Clydesdale Bank

shonafraser

Why don't you ever give Clydesdale Bank products in your comparisons? I s it just English banks you look at? I bank with them and would like to know how they measure up to other products.

notts_phil

shonafraser wrote: »

Why don't you ever give Clydesdale Bank products in your comparisons? I s it just English banks you look at? I bank with them and would like to know how they measure up to other products.

They are really poor on Products thats why!!

Old fashioned and uncompetitive.

shonafraser

It would still be good to see what they have compared to others. They have a 5 year ISA at 4.5% which I though was ok if you don't need access to your money for that time?

scott_lithgows

English version of CB is Yorkshire Bank.
Clydesdale bank bank notes should have been withdrawn years ago,toy town cash.

innovate

I couldn't find a 5-year ISA on their site, only truly terrible rates for instant access ISAs ("up to 1.6% AER"), and "up to 2.5%" for a 40-day notice one.

oldvicar

You need to be careful with Clydesdale term accounts. Typically interest rates are for simple interest paid at the end of the term, not interest compunded annually. Hence for terms over one year the 'AER' is less than the 'gross' rate. If you don't understand the difference and the implications for both overall returns and for tax then it may be best to steer clear.

Froggitt

The simple/compound issue was noticed a few years ago when they had a 5 year 5% ISA. When it was pointed out to them, I believe they issued a new set of T&Cs that stated interest to be added at the end of each year ie compounded.

opinions4u

shonafraser wrote: »

Why don't you ever give Clydesdale Bank products in your comparisons? I s it just English banks you look at? I bank with them and would like to know how they measure up to other products.

Their term deposit range is ok, but can be beaten by others on all terms, for example Cahoot on 12 months and The AA on 60 months.

http://www.cbonline.co.uk/personal/savings/fixed-term-and-notice-accounts/term-deposit/

The top on-sale ISA product is a million miles off the pace and requires 40 days notice or a penalty charge to withdraw.

http://www.cbonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-40-day-notice/

Their easy access range is laughable.

My favourite is the option to pay £12.50 a month for their super duper current account product allowing me exclusive access to their Savings Account Plus product. Paying 0.1%. Well at least I don't have to give 40 days notice ....

oldvicar wrote: »

You need to be careful with Clydesdale term accounts. Typically interest rates are for simple interest paid at the end of the term, not interest compunded annually. Hence for terms over one year the 'AER' is less than the 'gross' rate. If you don't understand the difference and the implications for both overall returns and for tax then it may be best to steer clear.

I worked in banking for a long time and this one threw me completely. I was gobsmacked, after a little research, to discover that the way they display their gross rates on term deposits is in fact absolutely correct and in line with regulatory requirements.

At least they don't force you to remit the interest away from the account like some providers.

shonafraser

Your right, it's not there any more. Must have finished with the start of the new tax year