Why isn't Yorkshire Bank current a/c in MSE best buys?

kuepper

Am I missing something? just heard about them offering 4pc on £3k for 18 mths

Fruit_and_Nut_Case

kuepper wrote: »

Am I missing something? just heard about them offering 4pc on £3k for 18 mths

Probably because the details have just been announced. It takes time to update the recommendations. The Clydesdale Bank also seems to be offering this deal.

Mr_K

Only just launched, plus 4% on £3K is only about £96 a year after tax - big deal - plus the hassle of switching banking and funding with £1K a month. 'cba' as my son might say.

innovate

MSE is not a comprehensive comparison site. It rarely every lists all the top deals for anything. People on the forum are invariably streets ahead of official MSE articles regarding new products - see, for example,
https://forums.moneysavingexpert.com/discussion/4798346

Also, if you understand what seems to be involved in just applying for on of these accounts, you might wholeheartedly agree with Mr K's son. However, you don't have to switch if you don't want to, it is not a condition for the 4%.

System

Mr_K wrote: »

Only just launched, plus 4% on £3K is only about £96 a year after tax - big deal.

I only have my salary paid into my current account and it has gone by the end of the month. If I had the salary paid into a Santander 123 account, for example, I would only get interest on the first couple of days each month before the direct debits kick in and I'm below the threshold. At least you'll get something with the Clydesdale when your money is sitting around waiting to get spent!

InsideInsurance

kuepper wrote: »

Am I missing something? just heard about them offering 4pc on £3k for 18 mths

Maybe they arent offering enough commission or they are still negotiating the referral fees?

hollie.weimeraner

Mr_K wrote: »

Only just launched, plus 4% on £3K is only about £96 a year after tax - big deal - plus the hassle of switching banking and funding with £1K a month. 'cba' as my son might say.

£96 a year is £96 more than some people will get with their current bank accounts. With savings rates so low now it's worth putting any spare cash in. All you need is a £1,000 standing order in and a standing order out to maintain the interest rate. Oh and you can open 2 so for a couple of hours work at most you could in effect earn £270 over 18 months.

Instant access so if better rates appear elsewhere in the meantime you can just move it.

Hominu

hollie.weimeraner wrote: »

£96 a year is £96 more than some people will get with their current bank accounts. With savings rates so low now it's worth putting any spare cash in. All you need is a £1,000 standing order in and a standing order out to maintain the interest rate. Oh and you can open 2 so for a couple of hours work at most you could in effect earn £270 over 18 months

If you can't max out the account with £3,000 every day of the month, then you'll be better off with Nationwide's FlexDirect - you can apply online and get 5% on upto £2,500.

For me I get 3% on my current account anyway, so opening one of these 4% accounts would give me exactly £24 extra per year. That's £2 per month extra. Not worth the hassle of spending 45 minutes on the phone to them trying to open an account.