The Top Easy Access Savings Discussion Area

t33

A Charter Savings question.  I put £5010 into an Issue 30 but it seems it's not going to be raised to the 3% expected of other earlier issues.  I've looked but cant find the answer, but can I withdraw say £5k and leave £10 to keep the account open for the future or does it automatically get closed when below the £5k required to open the account?

Tks

TiVo_Lad

t33 said:

A Charter Savings question.  I put £5010 into an Issue 30 but it seems it's not going to be raised to the 3% expected of other earlier issues.  I've looked but cant find the answer, but can I withdraw say £5k and leave £10 to keep the account open for the future or does it automatically get closed when below the £5k required to open the account?

Tks

From the Charter Website:

If your balance falls below £5,000, your interest rate will reduce to 0.10% AER* (0.10% annual GROSS**; 0.10% monthly GROSS**) fixed until your balance increases to £5,000 or more

So yes you can do what you suggest.

flobbalobbalob

TiVo_Lad said:

t33 said:

A Charter Savings question.  I put £5010 into an Issue 30 but it seems it's not going to be raised to the 3% expected of other earlier issues.  I've looked but cant find the answer, but can I withdraw say £5k and leave £10 to keep the account open for the future or does it automatically get closed when below the £5k required to open the account?

Tks

From the Charter Website:

If your balance falls below £5,000, your interest rate will reduce to 0.10% AER* (0.10% annual GROSS**; 0.10% monthly GROSS**) fixed until your balance increases to £5,000 or more

So yes you can do what you suggest.

Not necessarily - Shawbrook has a similar reduction when below the minimum balance. But that is only used while they give you time to add funds to the minimum again. Otherwise they close the account.

Joliet_Jake

t33 said:

A Charter Savings question.  I put £5010 into an Issue 30 but it seems it's not going to be raised to the 3% expected of other earlier issues.  I've looked but cant find the answer, but can I withdraw say £5k and leave £10 to keep the account open for the future or does it automatically get closed when below the £5k required to open the account?

Tks

Ive got a £1 in issue 27 still.

jaypers

Joliet_Jake said:

t33 said:

A Charter Savings question.  I put £5010 into an Issue 30 but it seems it's not going to be raised to the 3% expected of other earlier issues.  I've looked but cant find the answer, but can I withdraw say £5k and leave £10 to keep the account open for the future or does it automatically get closed when below the £5k required to open the account?

Tks

Ive got a £1 in issue 27 still.

Are you topping up now as it will be 3% on £5k or over from today? 

cwep2

t33 said:

A Charter Savings question.  I put £5010 into an Issue 30 but it seems it's not going to be raised to the 3% expected of other earlier issues.  I've looked but cant find the answer, but can I withdraw say £5k and leave £10 to keep the account open for the future or does it automatically get closed when below the £5k required to open the account?

Tks

I've had a nominal amount (<£5) in there since October to keep account open. It just shows as 0.10% interest but they won't ask you to close it. Worth keeping so you can take advantage when rates rise.

One thing to bear in mind with Charter Savings (and a few others like Yorkshire BS, Ford Money) when you withdraw from them it takes at least a day for money to hit your current account, even if you withdraw 9am Monday morning, you will only get it on Tuesday. So if you are switching to another account from them you will lose a day's interest. Of course leaving money in there for several months this is unlikely to make much difference, but it's definitely a disadvantage vs accounts that pay with faster payments same day.

Personally I'd rather get the 2.9% in Cynergy vs the 3% in Charter savings right now, simply because I think rates will all change again in a couple of weeks post the next Bank of England decision, and even with the 0.1% extra rate, you are worse off unless it's in the account for at least 29 days.

esksbanker

BestSeagull said:

2010 said:

Thought I saw somewhere about Charter changing rates on Monday.
Anyone know?

I have Charter easy access issue 28 and got the email saying 3% on the 23rd.

I've just checked my Charter account for the first time in months, I also have easy access issue 28 my balance is £4.37. Never received any email notification about rates changing and I can't see anything about rate increases on my account?
I've reached the max for £85000 protection in my Coventry account and now looking for a home for my surplus savings.

RG2015

esksbanker said:

BestSeagull said:

2010 said:

Thought I saw somewhere about Charter changing rates on Monday.
Anyone know?

I have Charter easy access issue 28 and got the email saying 3% on the 23rd.

I've just checked my Charter account for the first time in months, I also have easy access issue 28 my balance is £4.37. Never received any email notification about rates changing and I can't see anything about rate increases on my account?
I've reached the max for £85000 protection in my Coventry account and now looking for a home for my surplus savings.

Heinous identity theft on the Esk. 

eskbanker

RG2015 said:

esksbanker said:

BestSeagull said:

2010 said:

Thought I saw somewhere about Charter changing rates on Monday.
Anyone know?

I have Charter easy access issue 28 and got the email saying 3% on the 23rd.

I've just checked my Charter account for the first time in months, I also have easy access issue 28 my balance is £4.37. Never received any email notification about rates changing and I can't see anything about rate increases on my account?
I've reached the max for £85000 protection in my Coventry account and now looking for a home for my surplus savings.

Heinous identity theft on the Esk. 

Not sure whether to be flattered or offended by the appearance of a tribute act!  Time will tell....

ForumUser7

esksbanker said:

BestSeagull said:

2010 said:

Thought I saw somewhere about Charter changing rates on Monday.
Anyone know?

I have Charter easy access issue 28 and got the email saying 3% on the 23rd.

I've just checked my Charter account for the first time in months, I also have easy access issue 28 my balance is £4.37. Never received any email notification about rates changing and I can't see anything about rate increases on my account?
I've reached the max for £85000 protection in my Coventry account and now looking for a home for my surplus savings.

This is likely because your balance is below £5000, so gets the lower tiered rate of interest of ~0.1%