Saffron BS E-Saver Increased rates-Not For Small Savers...

bristolleedsfan

had this email, says my rate has increased when it hasnt

perhaps saffron made a mistake and theve really increased the rate under 1000.00 to 5.60 % :rolleyes:

from memory saffron closed an e-saver issue and launched a second issue paying a lower rate, this is the higher paying issue ( or was) ( think its issue 1)

"Following the recent Bank of England base rate change, the Society has reviewed it's savings rates and your e-saver interest rate has changed.
For balances over £1000 the interest rate is now 5.80% gross p.a./aer with effect from 01/06/2007.
For balances under £1000 the interest rate is now 5.40% gross p.a./aer with effect from 01/06/2007.
The previous rate for balances over £1000 was 5.60% gross p.a./aer and was effective from 01/02/2007".
The previous rate for balances under £1000 was 5.40% gross p.a./aer and was effective from 01/02/2007.
If you would like any further information please contact a member of the Saffron Direct team who will be pleased to help"

ED

5.80% for £1,000+ is an OK rate for this CLOSED ISSUE, but how many days do withdrawals take to reach external accounts? I for one am looking for an alternative to Coventry BS now that my Coventry First account earns only 5.13% for balances of £1 - £10,000 because the 1st year bonus has expired.

Saffron Building Society's Chief Executive has emailed in response to my query. The £100 band of the now closed issue of e-saver was earning 5.20% from 1 February to 31 May 2007, now up 0.20% to 5.40%. £1,000+ has also risen 0.20% to 5.80% (as stated).

The currently open Version 2 of e-saver launched on March 13th @ 5% for £100 balance, or 5.40% for £1,000+. These bands have both risen by 0.20% to 5.20% for £100 balance and 5.60% for £1,000+.

Hope this helps others, here.

quinlanmd

I hold esaver issue 1 and have received the email.

It must be a typo on the email. As confirmed on the closed issues section of the website, the previous <£1000 rate on issue 1 was 5.2%, not 5.4% as indicated in the email, so the increase is 0.2% for <£1000 as well.

bristolleedsfan

ED wrote: »

5.80% for £1,000+ is an OK rate for this CLOSED ISSUE, but how many days do withdrawals take to reach external accounts? I for one am looking for an alternative to Coventry BS now that my Coventry First account earns only 5.13% for balances of £1 - £10,000 because the 1st year bonus has expired.


Hope this helps others, here.

i only stuck 100.00 in saffron e-saver just on the off chance that they might get married to a larger organisation :cool:

my opinion is that its best to save in an e-saver thats linked to your current account so u know for def that funds will go between the two accounts same day even if it means a slightly lower interest rate eg nationwide current account/nationwide e-saver

ED

True enough, but 5.55% gross in e-Savings of Nationwide BS seems disappointing.

I opened my Saffron esaver with funds sufficient for the high-rate band, with a view to possibly feeding - via Internal Transfer - their then competitive monthly saver. Sadly, that one (Premium Saver) now pays only 5.70% - so I'm tempted to close it.