Ruffler Bank increase Mini Cash ISA rate - 6.40%

Curleyboy_2

Im also a happy customer. Believe it or not but a real person answers the phone (no automated service here) and everything is done in a very quick and straightforward fashion. OK you need a minimum of 15k but at 6.40% I cant find a better deal anywhere. Customer service 5 STAR.

Seraph_2

Ruffler Bank ISAs page shows:

Gross AER: 6.40%
...BUT...
Gross Rate:6.25%

The difference implies that the advertised 6.4% is introductory rate for less that 12 months, but it is not clear on the website. Any thoughts?

Old_Slaphead

6.25% interest paid quarterly = 6.40% pa

olivetti

Has anyone else received a copy of the latest reports and accounts from Ruffler?

At the weekend I got a copy through the post, not sure what to make of it, as I am not a shareholder and it is not a mutual company. I am at a bit of a loss to understand why I got a copy, never had one from any other bank I have had just an account with!!

I did flick through them to have a quick look and they do seem to be in pretty good shape, very tiny figures for a bank though.

Kazza242

Seraph wrote: »

Ruffler Bank ISAs page shows:

Gross AER: 6.40%
...BUT...
Gross Rate:6.25%

The difference implies that the advertised 6.4% is introductory rate for less that 12 months, but it is not clear on the website. Any thoughts?

On the website it states:

Interest will be added to the account without deduction of income tax on 31st March, 30th June, 30th September and 31st December and on closure. Statements will be issued 31st March and 30th September.

Interest is added to the ISA quarterly. If you leave the interest in the ISA then it will be allowed to compound i.e. you will earn interest on your interest. Therefore, the overall rate after one year (if the interest is not withdrawn) will be 6.40%.

However, if a saver withdraw the interest on the days it was credited (which obviously is not a good idea) after the year they would receive a rate of only 6.25%.

Seraph_2

Thanks for clarification on Gross AER.vs.Rate
Ruffler also confirmed this:
"The Gross AER of 6.40% is not an introductory offer. Our Gross Rate of
6.25% is paid quarterly and this equates to an AER of 6.40%."

They replied to my email within a few hours, which implies excellent service. However, I read some concerns in other mailing lists about their small size (only 20 employees!), limited funds, not signed up to the Banking Code, etc . People in this list seem to be pleased with Ruffler. Any thoughts?