1 YEAR FIX - AL RAYAN BANK 2.11 %

Rich2808

bristolleedsfan said:

https://www.alrayanbank.co.uk/savings/12-month-fixed-term-deposit  2.11 %

Best 2 year fix 2.42%  https://www.alrayanbank.co.uk/savings/24-month-fixed-term-deposit

I do find it odd Al Rayan is paying 2.11% on a one year fixed - but only 0.4% on its equivalent 12 month term isa product. And the differential is the same on the two year fixed term (2.42% vs 0.5%). I would expect a differential - but not that big - but perhaps they don't want the ISA business and all the admin hassle?

https://www.alrayanbank.co.uk/savings/cash-isas

bristolleedsfan

Rich2808 said:

bristolleedsfan said:

https://www.alrayanbank.co.uk/savings/12-month-fixed-term-deposit  2.11 %

Best 2 year fix 2.42%  https://www.alrayanbank.co.uk/savings/24-month-fixed-term-deposit

I do find it odd Al Rayan is paying 2.11% on a one year fixed - but only 0.4% on its equivalent 12 month term isa product. And the differential is the same on the two year fixed term (2.42% vs 0.5%). I would expect a differential - but not that big - but perhaps they don't want the ISA business and all the admin hassle?

https://www.alrayanbank.co.uk/savings/cash-isas

I thought the same thing and came to the same conclusion

soulsaver

With rates changing quickly atm, note that Al Rayan does NOT have a 14 day cooling off period on their fixed term accounts. 'AR policy' they said.

I've complained that most banks have 14 cooling off on FTBs and if none is the AR policy, then their terms should reflect that.

I'm just having a moan at them as they applied my funds to the 1.96% version after a 4 days delay ('demand') until the day they launched the 2.11%.

masonic

soulsaver said:

With rates changing quickly atm, note that Al Rayan does NOT have a 14 day cooling off period on their fixed term accounts. 'AR policy' they said.

I've complained that most banks have 14 cooling off on FTBs and if none is the AR policy, then their terms should reflect that.

I'm just having a moan at them as they applied my funds to the 1.96% version after a 4 days delay ('demand') until the day they launched the 2.11%.

It's been a rather recent development that not only is there a cooling-off period, but a 14 day contribution period, in other words, a 14 day period before the account is locked and the fix truly starts. This is all outlined in the T&Cs of the providers who allow it. If Al Rayan's T&Cs do not provide for this, then I'm afraid it would just be a moan, rather than an actionable complaint, the default is that such things don't apply unless it is explicitly stated that they do. The increase in response to competition was somewhat predictable.

wiseonesomeofthetime

It's a pity S&S ISA don't have 14-day cooling off period. My allowance for this year already at MINUS 1.43%, after two-weeks!

Difference is, it's a ten-year plan, not a 12-month one

masonic

wiseonesomeofthetime said:

It's a pity S&S ISA don't have 14-day cooling off period. My allowance for this year already at MINUS 1.43%, after two-weeks!

Difference is, it's a ten-year plan, not a 12-month one

The S&S ISA probably does, but the investments you buy and returns within do not. Minus 1.43% over 2 weeks looks like good performance against a backdrop of global equities falling 2% and tech-heavy SMT falling nearly 7%.

bristolleedsfan

masonic said:

soulsaver said:

With rates changing quickly atm, note that Al Rayan does NOT have a 14 day cooling off period on their fixed term accounts. 'AR policy' they said.

I've complained that most banks have 14 cooling off on FTBs and if none is the AR policy, then their terms should reflect that.

I'm just having a moan at them as they applied my funds to the 1.96% version after a 4 days delay ('demand') until the day they launched the 2.11%.

It's been a rather recent development that not only is there a cooling-off period, but a 14 day contribution period, in other words, a 14 day period before the account is locked and the fix truly starts. This is all outlined in the T&Cs of the providers who allow it. If Al Rayan's T&Cs do not provide for this, then I'm afraid it would just be a moan, rather than an actionable complaint, the default is that such things don't apply unless it is explicitly stated that they do. The increase in response to competition was somewhat predictable.

Do you know offhand who gives 14 day cooling offer period as well as 14 days to fund fixed rate account.

