Skipton Building Society

Speculator

Deleted_User said:

Speculator said:

BOS vantage/Club Lloyds beats this now (from 17th March) on £5000 balance.

I still get £5 a month bonus from the Halifax for keeping a minimum of a £5000 balance. I think that beats the one quoted though no idea if it is still available.

it's not necessary to keep £5000 in it to get £5.
I am spending £500 per month via debit card to get £5 pm.   I simply deposit £500 into my Skipton via debit card every month.
 My balance in my Reward current a/c is currently £1.
You need to wait until the anniversary of account opening to select spend £500 pm instead of keeping a balance of £5000 in the account.

colsten

Speculator said:

You need to wait until the anniversary of account opening to select spend £500 pm instead of keeping a balance of £5000 in the account.

I don't think you need to wait. You should be able to downgrade your account, then re-upgrade and select a different reward option. But this should be one for the Halifax Reward thread, not the Skipton one.

ad1927

ivormonee said:

Although the rates have dropped they still seem to be better than what's available elsewhere. There's nothing that close to the 0.65% rate; the next best is 0.50% and even that comes with strings attached.

Probably true, but unless you have thousands of pounds of savings, then these rate changes are now so negligible that most of us are moving money from one savings account to another for the sake of a quid or two.  I know that goes against the general "money saving" ethos of this site, but it's no longer worth the hassle is it?  

ivormonee

ad1927 said:

ivormonee said:

Although the rates have dropped they still seem to be better than what's available elsewhere. There's nothing that close to the 0.65% rate; the next best is 0.50% and even that comes with strings attached.

Probably true, but unless you have thousands of pounds of savings, then these rate changes are now so negligible that most of us are moving money from one savings account to another for the sake of a quid or two.  I know that goes against the general "money saving" ethos of this site, but it's no longer worth the hassle is it?  

I was thinking exactly that myself earlier. I think I will probably no longer go through the moving around process for the pretty insignificant benefit that might be obtained.

Just for some perspective, a 0.05% increase on £10,000 would give you an additional £5 per year - not even quite enough for a single pint of beer when the pubs re-open!

[Deleted User]

Speculator said:

Deleted_User said:

Speculator said:

BOS vantage/Club Lloyds beats this now (from 17th March) on £5000 balance.

I still get £5 a month bonus from the Halifax for keeping a minimum of a £5000 balance. I think that beats the one quoted though no idea if it is still available.

it's not necessary to keep £5000 in it to get £5.
I am spending £500 per month via debit card to get £5 pm.   I simply deposit £500 into my Skipton via debit card every month.
 My balance in my Reward current a/c is currently £1.
You need to wait until the anniversary of account opening to select spend £500 pm instead of keeping a balance of £5000 in the account.

I'm retired, don't spend that much and when I do use an AMEX card. I use the Halifax account purely for savings. Like I said, it's about the best return for £5,000.

anxiousnow

Speculator said:

Deleted_User said:

Speculator said:

BOS vantage/Club Lloyds beats this now (from 17th March) on £5000 balance.

I still get £5 a month bonus from the Halifax for keeping a minimum of a £5000 balance. I think that beats the one quoted though no idea if it is still available.

it's not necessary to keep £5000 in it to get £5.
I am spending £500 per month via debit card to get £5 pm.   I simply deposit £500 into my Skipton via debit card every month.
 My balance in my Reward current a/c is currently £1.
You need to wait until the anniversary of account opening to select spend £500 pm instead of keeping a balance of £5000 in the account.

This is what I'm doing too, Speculator, and will probably continue to use the Skipton account just for these Halifax debit card transactions, for £5 per month while it lasts. I believe you also need to pay in £1500 to your Halifax account each month (and keep your balance above zero). 

Speculator

anxiousnow said:

Speculator said:

Deleted_User said:

Speculator said:

BOS vantage/Club Lloyds beats this now (from 17th March) on £5000 balance.

I still get £5 a month bonus from the Halifax for keeping a minimum of a £5000 balance. I think that beats the one quoted though no idea if it is still available.

it's not necessary to keep £5000 in it to get £5.
I am spending £500 per month via debit card to get £5 pm.   I simply deposit £500 into my Skipton via debit card every month.
 My balance in my Reward current a/c is currently £1.
You need to wait until the anniversary of account opening to select spend £500 pm instead of keeping a balance of £5000 in the account.

This is what I'm doing too, Speculator, and will probably continue to use the Skipton account just for these Halifax debit card transactions, for £5 per month while it lasts. I believe you also need to pay in £1500 to your Halifax account each month (and keep your balance above zero). 

yeah, transfer in and out (from 1.44% Halifax instant access a/c) , takes about 10 seconds.

Speculator

Deleted_User said:

Speculator said:

Deleted_User said:

Speculator said:

BOS vantage/Club Lloyds beats this now (from 17th March) on £5000 balance.

I still get £5 a month bonus from the Halifax for keeping a minimum of a £5000 balance. I think that beats the one quoted though no idea if it is still available.

it's not necessary to keep £5000 in it to get £5.
I am spending £500 per month via debit card to get £5 pm.   I simply deposit £500 into my Skipton via debit card every month.
 My balance in my Reward current a/c is currently £1.
You need to wait until the anniversary of account opening to select spend £500 pm instead of keeping a balance of £5000 in the account.

I'm retired, don't spend that much and when I do use an AMEX card. I use the Halifax account purely for savings. Like I said, it's about the best return for £5,000.

I am not actually spending £500. I am transferring it to my Skipton a/c via debit card.

lhsecons

colsten said:

It had to happen. Rate of Bonus Saver Issue 7 drops from 1.2% to 0.65% (var) on 17 March 2021. Still one of the best legacy instant access rates, though for me it will be back to Al Rayan at 1.02% whilst that one lasts.

Also, the 0.65% includes a 0.5% bonus which lasts until September, so the underlying rate is a mere 0.15%.

This has been a great account paying above market rates for months. I suppose it had to go but it’s getting very difficult to get any return anywhere now. I remember the wishful speculation on here when it was launched that it might herald an upturn in rates. Still I suppose we were lucky to have it for so long. I find Al Rayan’s app to be impenetrable whereas the Skipton had such a straightforward procedure.

ivormonee

Depending on which measure of inflation we look at, if we take the lowest, which is 0.7% (CPI) then I don't believe there's any easy access or one year fix that matches it, let alone beats it. So, wherever you save your money you lose in real terms!