The Top Easy Access Savings Discussion Area

kjs31

I had an email from Aldermore today telling me that the interest rate was increasing. Good I thought, then I read the email and the rate hasn’t increased at all from 4th August. I was about to move my money from them anyway so this has settled it. 

chris_the_bee

kjs31 said:

I had an email from Aldermore today telling me that the interest rate was increasing. Good I thought, then I read the email and the rate hasn’t increased at all from 4th August. I was about to move my money from them anyway so this has settled it. 

Check the rate in your online account before you ditch. It rose to 4.7% WEF 18th August.

martinm1

metrobus said:

I am transferring a maturing bond with Charter Bank into an existing Easy Access issue 28 account, I have asked what interest would be applied expecting 4.8% since it’s an no longer available account, but they say 4.27% is this correct? Their current EA acc pays 4.5%Thank you.

Suggest you move your money to someone that will pay you well rather than leave with them for convenience on your part.

cadguy77

metrobus said:

I am transferring a maturing bond with Charter Bank into an existing Easy Access issue 28 account, I have asked what interest would be applied expecting 4.8% since it’s an no longer available account, but they say 4.27% is this correct? Their current EA acc pays 4.5%Thank you.

Issue 28 is 4.27% monthly gross/4.35% AER

https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01502_savings_interest_summary.pdf

flobbalobbalob

cadguy77 said:

metrobus said:

I am transferring a maturing bond with Charter Bank into an existing Easy Access issue 28 account, I have asked what interest would be applied expecting 4.8% since it’s an no longer available account, but they say 4.27% is this correct? Their current EA acc pays 4.5%Thank you.

Issue 28 is 4.27% monthly gross/4.35% AER

https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01502_savings_interest_summary.pdf

Which means you have to open their current issue at 4.5% AER which is why I've given up on them. They reward loyalty but only to their most recent NLA issues. It's a devious game they are playing

metrobus

cadguy77 said:

Imetrobus said:

I am transferring a maturing bond with Charter Bank into an existing Easy Access issue 28 account, I have asked what interest would be applied expecting 4.8% since it’s an no longer available account, but they say 4.27% is this correct? Their current EA acc pays 4.5%Thank you.

Issue 28 is 4.27% monthly gross/4.35% AER

https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01502_savings_interest_summary.pdf

My mistake then, I was under the impression that all NLA EA accounts with Charter would increase to 4.8%. Thank you.

poppystar

chris_the_bee said:

kjs31 said:

I had an email from Aldermore today telling me that the interest rate was increasing. Good I thought, then I read the email and the rate hasn’t increased at all from 4th August. I was about to move my money from them anyway so this has settled it. 

Check the rate in your online account before you ditch. It rose to 4.7% WEF 18th August.

That’s what I thought and wondered if they’d just sent an old email by mistake but looking in my account shows the interest at this rate not 4.7%. Yet I didn’t think Aldermore has different issues? Anyone else still showing at old rate?

dpg100

mebu60 said:

metrobus said:

I am transferring a maturing bond with Charter Bank into an existing Easy Access issue 28 account, I have asked what interest would be applied expecting 4.8% since it’s an no longer available account, but they say 4.27% is this correct? Their current EA acc pays 4.5%Thank you.

Issue 42, also NLA, remains at 4.55% rather than 4.8%. I have raised a formal complaint via secure message. They are considering what action to take! Others have done the same. Suggest you do similar unless Issue 28 was 4.02% previously in which case you would be better migrating to Issue 43 at 4.5%. If not you would expect an uplift to 4.52% as it's NLA. 

I've just received the following after my complaint:

"Please accept my apologies regarding the interest rate on your Easy Access Issue 42 Account. I can confirm we are aware of this and currently investigating this. Please be advised we will contact you by email in due course regarding this."

They appear to be dragging this out and not to be trusted. I've already removed most of my money and rather suspect this will end with a FCA complaint.

ColdIron

poppystar said:

That’s what I thought and wondered if they’d just sent an old email by mistake but looking in my account shows the interest at this rate not 4.7%. Yet I didn’t think Aldermore has different issues? Anyone else still showing at old rate?

It will show the gross rate for monthly interest which is 4.70% AER

janusdesign

dpg100 said:

mebu60 said:

metrobus said:

I am transferring a maturing bond with Charter Bank into an existing Easy Access issue 28 account, I have asked what interest would be applied expecting 4.8% since it’s an no longer available account, but they say 4.27% is this correct? Their current EA acc pays 4.5%Thank you.

Issue 42, also NLA, remains at 4.55% rather than 4.8%. I have raised a formal complaint via secure message. They are considering what action to take! Others have done the same. Suggest you do similar unless Issue 28 was 4.02% previously in which case you would be better migrating to Issue 43 at 4.5%. If not you would expect an uplift to 4.52% as it's NLA. 

They appear to be dragging this out and not to be trusted. I've already removed most of my money and rather suspect this will end with a FCA complaint.

I closed my Issue 42 (only opened two weeks before) when it wasn't on the updated rate list - i'm not keeping £5k @ 4.55% for no reason - even at 4.8%, there were alternatives back then (let alone now).

I suspect that i'll only use Charter for fixes in the future.