Charter Bank savings rates, am I missing something?

sweetsand

Hey

FYI - we had an amount saved, fixed term at almost 2%, that matured about 9 months ago i think or a bit longer and we moved the money into p/bonds and NS&! variable rate.
As you may be aware the NS&! rtes and fallen off a cliff edge or will do come Nov
look at Charter bank via Google 'fixed rate' all I can see is ISA 0-5%. I went direct to Charter bank and same results.
Currently we have applyed for the 'double saver' with the Coventry  at just over 1% vraiable but can go fixed as we 
will be keeping an x amount in P/bonds
https://www.chartersavingsbank.co.uk/AtAGlance

so, is this unsual just to have a couple of saving rates or am I having trouble looking up the Charter Bank site please
TIA

ps - I have been looking at fixed rates and posted a thread here a couple of days ago and considering Metro bank but a bit worried re them and I am aware the the financial protection but the last thing you want is to having to use that scheme.

phillw

Negative interest rates are coming, nothing is unusual now.

Paenymion

That's all Charter Bank has.  0.5% might look generous in 6 months

sweetsand

Thanks for the confirmation - never seen anyhting like it so I thought I'd ask.
We have the max in p/bonds and that is going down to 1% from not bad in the scheme of things.
Thanks again

d63

for what its worth raisin is currently offering a 2 year fix at 1.31% with charter savings. 
https://www.raisin.co.uk/savings-accounts/fixed-rate-bonds/
but i dare say this too will have vanished come monday morning! 

eskbanker

sweetsand said:

I am aware the the financial protection but the last thing you want is to having to use that scheme.

Why?  If you're looking at fixed rate/term money that's obviously not needed in a hurry then what's the problem with FSCS taking a week to return your money (automatically, no need to claim) if an institution goes pop?

Stuart_T

I too shifted a significant sum from NS&I via my bank to Raisin for the Charter Saving Bank 2 year 1.31% rate only to be declined last night. 

Yes, their Web site seems to make no mention of this rate. I suspect they have been adequatly funded and have withdrawn the deal.

Using Googles cached information just now:  ( I am a neebie and I am not allowed to post links!  Remove the spaces)

h t t p s :   //webcache.googleusercontent.com/search?q=cache:1b64qIaOy24J:https://www.chartersavingsbank.co.uk/+&cd=1&hl=en&ct=clnk&gl=uk&client=firefox-b-d

It refers to Fixed deals so it looks like they have recently withdrawn the offer.

Stuart

sweetsand

eskbanker said:

sweetsand said:

I am aware the the financial protection but the last thing you want is to having to use that scheme.

Why?  If you're looking at fixed rate/term money that's obviously not needed in a hurry then what's the problem with FSCS taking a week to return your money (automatically, no need to claim) if an institution goes pop?

Are you saying if bank, saving org X went belly up, i would get my up to the max limit covered by the compensation scheme back within a week??
Years ago our stock broker, non advisory went belly up, about 5 yrs ago i think and it took a good few months for another broker to take over the failed co and us to get our cash and shares back/access.
Please confirm that you are saying a failed bank means you get you money back in a "week"!
Thanks

sweetsand

Stuart_T said:

I too shifted a significant sum from NS&I via my bank to Raisin for the Charter Saving Bank 2 year 1.31% rate only to be declined last night. 

Yes, their Web site seems to make no mention of this rate. I suspect they have been adequatly funded and have withdrawn the deal.

Using Googles cached information just now:  ( I am a neebie and I am not allowed to post links!  Remove the spaces)

h t t p s :   //webcache.googleusercontent.com/search?q=cache:1b64qIaOy24J:https://www.chartersavingsbank.co.uk/+&cd=1&hl=en&ct=clnk&gl=uk&client=firefox-b-d

It refers to Fixed deals so it looks like they have recently withdrawn the offer.

Stuart

Thank you.
Re the Rasin saving I read yesterday it was a 'sheria' sorry re spelling not sure but they do not gurantee the amount stated as its subject to a few things and someone posted a link to that fact from this site.
Appreciated.
x

eskbanker

sweetsand said:

eskbanker said:

sweetsand said:

I am aware the the financial protection but the last thing you want is to having to use that scheme.

Why?  If you're looking at fixed rate/term money that's obviously not needed in a hurry then what's the problem with FSCS taking a week to return your money (automatically, no need to claim) if an institution goes pop?

Are you saying if bank, saving org X went belly up, i would get my up to the max limit covered by the compensation scheme back within a week??
Years ago our stock broker, non advisory went belly up, about 5 yrs ago i think and it took a good few months for another broker to take over the failed co and us to get our cash and shares back/access.
Please confirm that you are saying a failed bank means you get you money back in a "week"!
Thanks

https://www.fscs.org.uk/what-we-cover/banks-building-societies/

You don’t need to do anything – FSCS will compensate you automatically.

[...]

How long will a claim against a failed bank or building society take?

7 days

FSCS aims to pay compensation within seven days of a bank or building society failing. More complex cases will take longer.

It's an entirely different story when investment firms fail so don't be influenced by timescales applying to them....

Aged

Charter had better rates during the week but they were quickly snapped up. By the time I'd managed to get my cash from NS&I they had gone. I ended up going with Kent Reliance.