Regular Savings Accounts: The Best Currently Available List!

Speculator

Got my letter too.

Maturity date is 2nd April so the earliest we will get the cheque is 4th/5th/6th April.

nearlyretired2004

ALLEGEDLY (according to Santander rep on phone when I set up my reg saver ...) they will be offering online applications....just that its a new product.

However, I dont believe it was an overnight decision for them to suddenly offer this a/c .... so if they intend to offer online application not sure why it wasn't ready for the launch .....

badger09

nearlyretired2004 wrote: »

ALLEGEDLY (according to Santander rep on phone when I set up my reg saver ...) they will be offering online applications....just that its a new product.

However, I dont believe it was an overnight decision for them to suddenly offer this a/c .... so if they intend to offer online application not sure why it wasn't ready for the launch .....

Wonder if that's why online banking down this morning:cool:

patientperson

Steve_xx wrote: »

The letter then goes on to detail that you can choose any of their current offerings etc etc. But there is no special offer to take advantage of.

Their web site shows the 1 year bond @ 1.40% but their 2 year bond @ 1.85% is not mentioned. Our letters also offered this 2 year bond so this might be the only carrot on offer. Minimum of £1000.

I think there will be a large outflow of money from Chorley BS.

Steve_xx

patientperson wrote: »

Their web site shows the 1 year bond @ 1.40% but their 2 year bond @ 1.85% is not mentioned. Our letters also offered this 2 year bond so this might be the only carrot on offer. Minimum of £1000.

I think there will be a large outflow of money from Chorley BS.

There's a 2 year bond with State Bank of India that's paying 2.2%.

arsenalboy

Steve_xx wrote: »

There's a 2 year bond with State Bank of India that's paying 2.2%.

or 2.78% with Al Rayan for 2 years.

Steve_xx

arsenalboy wrote: »

or 2.78% with Al Rayan for 2 years.

Not quite; the Al Rayan rate is an "expected" rate. There could in be nowt at the end of the term!

Stompa

arsenalboy wrote: »

or 2.78% with Al Rayan for 2 years.

Though it's worth pointing out that that's an estimated rate. Mind you, they say they've always achieved their estimated rate in the past.

arsenalboy

Steve_xx wrote: »

Not quite; the Al Rayan rate is an "expected" rate. There could in be nowt at the end of the term!

I appreciate that.

As I understand it they cannot use the word interest for fear of being non Sharia compliant. Apparently launched in 2004 they have not missed the projected return.

With todays miserable rates, I find a return of circa 2.7 versus 2.2 attractive enough to take the small risk as all other options have been maxed out. From what I understand they are trying to gain a foothold in the market and I would imagine they would not jeopardise that by missing a return.

I would of course rather put my money with a High Street name but not at the expense of a 20/25% increase in return.

Steve_xx

arsenalboy wrote: »

I appreciate that.

As I understand it they cannot use the word interest for fear of being non Sharia compliant. Apparently launched in 2004 they have not missed the projected return.

With todays miserable rates, I find a return of circa 2.7 versus 2.2 attractive enough to take the small risk as all other options have been maxed out. From what I understand they are trying to gain a foothold in the market and I would imagine they would not jeopardise that by missing a return.

I would of course rather put my money with a High Street name but not at the expense of a 20/25% increase in return.

It isn't the non-use of the "interest" word that worries me; it's the actual use of the word "expected" that worries. They could simply elect to pay nowt. In other words it's a bond that they're not bound by.