »

It's not a silly question. Well if it is I am also silly as I can't answer it. :rotfl:

I suspect that it is not possible to make internal transfers. As I am waiting for my issue 3 account to be opened I can't test it.

So that would mean moving money back to the nominated account and then back into the other issue (at least with faster payments that isn't as bad as it used to be).

Have a horrible feeling I will have to fund my issue 3 with a cheque even though I have an issue 1 open.

Perhaps someone else with an issue 1 and 2 open might be able to answer more authoritatively, or someone may have spotted a way of making internal transfers.

Have opened the issue 3 last night using my log on details, I have the issue 1 already, I have to still pay in a cheque.

Although once opened I hope you can do internal transfers, surely you must be able to, the 2 accounts will be visible once logged on line all my other bank accounts you can. But their website is like something out the flintstones, if you get my meaning. Sending loads of £1,000 at a time, backwards and forwards....forget that.

pqrdef

SnowMan wrote: »

Perhaps someone else with an issue 1 and 2 open might be able to answer more authoritatively, or someone may have spotted a way of making internal transfers.

Internal transfers appear on the website when you've got more than one account.

But you still have to open Issue 3 with a cheque.

Stompa

They seem a bit inconsistent when it comes to saying when interest is paid. Here:

http://www.thederbyshire.co.uk/savings/netsaver.aspx

it says: "Interest is paid annually on 30 June", but here:

http://www.thederbyshire.co.uk/uploadedFiles/Savings/DE54_Derbyshire_NetSaver_13Feb12.pdf

Item 13: "When will I receive my interest? 30th June 2013"

I guess it makes little difference if you already have an Issue 1.

SnowMan

pqrdef wrote: »

Internal transfers appear on the website when you've got more than one account.

But you still have to open Issue 3 with a cheque.

Thanks.

My issue 3 has appeared on-line this morning although the opening payment is showing as an uncleared balance so not accessible yet.

As you say when you choose the transfer option there now appears an extra option to 'transfer to another Derbyshire account'.

So should be possible to move £999 over by internal transfer from the issue 3 to the issue 1 later once the initial £1,000 has cleared into the issue 3.

I opened the issue 3 by cheque I can't see any way round that. You send on the cheque with the pre-filled paper application form which is created when you log in as an existing customer to apply (you either print that off or they will send you a pre-filled copy of the paper form for signing and return). They seem to open the new account without delay when the paper form is received by them.

There certainly doesn't seem to be any option in the opening process to fund the new account by internal transfer from an earlier issue.

alkip

Great stuff, I'm looking for a good slush fund account as my bonus rate with ING ends in early April, cheers :beer: