Nottingham B.S 5% Christmas reg saver launched

patientperson

adindas wrote: »

I think the main purpose for branch only because they could chat to the person and try selling him another product.

I agree. However, I have spoken to Notts BS by phone and even on my call time they are quite keen to discuss insurance and will writing.

A_Flock_Of_Sheep

patientperson wrote: »

I agree. However, I have spoken to Notts BS by phone and even on my call time they are quite keen to discuss insurance and will writing.

I am interested in this account. Has anyone out of the branch area had any success in opening one up?

ernie-money

A_Flock_Of_Sheep wrote: »

I am interested in this account. Has anyone out of the branch area had any success in opening one up?

I haven't tried this one, but have opened their Starter ISA with the same stipulation by post.

veryintrigued

When I joined my local branch they offered me (and I took) an appointment with an IFA.

I wonder how this has changed now that the 'funding rules' for these IFSa seems to have changed.

Mikey17

Have i got this right ?
£ 250 per month for 1 year = £ 3000 & 5% a month = £ 3,069.71
Equivalent to about 2;3 % interest
That does not seem anything to get too excited about

A_Flock_Of_Sheep

Mikey17 wrote: »

Have i got this right ?
£ 250 per month for 1 year = £ 3000 & 5% a month = £ 3,069.71
Equivalent to about 2;3 % interest
That does not seem anything to get too excited about

Yes I have been working it out. It's not really all that great is it. Plus I called them and was told you MUST go into a branch to get it.

Let's face it cash savers. Where stashing your cash is concerned you are onto a loser everywhere really.

Next April I have a Halifax Fixed Rate saving account which is paying me 4.05% at present. I bet they won't match that when it matures.

patientperson

Mikey17 wrote: »

Have i got this right ?
£ 250 per month for 1 year = £ 3000 & 5% a month = £ 3,069.71 Equivalent to about 2;3 % interest
That does not seem anything to get too excited about

All these regular savers which are fixed term normally 1 year give the highlighted rate but that is only good for month 1. Month 2 onwards, you can see that the time those deposits are invested become less each month with month 12 only attracting 1 month interest.

innovate

The rate is good for 12 months, full stop.

But of course the return on a one-off lump sum of £3,000 deposited upfront would be a lot greater after 12 months than the return on deposits of max £250 a month. The lump sum option for 5% on £3,000 doesn't exist in the market right now though Nationwide comes closest.

Compared with other regular saver accounts currently in the market, the Nottingham BS is second only to First Direct.

veryintrigued

Mikey17 wrote: »

Have i got this right ?
£ 250 per month for 1 year = £ 3000 & 5% a month = £ 3,069.71
Equivalent to about 2;3 % interest
That does not seem anything to get too excited about

Are you saying that if you had £3000 you would only invest £250 of it?

Wouldnt you seek options for the other £2750?

You cant expect an institution to pay you interest on amounts you havent invested with them?

The rate is 5% on anything you invest.

Mikey17

veryintrigued wrote: »

Are you saying that if you had £3000 you would only invest £250 of it?

Wouldnt you seek options for the other £2750?

You cant expect an institution to pay you interest on amounts you havent invested with them?

The rate is 5% on anything you invest.

I do not know what you are talking about. If someone had £3000 and put it into a fixed rate , at 2 % ( currently available ) they would earn £ 60 interest. The so called 5 % xmas saver , works out at
£ 69 max interest ( only £9 more ) and you have to go into the branch.
They put these " get 5 % " offers , making out they are fantastic, but limit the amount you can put in monthly ( £250 )
If i could get 5% on £ 3000 (lump sum ), I would be there first thing in the morning

Having said that, I appreciate the fact that you posted about the offer, even if i am not interested