Derbyshire BS launch regular saver - 8.00%

potfish

Just doing an overhaul of my finances and notice that next month will be the anniversary of my opening one of these accounts, so the rate will drop to something uncompetitive.

Since you can't open a new one until 24 months after closing the old one, and since they've been taken over by Nationwide with no payout, is there any reason at all I should maintain my long association with the Derbyshire?

Cheers

Speculator

I've already closed my Derbyshire Loyalty saver before maturity (penalty free) a couple of months ago and transferred the full balance to thier 7.01% 1 yr fixed rate account (now withdrawn).

Speculator

potfish wrote: »

Just doing an overhaul of my finances and notice that next month will be the anniversary of my opening one of these accounts, so the rate will drop to something uncompetitive.

Since you can't open a new one until 24 months after closing the old one, and since they've been taken over by Nationwide with no payout, is there any reason at all I should maintain my long association with the Derbyshire?

Cheers

Maybe worth keeping £100 in just in case the merger does not go ahead.

bilbo_2

can anyone help who has got one of these full 8% interest member for 10 years plus

I opened this 7th dec 2007
paid in 250 for first six months
then 25 for next 2 months
balance £1575 got interest on 25th sept 2008 £51.10 gross
the £25 for the next two months
then 250 for the next 2 months
balance £2176 got interest on 7th january 2009 £29 gross

does this look right at 8% surely not

please help !

Tibbledom

bilbo wrote: »

can anyone help who has got one of these full 8% interest member for 10 years plus

I opened this 7th dec 2007
paid in 250 for first six months
then 25 for next 2 months
balance £1575 got interest on 25th sept 2008 £51.10 gross
the £25 for the next two months
then 250 for the next 2 months
balance £2176 got interest on 7th january 2009 £29 gross

does this look right at 8% surely not

please help !

Can you be a bit more precise with the dates the amounts were paid in? And you seem to be missing a £25 in your initial £1,575.

And are you sure the interest you state isn't net rather than gross. The £59.10 is either a net amount or you are registered for gross tax as that is what has been added to get to the balance of £2,176, and my best guess of the payment dates suggests it is net interest at 8%.

If you can supply that info I will check whether you have got the 8% interest or not.

bilbo_2

oops typo should have put 3 not 2 see below the extra £25 has been added

I opened this 7th dec 2007
paid in 250 for first six months
then 25 for next 3 months
balance £1575 got interest on 25th sept 2008 £51.10 net
the £25 for the next two months
then 250 for the next 2 months
balance £2176 got interest on 7th january 2009 £29 net

Tibbledom

bilbo wrote: »

oops typo should have put 3 not 2 see below the extra £25 has been added

I opened this 7th dec 2007
paid in 250 for first six months
then 25 for next 3 months
balance £1575 got interest on 25th sept 2008 £51.10 net
the £25 for the next two months
then 250 for the next 2 months
balance £2176 got interest on 7th january 2009 £29 net

Assuming all payments went in on the 1st of the month starting with first payment on 1/1/2008 then if interest was 8% then the interest should have been 51.06 (net) on 25/9/08 and 32.67 (net) on 7/1/2009.

So looks like you've got your 8%. The difference is probably because of my first of the month assumption.

bilbo_2

Thanks not all were on the 1st some were well into the month

I should have tried harder at school:beer: