Skipton Building Society

Saga

I've read the specific and general T&Cs, however, can someone clarity, please: it's stated "Annual interest is earned daily and paid on the anniversary of account opening".  What happens to the interest earned should you have to close the account before maturity?  Do you lose this or is it paid at closure?  I apologise if I've missed this when going through the T&Cs.

Saga

retiree said:

I have a mobile phone, but it is not a smartphone, so I cannot download an app. Is this going to be a problem?

What is so many banks' motivation for having customers use a mobile app?  Is it for the easy access to location and other personal data, or better security?

jen49

Just opened an account and must say was very quick and easy 

wiseonesomeofthetime

Saga said:

I've read the specific and general T&Cs, however, can someone clarity, please: it's stated "Annual interest is earned daily and paid on the anniversary of account opening".  What happens to the interest earned should you have to close the account before maturity?  Do you lose this or is it paid at closure?  I apologise if I've missed this when going through the T&Cs.

This account does not mature as there is no minimum term.

The bonus only lasts 12 months, currently 0.50%

I, too, could not find any specific T&C about interest when you close your account, however, the norm is that you get interest up to, and including, the day before the account is closed. No interest is paid on the amount withdrawn for the day of withdrawal. So that would include closure.

26.4 does cover where they close your account.
"Where we close your account, we will pay interest at the rate which applies to your account up to the day your account is closed. "

INTEREST AND CHARGES

20. Interest

20.1 Unless the account terms say otherwise:

20.1.1  You won’t earn interest on the day money’s paid out of your account (including if your account is being closed) or on amounts less than £1.

20.1.2  We’ll calculate the interest you earn on a daily basis. Except on 29 February each leap year, when no interest will be calculated or added to your account. - At least a while until another one of them 😀

1882

How long do they take to show bank transfers? Mine isn't showing after around an hour of the faster payment bong made - I've checked the correct details were used.

**It's now showing, so perhaps an hours and a half**

retiree

Saga said:

What is so many banks' motivation for having customers use a mobile app?  Is it for the easy access to location and other personal data, or better security?

I believe it is now a requirement for there to be two levels of security - something you know (password) and something you have (mobile phone, bank card, etc).

John464

I had an account with Skipton which I closed about 10 years ago when I found a better rate elsewhere.  But my log in details and grid card still worked -  so was able to open this one in seconds without having to prove my ID again.

John464

1882 said:

How long do they take to show bank transfers? Mine isn't showing after around an hour of the faster payment bong made - I've checked the correct details were used.

**It's now showing, so perhaps an hours and a half**

Looks like we send the money to Skiptons account, then they transfer it to ours using our account number as reference.  
So it may not be done until someone is available in the office to do it? 

Speedbird676

John464 said:

1882 said:

How long do they take to show bank transfers? Mine isn't showing after around an hour of the faster payment bong made - I've checked the correct details were used.

**It's now showing, so perhaps an hours and a half**

Looks like we send the money to Skiptons account, then they transfer it to ours using our account number as reference.  
So it may not be done until someone is available in the office to do it? 

It's more likely they run periodic batch jobs that allocate funds to customer accounts from their clearing account.

colsten

I have made 3 bank transfers to my new Skipton account. They don’t arrive instantly but all arrived within the hour. I like their optional email notifiers which confirm deposits.