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The Top Fixed Interest Savings Discussion Area
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The process for maturity instructions with Kent Reliance doesnt seem great - and this experience is reflected in comments on Trust Pilot although I dont see much here about it.
There's no maturity mechanism online, they say they'll write - and apparently they do mean by post - at two weeks before but this seems optimistic, and the instruction may be expected by post too - otherwise it would be to try a call or message.0 -
pecunianonolet said:refluxer said:I note we're getting tantalisingly close to an average return of 6% PA for a 5-year fixed rate, if interest is allowed to compound.
Unfortunately, Tandem (at 5.35%) only allows interest to be paid away, otherwise this would have given around 5.95%.
I reckon we need a 5-year fix at around 5.39% (which allows compounding) to achieve 6% PA (although this might vary slightly depending on whether interest is added monthly or annually)... that's using my simple Excel-based calculations, at least !
This is for interest added annually (monthly interest results would differ slightly, presumably)...
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pecunianonolet said:refluxer said:I note we're getting tantalisingly close to an average return of 6% PA for a 5-year fixed rate, if interest is allowed to compound.
Unfortunately, Tandem (at 5.35%) only allows interest to be paid away, otherwise this would have given around 5.95%.
I reckon we need a 5-year fix at around 5.39% (which allows compounding) to achieve 6% PA (although this might vary slightly depending on whether interest is added monthly or annually)... that's using my simple Excel-based calculations, at least !1.0539 ^ 5 is 1.300Calculations like this require, and deliver the Interest Factor - which is 1 plus the interest rate divided by 100.So 1.0539 is the interest factor for 5.39%.And the result of the calculation, 1.300, is the interest factor for 6.0% p.a. (30.0% / 5 years)2 -
jak22 said:The process for maturity instructions with Kent Reliance doesnt seem great - and this experience is reflected in comments on Trust Pilot although I dont see much here about it.
There's no maturity mechanism online, they say they'll write - and apparently they do mean by post - at two weeks before but this seems optimistic, and the instruction may be expected by post too - otherwise it would be to try a call or message.
They write to you at maturity and give you options if you do nothing they choose the option as indicated in the letter which is usually a similar account to what you have already had if you don't want to take that option you can either send the letter back or you can phone them and tell him what you do want done with funds I've had a number of accounts and never had a problem
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southone said:jak22 said:The process for maturity instructions with Kent Reliance doesnt seem great - and this experience is reflected in comments on Trust Pilot although I dont see much here about it.
There's no maturity mechanism online, they say they'll write - and apparently they do mean by post - at two weeks before but this seems optimistic, and the instruction may be expected by post too - otherwise it would be to try a call or message.
They write to you at maturity and give you options if you do nothing they choose the option as indicated in the letter which is usually a similar account to what you have already had if you don't want to take that option you can either send the letter back or you can phone them and tell him what you do want done with funds I've had a number of accounts and never had a problem
Re: "I dont see much here about it" there's a whole massive thread about KR on here with lots of people complaining (self included) somewhere.
The nub of the issue for me is that their systems aren't anywhere near as online as they need to be, and if you need to do anything at all not 100% straightforward, then you're at the whim of an (IMO) understaffed operation. My personal 'mistake' was needing to change my nominated account (because Tesco bank closed down). It took nearly a month in the end - I did at least get £30 compensation.
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Frequentlyhere said:southone said:jak22 said:The process for maturity instructions with Kent Reliance doesnt seem great - and this experience is reflected in comments on Trust Pilot although I dont see much here about it.
There's no maturity mechanism online, they say they'll write - and apparently they do mean by post - at two weeks before but this seems optimistic, and the instruction may be expected by post too - otherwise it would be to try a call or message.
They write to you at maturity and give you options if you do nothing they choose the option as indicated in the letter which is usually a similar account to what you have already had if you don't want to take that option you can either send the letter back or you can phone them and tell him what you do want done with funds I've had a number of accounts and never had a problem
Re: "I dont see much here about it" there's a whole massive thread about KR on here with lots of people complaining (self included) somewhere.
The nub of the issue for me is that their systems aren't anywhere near as online as they need to be, and if you need to do anything at all not 100% straightforward, then you're at the whim of an (IMO) understaffed operation. My personal 'mistake' was needing to change my nominated account (because Tesco bank closed down). It took nearly a month in the end - I did at least get £30 compensation.0 -
southone said:jak22 said:The process for maturity instructions with Kent Reliance doesnt seem great - and this experience is reflected in comments on Trust Pilot although I dont see much here about it.
There's no maturity mechanism online, they say they'll write - and apparently they do mean by post - at two weeks before but this seems optimistic, and the instruction may be expected by post too - otherwise it would be to try a call or message.
They write to you at maturity and give you options if you do nothing they choose the option as indicated in the letter which is usually a similar account to what you have already had if you don't want to take that option you can either send the letter back or you can phone them and tell him what you do want done with funds I've had a number of accounts and never had a problem
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Anyone experience of Allica Bank? They currently offer 12 month fixed at 5.51%Some reviews on trustpilot aren't great though.
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refluxer said:pecunianonolet said:refluxer said:I note we're getting tantalisingly close to an average return of 6% PA for a 5-year fixed rate, if interest is allowed to compound.
Unfortunately, Tandem (at 5.35%) only allows interest to be paid away, otherwise this would have given around 5.95%.
I reckon we need a 5-year fix at around 5.39% (which allows compounding) to achieve 6% PA (although this might vary slightly depending on whether interest is added monthly or annually)... that's using my simple Excel-based calculations, at least !
This is for interest added annually (monthly interest results would differ slightly, presumably)...
Gross rates can be very misleading for comparative purposes, as they need to be considered with interest payment frequency before achieving apples vs apples comparisons.
AER is still the benchmark for me and so sadly, I don't see the market as being close to 6% quite yet.3
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