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mebu60

OceanSound said:

mebu60 said:

*Stacey* said:

ForumUser7 said:

@soulsaver Kent Reliance EA Issue 57

Interest paid	Opening balance	AER	Gross rate
Annual	£1 - £999	0.10%	0.10%
	£1,000+	3.45%	3.45%
Monthly	£1 - £999	0.10%	0.10%
	£1,000+	3.45%	3.40%

Hello,

Do you know if existing customers will automatically be moved to the new higher interest rates, or do we need to close and reopen the account? I’ve recently opened a new account with Kent Reliance, still
learning how it all works 

You will need to open a new account. Login and apply, it's quite straightforward. I have just done it! 

I then did an internal transfer to the Issue 57 leaving £1 in the Issue 56 (minimum balance) and sent an internal secure message requesting closure of the D56 with the £1 plus interest to date to be transferred to the D57.

You will need to do before 3:30pm today if you wish to transfer your funds today otherwise set up for / wait until Tuesday. 

You might want to check out Shawbrook Issue 33 3.65% if not already done so. 

I opened a issue 35 yesterday. That had 3.65% Gross/AER too. 

Do you mean issue 35?

I do, yes, thank you, Issue 35. (I am still on 33 which unusually is being increased with no action required - yet!). 

mebu60

SJMALBA said:

Kent was a faff, IMO, compared to their 'stablemate' Charter, who allow you transfer the full balance from the old account, giving the option to close the account and automatically transfer accrued interest too - no need for secure messaging request etc. It also says with secure messages they '...hope to respond to your enquiry within 3 working days'.

I told Kent that the lack of such an option was 'disappointing'. Cynergy have the process well established now. If you're going to be part of the new issue every/most of the time brigade then at least make it slick. 

SeriousHoax

OK here goes the last time I praised chip they put up their interest rates.

Dear Chip I love you so much & since its the coronation weekend is there any chance you could give your customer's a little interest boost.❤️😍❤️😍

jak22

Kent Reliance EA accounts up to issue 51 have been at 3.45%/3.5% since 18th April https://www.kentreliance.co.uk/interest-rates - issues 52-56 still seem to be lower and even issue 57 isn't matching those earlier issues.

Pompeydave1967

SeriousHoax said:

OK here goes the last time I praised chip they put up their interest rates.

Dear Chip I love you so much & since its the coronation weekend is there any chance you could give your customer's a little interest boost.❤️😍❤️😍

Could you do your magic on Atom please SeriousHoax 

alternate

al rayan up to 3.56% gross p.a. as of yesterday.

sorry if it has already been mentioned, didnt see anything

StayinAlive

AmityNeon said:

3.56% = 3.56 / 100 = 0.0356
((0.0356 / 12) + 1)^12 = 1.036186656
1.0362 - 1 = 3.62%

x^12 = multiplying x by itself 12 times (monthly compounding)

Can anyone help an innumerate to work out the opposite of this i.e. "unraising to power of 12", into a formula to convert AER back to monthly that excel would understand.

Consumerist

StayinAlive said:

AmityNeon said:

3.56% = 3.56 / 100 = 0.0356
((0.0356 / 12) + 1)^12 = 1.036186656
1.0362 - 1 = 3.62%

x^12 = multiplying x by itself 12 times (monthly compounding)

Can anyone help an innumerate to work out the opposite of this i.e. "unraising to power of 12", into a formula to convert AER back to monthly that excel would understand.

The 12th root of x is x ^ (1/12).

Edit

AER = 3.62%

1.0362^(1/12) = 1.00295...

and 0.00295 x 12 = 0.0354...

i.e  3.54% gross

guli

StayinAlive said:

AmityNeon said:

3.56% = 3.56 / 100 = 0.0356
((0.0356 / 12) + 1)^12 = 1.036186656
1.0362 - 1 = 3.62%

x^12 = multiplying x by itself 12 times (monthly compounding)

Can anyone help an innumerate to work out the opposite of this i.e. "unraising to power of 12", into a formula to convert AER back to monthly that excel would understand.

AER to Gross -> Gross  = 12*((1+AER)^(1/12)-1)
Gross to AER -> AER = ((1+Gross/12)^12)-1

t1redmonkey

SeriousHoax said:

OK here goes the last time I praised chip they put up their interest rates.

Dear Chip I love you so much & since its the coronation weekend is there any chance you could give your customer's a little interest boost.❤️😍❤️😍

Very wishful thinking since their rate is still the top one so no real reason for them to bother increasing yet