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

michaels

Hmm - 50k = 200 accounts - anyone reckon Skipton will go for this?!

bristolleedsfan

michaels wrote: »

Hmm - 50k = 200 accounts - anyone reckon Skipton will go for this?!

Hmmmmmmmm ask them. Hmmmmmmmmmmmmmmmmmmm

Afahmaep

Having opened 1 Special Saver on 30/10 and 6 more on 31/10 I went in today to top up them all with another £250 each and open several more but was politely informed by counter staff that Skipton HO had rung in the morning saying no more than 3 per customer. No official word on web-site but I wouldn't be surprised if it shortly is limited to one per customer.
NB I have been allowed to keep the 7 I have already got.

DeepSporran

Afahmaep wrote: »

Having opened 1 Special Saver on 30/10 and 6 more on 31/10 I went in today to top up them all with another £250 each and open several more but was politely informed by counter staff that Skipton HO had rung in the morning saying no more than 3 per customer. No official word on web-site but I wouldn't be surprised if it shortly is limited to one per customer.
NB I have been allowed to keep the 7 I have already got.

I can't say I'm surprised. I don't think they thought through the logic of restricting the monthly contribution to £250 but allowing multiple accounts. It just results in more admin for both the saver and the Skipton, while not putting any cap on the amount you can save.

The 4 applications I asked for when I phoned them on Monday finally arrived today and I've completed them and sent them back - hope they honour them. If not I'll feel very miffed since I couldn't have completed the process any more quickly.

bristolleedsfan

DeepSporran wrote: »

I can't say I'm surprised. I don't think they thought through the logic of restricting the monthly contribution to £250 but allowing multiple accounts. It just results in more admin for both the saver and the Skipton, while not putting any cap on the amount you can save.

The 4 applications I asked for when I phoned them on Monday finally arrived today and I've completed them and sent them back - hope they honour them. If not I'll feel very miffed since I couldn't have completed the process any more quickly.

westbromwich building society allowed maximum of 1000.00 per month into its 8.10% reg saver which is an unprecedented monthly maximum for such a loss leading account and smacks of desperation on behalf of westbromwich to attract retail funds.

skipton by quietly keeping to the "normal" 250.00 monthly maximum for its loss leading short term reg saver yet not restricting the no of accounts per member avoided publicising any such desperation for funds.

whilst skipton had expectation that some people might open a few accounts it probably didnt expect people to open ( who knows how many some people may have opened.........)

by restricting special saver to three accounts per person with xmas saver skipton is effectively allowing same monthly max as westbromwich. ( westbromwich will have saved on administration by allowing 1000.00 per member monthly maximum, however everyone in the financial world will be alerted to fact that westbromwich are desperate for funds)

skipton probably wont be fussed about odd people whove already asked for application forms opening four accounts, it has stemmed the flow of apparent greed on the part of people who have been opening ( who knows how many accounts) :rolleyes:

stee-t

Terms and conditions

Interest will be capitalised on the account on the 12 month anniversary of your account opening and this, plus the account balance, will be transferred into our Instant Access Account. Cash withdrawals from this account are limited to £250 per day.

Does this mean it will take 12+ days to transfer or can you get round this by closing the account?

bristolleedsfan

stee-t wrote: »

Terms and conditions

Interest will be capitalised on the account on the 12 month anniversary of your account opening and this, plus the account balance, will be transferred into our Instant Access Account. Cash withdrawals from this account are limited to £250 per day.

Does this mean it will take 12+ days to transfer or can you get round this by closing the account?

account can be closed.

"You cannot make withdrawals from the Special Saver Account. If you do need to access your money before it is transferred to an Instant Access Account, then your account may be closed. Accrued interest will be paid to the date of closure. "

DeepSporran

stee-t wrote: »

Cash withdrawals from this account are limited to £250 per day.

Does this mean it will take 12+ days to transfer or can you get round this by closing the account?

If you mean 'Do you need to make 12 separate withdrawals of £250 each over 12 days to get your £3000 out ?', then the answer is no. I'm sure that you can get it all out by cheque in one transaction, even from the Instant Access account that they automatically transfer the funds to after the 12 months are up. The £250 is just a daily limit on cash withdrawals that applies to the Instant Access account

bristolleedsfan

DeepSporran wrote: »

If you mean 'Do you need to make 12 separate withdrawals of £250 each over 12 days to get your £3000 out ?', then the answer is no. I'm sure that you can get it all out by cheque in one transaction, even from the Instant Access account that they automatically transfer the funds to after the 12 months are up. The £250 is just a daily limit on cash withdrawals that applies to the Instant Acess account

yes true can get whole maturity balance out by cheque in one go, most investors will give advance maturity instructions, result the funds wont reach the instant access account.

lustydog

bristolleedsfan wrote: »

lets c what appears on skipton website in due course after all 3rd party sources are not always 100% reliable with the info. :wave:

This isn't an online account, and you have to go to a branch to fill an application form.
I'm going in tomorrow. I got the info from Skiptons website
The beauty of it is, that you can put in any amount from £10 -£250 each month. Apparently the amount can vary.
Some of the similar accounts require a fixed sum each month. ie Leek B.S.
Thanks all, especially Martin ugh!! creep