The Top Easy Access Savings Discussion Area

ircE

TheBanker said:

RobfromCornwall said:

TheBanker said:

Years ago before Sharia banking products were common, the bank I worked for often had customers asking us to set their interest rate to 0%. 

And was that possible?!

Yes

iNeed2P said:

RobfromCornwall said:

TheBanker said:

Years ago before Sharia banking products were common, the bank I worked for often had customers asking us to set their interest rate to 0%. 

And was that possible?!

What d'ya reckon? Bank and customers defrauding HMRC.

Nobody was defrauding anybody. The customer received 0% interest. In those days the bank paid interest net of basic rate tax, so we made sure to deduct 20% of nothing and send it to HMRC.

Very off-topic at this point but I can't help but wonder - why not just create a current account rather than open a savings account and ask the rate to be set to 0?

dgpur

ircE said:

TheBanker said:

RobfromCornwall said:

TheBanker said:

Years ago before Sharia banking products were common, the bank I worked for often had customers asking us to set their interest rate to 0%. 

And was that possible?!

Yes

iNeed2P said:

RobfromCornwall said:

TheBanker said:

Years ago before Sharia banking products were common, the bank I worked for often had customers asking us to set their interest rate to 0%. 

And was that possible?!

What d'ya reckon? Bank and customers defrauding HMRC.

Nobody was defrauding anybody. The customer received 0% interest. In those days the bank paid interest net of basic rate tax, so we made sure to deduct 20% of nothing and send it to HMRC.

Very off-topic at this point but I can't help but wonder - why not just create a current account rather than open a savings account and ask the rate to be set to 0?

Because they want to save some money rand spend other money. Saving in Islam is halal (allowed), interest is haram (forbidden).

Bridlington1

@soulsaver
I can't seem to see this mentioned anywhere but Buckinghamshire single access saver now pays 3.8%. Post/branch opening but can be managed online once opened.

SeriousHoax

Dear Chip any chance of a little interest rates boost.😁

Go on you know you want to.😛

jaceyboy

SeriousHoax said:

Dear Chip any chance of a little interest rates boost.😁

Go on you know you want to.😛

I emailed Chip today asking if they would be raising their rates soon, Mohammed answered and told me they cannot discuss it and if they do I would receive an email, thinking they might not be doing it so might move my funds out...

Zaul22

Chip are probably testing peoples loyalty now they are actually profitable. They know some will move to Gatehouse but want to watch exactly how many. Any they do lose will be immediately be back if they do put the rate up. 

jaceyboy

Zaul22 said:

Chip are probably testing peoples loyalty now they are actually profitable. They know some will move to Gatehouse but want to watch exactly how many. Any they do lose will be immediately be back if they do put the rate up. 

Loyalty lol, they are making money using our money....

RobinhoodSavings

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

Futuristic

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

As a nerd I already found the product which you can open once logged in:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/productfeatures.aspx?prodCode=FASO&CTALinks=False

Bridlington1

Futuristic said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

As a nerd I already found the product which you can open once logged in:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/productfeatures.aspx?prodCode=FASO&CTALinks=False

Though the application form isn't live yet so it looks like I'll have to wait until tomorrow before applying.

If anyone wants a defacto 8 access account it may be worth noting that you can open both the annual and monthly interest versions of the account since their systems treat them as two separate products. I've done this with 2 different issues of their 6-access accounts before without issues.