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Skipton Online Bonus Saver

RoxRoxBling
RoxRoxBling Posts: 475 Forumite
in Savings & investments
The minimum opening balance is £1000
So can the balance drop below £1000?

Also what is the interest rate after basic payer tax is taken into account - 2.00% gross AER?

http://www.skipton.co.uk/savings_and_investments/e-savings/online_bonus_saver/
Save in 2013: #166: 9,122.51/[STRIKE]5,000[/STRIKE] 10,000
Interest earned in 2014: £257.61 20/04/14

Comments

  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    RoxRoxBling wrote: »
    The minimum opening balance is £1000
    So can the balance drop below £1000?
    It says "Minimum opening and operating balance of £1,000" - so no.
    RoxRoxBling wrote: »
    Also what is the interest rate after basic payer tax is taken into account - 2.00% gross AER?

    The AER and the gross rate is 2% - so it's 1.6% after BRT.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    RoxRoxBling wrote: »
    Also what is the interest rate after basic payer tax is taken into account - 2.00% gross AER?
    This is (at least) the second time you've asked this question today on interest rates (I replied on your other thread).

    Just in case you find any more accounts you're interested in, to get net from gross you multiply gross by 0.8

    So 2% x 0.8 = 1.6% (as innovate says above).
  • RoxRoxBling
    RoxRoxBling Posts: 475 Forumite
    YorkshireBoy wrote: »
    This is (at least) the second time you've asked this question today on interest rates (I replied on your other thread).

    Just in case you find any more accounts you're interested in, to get net from gross you multiply gross by 0.8

    So 2% x 0.8 = 1.6% (as innovate says above).

    Obviously interest rates aren't my best point :)
    Save in 2013: #166: 9,122.51/[STRIKE]5,000[/STRIKE] 10,000
    Interest earned in 2014: £257.61 20/04/14
  • d63
    d63 Posts: 330 Forumite
    Part of the Furniture 100 Posts Name Dropper
    . . .just thought i'd mention that the skipton sent me a email last week to say that they'd actually increased the rate on this account with effect from the 29th march! only by 0.15% mind, but, well!! had to read it twice and check on the website to see if it was a april 1st hoax!
    (though i dare say they will put it down again pretty soon once they realise their mistake!)
  • evenasus
    evenasus Posts: 11,866 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    RoxRoxBling wrote: »
    Obviously interest rates aren't my best point :)

    It's simple maths.

    Gross interest rate minus 20% for basic tax payer.

    So Skipton's 2% minus 20% = 1.60%.
This discussion has been closed.
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