Bank of Cyprus Rate Increase to 1.56%

Wheres_My_Cashback

or is it ?

Currently have a BOC Online Easy Access paying 0.85% + 0.56% bonus for 12 months giving an overall rate of 1.41%

However, just received the following....

The interest rate on your Bank of Cyprus UK Online Easy Access Account
is increasing
Following recent changes in market conditions we have taken the opportunity to review the interest rate on your Account.

We are delighted to inform you that on 7 September 2018 we will increase the underlying variable interest rate on your Online Easy Access Account from 0.85% AER/Gross* to 1.00% AER/Gross.

In addition to this increase you will also continue to receive the fixed rate bonus applicable for the first 12 months from the date of your initial deposit. Your new total rate, including bonus, will be 1.41 AER/Gross.

If this is the case then they have, at the same time also reduced the bonus to 0.41% without even mentioning it! Hmmm :think::think:


Edit: having spoken to BOC it seems an error has be made in the e-mail. The overall rate will be 1.56% AER :T:T
Another e-mail will be sent tomorrow with amended details and online accounts will show the update after the overnight run tonight

d63

the rates on this online easy access account seem to be all over the place lately
issue 16 was at 1.41% on the 21/8/18, then the following week this was changed to issue 17 at 1.34% (29/8/18) and then it changed yet again to issue 18 at 1.21% on 04/9/18 and tomorrow they are all scheduled to change yet again by +0.15%
just what IS going on? my poor nerves cant take this.

mattytun

Wheres_My_Cashback wrote: »

or is it ?

Currently have a BOC Online Easy Access paying 0.85% + 0.56% bonus for 12 months giving an overall rate of 1.41%

However, just received the following....

The interest rate on your Bank of Cyprus UK Online Easy Access Account
is increasing
Following recent changes in market conditions we have taken the opportunity to review the interest rate on your Account.

We are delighted to inform you that on 7 September 2018 we will increase the underlying variable interest rate on your Online Easy Access Account from 0.85% AER/Gross* to 1.00% AER/Gross.

In addition to this increase you will also continue to receive the fixed rate bonus applicable for the first 12 months from the date of your initial deposit. Your new total rate, including bonus, will be 1.41 AER/Gross.

If this is the case then they have, at the same time also reduced the bonus to 0.41% without even mentioning it! Hmmm :think::think:


Edit: having spoken to BOC it seems an error has be made in the e-mail. The overall rate will be 1.56% AER :T:T
Another e-mail will be sent tomorrow with amended details and online accounts will show the update after the overnight run tonight

Yes i got the same.:)

soulsaver

Fell right for me last time, got 1.55%. But that ac matured a week or so ago and moved to Cov bs where I'm getting 1.55 again, coincidently.. but also not available to new applications. A trend?

I 'd like that 1.56% - I think that'd top the easy access accounts if it was available.

DennisTenus

This just for existing customers then?

mattytun

soulsaver wrote: »

Fell right for me last time, got 1.55%. But that ac matured a week or so ago and moved to Cov bs where I'm getting 1.55 again, coincidently.. but also not available to new applications. A trend?

I 'd like that 1.56% - I think that'd top the easy access accounts if it was available.

Yes I got the 1.55% last year ( Bank of Cyprus / now matured)

Signed up a couple of weeks Ago when Bank of Cyprus had 1.41% on offer so happy today with 1.56% boost.

Neil_Jones

I got the 1.3% rate last year when it was on offer for three days (later bumped to 1.55%) and managed to get the 1.41% rate this time round which has now been bumped to 1.56%. I'm happy.

Wheres_My_Cashback

DennisTenus wrote: »

This just for existing customers then?

Yep, the highest available to new customers will be 1.36% from tomorrow which would still make it the highest paying unrestricted easy access account available right now.

Rob53

Re Bank of Cyprus, I noticed as well so rung them up. They said a mistake and a new email followed with a spelling error on [ Pervious instead of re Previous email in] and corrected the rate to 1.49%.
I know it is FSCS Protected but it does not seem to be on this site, the Coventry is.
Any reason why BOC not recommended.

Rob53

Their email below ad:
Correction (please disregard pervious email)

The interest rate on your Bank of Cyprus UK Online Easy Access Account
is increasing

Following recent changes in market conditions we have taken the opportunity to review the interest rate on your Account ending xxxx.

We are delighted to inform you that on 7 September 2018 we will increase the underlying variable interest rate on your Online Easy Access Account from 0.85% AER/Gross* to 1.00% AER/Gross.

In addition to this increase you will also continue to receive the fixed rate bonus applicable for the first 12 months from the date of your initial deposit. Your new total rate, including bonus, will be 1.49 AER/Gross.

Neil_Jones

Rob53 wrote: »

I know it is FSCS Protected but it does not seem to be on this site, the Coventry is.
Any reason why BOC not recommended.

Probably because if you look on BoC's UK website their current offering is only 1.21% which can be beaten by many other offerings. The FSCS thing is promoted in full on the homepage.

Bank of Cyprus does this though quite regularly, they tend to offer a market leading rate and then withdraw it two days later.