Skipton Building Society

veryintrigued

Ed-1 said:

veryintrigued said:

where_are_we said:

This is one of the few downsides to the S7 ie payments are only executed on working days. We have more than £10k going out of our current account on Monday to fund the regular savers - loss of about a £1 in interest is bearable.

I have similar but I slide the amount into my next best paying C/As today and then onto the C/A where the s.o's are withdrawn from on Sunday.

Takes a couple of mins max if you have that option.

Is it really worth looking like a laundering risk for a quid?

If that's the criteria for 'laundering risk' then I've been that many, many times over umpteen years.

RG2015

Ed-1 said:

veryintrigued said:

where_are_we said:

This is one of the few downsides to the S7 ie payments are only executed on working days. We have more than £10k going out of our current account on Monday to fund the regular savers - loss of about a £1 in interest is bearable.

I have similar but I slide the amount into my next best paying C/As today and then onto the C/A where the s.o's are withdrawn from on Sunday.

Takes a couple of mins max if you have that option.

Is it really worth looking like a laundering risk for a quid?

I move money all the time to get the best rates and you are suggesting this may be seen as a money laundering risk.

I genuinely cannot see that moving money between my own accounts could be seen as potential money laundering. Surely this has to include money coming from or going to an external source.

gwapenut

Can I ask, have Skipton maintained the initial interest rate? I have just received notice from the Coventry that they're slashing  their similar rate, launched just a few months ago, by more than half. I wondered how "honourable" skipton are in comparison?

RG2015

gwapenut said:

Can I ask, have Skipton maintained the initial interest rate? I have just received notice from the Coventry that they're slashing  their similar rate, launched just a few months ago, by more than half. I wondered how "honourable" skipton are in comparison?

Yes, still 1.2% which includes a 0.5% bonus for 12 months.

colsten

RG2015 said:

gwapenut said:

Can I ask, have Skipton maintained the initial interest rate? I have just received notice from the Coventry that they're slashing  their similar rate, launched just a few months ago, by more than half. I wondered how "honourable" skipton are in comparison?

Yes, still 1.2% which includes a 0.5% bonus for 12 months.

The underlying rate is variable though, so they could slash it any time they like.

RG2015

colsten said:

RG2015 said:

gwapenut said:

Can I ask, have Skipton maintained the initial interest rate? I have just received notice from the Coventry that they're slashing  their similar rate, launched just a few months ago, by more than half. I wondered how "honourable" skipton are in comparison?

Yes, still 1.2% which includes a 0.5% bonus for 12 months.

The underlying rate is variable though, so they could slash it any time they like.

I have always assumed that the 0.5% bonus is fixed for the 12 months although I cannot find this explicitly mentioned in the Ts and Cs. That alone though is close to being a best current instant access rate.

gwapenut

Thanks. I was unlucky enough to opt for the Coventry, who have slashed the rate after a few months, and the Newcastle Triple Access who, after a month or so, decided to invoke a clause prohibiting any further deposits, making it useless as an ongoing easy access account, but they have at least not trimmed their rate down to the minimum allowed by their rate guarantee.

colsten

RG2015 said:

colsten said:

RG2015 said:

gwapenut said:

Can I ask, have Skipton maintained the initial interest rate? I have just received notice from the Coventry that they're slashing  their similar rate, launched just a few months ago, by more than half. I wondered how "honourable" skipton are in comparison?

Yes, still 1.2% which includes a 0.5% bonus for 12 months.

The underlying rate is variable though, so they could slash it any time they like.

I have always assumed that the 0.5% bonus is fixed for the 12 months although I cannot find this explicitly mentioned in the Ts and Cs. That alone though is close to being a best current instant access rate.

I also think the bonus is fixed, so possibly the worst case in the immediate future would be a drop to 0.5%. I hope we won't have to find out.

RG2015

Just received an email from the CEO of Skipton telling me that they were here for me. No mention of any rate change.

kaMelo

colsten said:

RG2015 said:

colsten said:

RG2015 said:

gwapenut said:

Can I ask, have Skipton maintained the initial interest rate? I have just received notice from the Coventry that they're slashing  their similar rate, launched just a few months ago, by more than half. I wondered how "honourable" skipton are in comparison?

Yes, still 1.2% which includes a 0.5% bonus for 12 months.

The underlying rate is variable though, so they could slash it any time they like.

I have always assumed that the 0.5% bonus is fixed for the 12 months although I cannot find this explicitly mentioned in the Ts and Cs. That alone though is close to being a best current instant access rate.

I also think the bonus is fixed, so possibly the worst case in the immediate future would be a drop to 0.5%. I hope we won't have to find out.

The bonus is fixed at 0.5% for twelve months.