Loughborough BS 8% Regular Saver

ED

I share your concern about Nationwide BS declaring enthusiasm for possibly introducing monthly fees for their current account holders. My hunch is the new 'boss' aims to demutualise. If so, hopefully Coventry and Yorkshire Bdg Societies will remain mutual for many years to come + their position will move up if the UK's largest Bdg Soc becomes a bank.

empfun

Hi folks!

1 year on, for those of us early birds that opened the regular saver when it was announced this time last year, have you received your interest yet and if so how much?

bristolleedsfan

empfun wrote: »

Hi folks!

1 year on, for those of us early birds that opened the regular saver when it was announced this time last year, have you received your interest yet and if so how much?

http://forums.moneysavingexpert.com/showthread.html?t=801867&highlight=loughborough

MrChips

The website is still showing the interest rate on this as 7.0% so I gave them a call and they confirmed it has decreased to 5.5%.

We're allowed one withdrawal a year (to qualify for the higher rate) so I am withdrawing all but £10 as I can get 6.0% elsewhere.

bristolleedsfan

Facinating announcement by Loughborough BS C.E :rolleyes:

http://www.theloughborough.info/chiefexec_message3.php

Change to our Standard Variable Rate

A message from our Chief Executive on the recent Rate Change Announcement

Following the recent reduction of the Bank of England base rate, it has been decided that the Loughborough's Standard Variable Rate (SVR) will reduce by 0.60% from 1st December 2008. There will also be a reduction to the rate we pay on our variable rate savings accounts from 1st December 2008, which will be shown on this website from that date, but the majority will be cut by approximately 1.00%. The Board believes this is the right decision for the Society and will continue to monitor the impact that the cut has on our savings balances, which form the majority of our funding for lending.

Stephen Peete
Chief Executive

MrChips

Well they certainly haven't updated it yet! I took the procaution of suspending my direct debit by a few days to see what the interest rate would change to. Now I'll decrease to the £10 minimum payment and take out the lot (bar £10). It matures in 4 months anyway.

Maybe Stephen Peete's maths is better than mine but in my opinion an equitable cut for savers and borrowers would be the right decision for the Society?

Careful_ly

Mr Chips

Please refer to the terms and conditions of this account or take a look at page 1 of this thread, I'm afraid you cannot reduce your monthly payment to £10. It is a level payment which can only be reduced in the anniversary month.

HTH

Old_Slaphead

Thought monthly amount was fixed and could only be altered on anniversary.

LBS told me last week that rate was 'only' going down to 6% - still I've withdrawn 70% of money and reinvested in 1 yr fix.

MrChips

Oops, good that I haven't made the payment yet! I assume it doesn't matter if it doesn't go in on the same day each month?

I've tried to find the T&Cs on their website but can't (my paper copy is at home). Do you have a link?

RayWolfe

MrChips wrote: »

Now I'll decrease to the £10 minimum payment and take out the lot (bar £10).

Even if you could do that; and you can't, 5.5% is not a bad rate these days.