Skipton BS launch Special Saver paying 7.55% - 29/10/2007

Kazza242

DeepSporran wrote: »

The Special Saver is an interesting one. Although the maximum monthly deposit is 'only' £250, you can open several accounts to increase your contributions. Since you can subsequently reduce your contribution down to £10, and close an acount at any time and still get the full 7.55% interest on contributions up to closure date, it makes for a very flexible way to save as much as you like at 7.55%.

Drawbacks ? How many application forms can you be bothered completing (One for every £250 per month you want to save.) Also, they may withdraw the multiple account facility, reduce the interest rate (which is variable) etc.

Still, quite tempting ..........

Agreed it is very tempting indeed. The flexibility of being able to open more than one is a definite advantage. Like you say though, the rate is variable, so savers have to take into account that if base falls their Special Saver rate could too.

I've updated the first post in this thread to include a link to the Skipton website.

Afahmaep

I opened 1 yesterday and 6 today even though a call to Skipton's HO was made to confirm multiple accounts could be held by the same person.
Another 6 new accounts tomorrow along with a second payment to the initial 7 and I will have £5000 at 7.55%. Beats any Bond hands down.

Afahmaep

For those who want to open multiple accounts and are already a member, simply tell the counter staff how many accounts you wish to open, leave your deposit (cash or cheques), get a receipt, go and do whatever and when you return simply sign the paperwork. No need for you to fill out forms and wait. They do it for you.
NB If you are opening with cheques complete them before leaving home (payable to Skipton BS - YOUR NAME).

mary

Has anyone opened an account by post, as all the branches are miles away from me.

bristolleedsfan

Afahmaep wrote: »

I opened 1 yesterday and 6 today even though a call to Skipton's HO was made to confirm multiple accounts could be held by the same person.
Another 6 new accounts tomorrow along with a second payment to the initial 7 and I will have £5000 at 7.55%. Beats any Bond hands down.

hopefully numerous Yorkshire BS reg savers will move lump sums out of yorkshire and open multiple skipton accounts, might jog Yorkshire BS minds re last 2 base rate increases that it failed to pass on in full to its reg saver customers.

Old_Slaphead

Afahmaep wrote: »

I opened 1 yesterday and 6 today even though a call to Skipton's HO was made to confirm multiple accounts could be held by the same person.
Another 6 new accounts tomorrow along with a second payment to the initial 7 and I will have £5000 at 7.55%. Beats any Bond hands down.

Too much like hard work - 2 WBBS=8 Skippies (unless you've already cornered that market as well).

Afahmaep

I was the OP on the West Bromwich Magic 8 Thread. What do you think.

Old_Slaphead

Mmmmm, tricky - I'll guess in that case that you have

Afahmaep

Damn. I've just gone to close the drawer where I keep my BS passbooks and the 9 Skipton ones I have now got mean it won't close. :think:

DeepSporran

mary wrote: »

Has anyone opened an account by post, as all the branches are miles away from me.

I rang the number (on Monday) quoted on the website page for this account 0845 603 4735 - which is apparently 'Skipton Direct' at their HO.

After confirming that I could open multiple accounts (which the CSA was surprised about) I asked for forms to open 4 accounts. She said she'd send them out by 1st Class post (though they haven't arrived yet, and it's Wednesday....). She also said she'd give me a ring in a few days to check I had the forms and to carry out online ID verfication if I wanted, to save me having to send in my documents.