Intelligent Finance

danedin

Do any of you wise forum folks know what's happening with IF? I've been a customer since they started and the whole thing has become a bit of a museum piece in the last few years. The last I heard was that they weren't going to be included in the divestment of Lloyds TSB Scotland, etc. but I wondered if anyone else has heard something more?

jonesMUFCforever

I think it will be run down as it does not fit into what Lloyds Banking group wants.
That is unless somebody wants to buy it.
I think you are right it is not part of project Verde.

eschaton

As above, not part of Verde and it really is becoming a dead duck.

I fully expect the brand to disappear sooner rather than later which is a shame as it was a good bank.

Now it's a disaster, send a FP after 5:00pm or something like that and the money doesn't arrive until the next banking day.

Gizmo247

Saw the writing on the wall a couple of years ago and closed down all my accounts.

mrchiggles

Am still with them for a mortgage and linked offset - it still works very well in terms of saving me lots of cash but the online banking is ancient.

Keep it for the good offset but do my day to day banking elsewhere.

ellie27

Whats going on??

Have I missed something?


Our mortgage is with them, its fantastic, base rate + 0.5%

Stupidly enough we had all our savings in there too, to offset the mortgage, and then realised that was the silliest thing to do!!!

So, just the mortgage now. My salary gets paid into my IF current account and I just transfer it each month.

mrchiggles

ellie27 wrote: »

Whats going on??

Have I missed something?


Our mortgage is with them, its fantastic, base rate + 0.5%

Stupidly enough we had all our savings in there too, to offset the mortgage, and then realised that was the silliest thing to do!!!

So, just the mortgage now. My salary gets paid into my IF current account and I just transfer it each month.

Why is it silly to have your savings on there to offset the mortgage?

Herbalus

Because the mortgage rate is base rate + 0.5% = currently 1%. Essentially any savings that offset your mortgage are earning the rate of your mortgage. Even at (pretty low) interest rates in savings accounts currently you can earn more than that.

Offset mortgages save you money when your mortgage rate is higher than what that money can earn for you elsewhere.

mrchiggles

Herbalus wrote: »

Because the mortgage rate is base rate + 0.5% = currently 1%. Essentially any savings that offset your mortgage are earning the rate of your mortgage. Even at (pretty low) interest rates in savings accounts currently you can earn more than that.

Offset mortgages save you money when your mortgage rate is higher than what that money can earn for you elsewhere.

Ah missed that part!