Cynergy Bank ask for funds to be deposited asap, they do however allow 14 day cooling off period from date account is opened, should that be requested they pay interest up until time they repay funds.

Aldermore - Cooling off period - if you change your mind within 14 calendar days of opening your account, we’ll cancel your account and return your money without penalty or notice

masonic

bristolleedsfan said:

masonic said:

soulsaver said:

With rates changing quickly atm, note that Al Rayan does NOT have a 14 day cooling off period on their fixed term accounts. 'AR policy' they said.

I've complained that most banks have 14 cooling off on FTBs and if none is the AR policy, then their terms should reflect that.

I'm just having a moan at them as they applied my funds to the 1.96% version after a 4 days delay ('demand') until the day they launched the 2.11%.

It's been a rather recent development that not only is there a cooling-off period, but a 14 day contribution period, in other words, a 14 day period before the account is locked and the fix truly starts. This is all outlined in the T&Cs of the providers who allow it. If Al Rayan's T&Cs do not provide for this, then I'm afraid it would just be a moan, rather than an actionable complaint, the default is that such things don't apply unless it is explicitly stated that they do. The increase in response to competition was somewhat predictable.

Do you know offhand who gives 14 day cooling offer period as well as 14 days to fund fixed rate account.

Cynergy Bank ask for funds to be deposited asap, they do however allow 14 day cooling off period from date account is opened, should that be requested they pay interest up until time they repay funds.

I mean that the cooling off period and deposit period run concurrently, so once 14 days is up you can neither cancel nor continue to fund. Zopa would be a recent example I've used with this.

bristolleedsfan

masonic said:

bristolleedsfan said:

masonic said:

soulsaver said:

With rates changing quickly atm, note that Al Rayan does NOT have a 14 day cooling off period on their fixed term accounts. 'AR policy' they said.

I've complained that most banks have 14 cooling off on FTBs and if none is the AR policy, then their terms should reflect that.

I'm just having a moan at them as they applied my funds to the 1.96% version after a 4 days delay ('demand') until the day they launched the 2.11%.

It's been a rather recent development that not only is there a cooling-off period, but a 14 day contribution period, in other words, a 14 day period before the account is locked and the fix truly starts. This is all outlined in the T&Cs of the providers who allow it. If Al Rayan's T&Cs do not provide for this, then I'm afraid it would just be a moan, rather than an actionable complaint, the default is that such things don't apply unless it is explicitly stated that they do. The increase in response to competition was somewhat predictable.

Do you know offhand who gives 14 day cooling offer period as well as 14 days to fund fixed rate account.

Cynergy Bank ask for funds to be deposited asap, they do however allow 14 day cooling off period from date account is opened, should that be requested they pay interest up until time they repay funds.

I mean that the cooling off period and deposit period run concurrently, so once 14 days is up you can neither cancel nor continue to fund. Zopa would be a recent example I've used with this.

https://www.zopa.com/files/Zopa-Fixed-Term-Savings-Terms-and-Conditions.pdf
"Please be aware that this is a fixed term account, which means that once you have made a deposit into your account, you cannot withdraw your funds until the end of the fixed term"

Unless I have missed something if someone deposits on for example day 5 cannot cancel on for example day 12 and have funds returned.

masonic

bristolleedsfan said:

masonic said:

bristolleedsfan said:

masonic said:

soulsaver said:

With rates changing quickly atm, note that Al Rayan does NOT have a 14 day cooling off period on their fixed term accounts. 'AR policy' they said.

I've complained that most banks have 14 cooling off on FTBs and if none is the AR policy, then their terms should reflect that.

I'm just having a moan at them as they applied my funds to the 1.96% version after a 4 days delay ('demand') until the day they launched the 2.11%.

It's been a rather recent development that not only is there a cooling-off period, but a 14 day contribution period, in other words, a 14 day period before the account is locked and the fix truly starts. This is all outlined in the T&Cs of the providers who allow it. If Al Rayan's T&Cs do not provide for this, then I'm afraid it would just be a moan, rather than an actionable complaint, the default is that such things don't apply unless it is explicitly stated that they do. The increase in response to competition was somewhat predictable.

Do you know offhand who gives 14 day cooling offer period as well as 14 days to fund fixed rate account.

Cynergy Bank ask for funds to be deposited asap, they do however allow 14 day cooling off period from date account is opened, should that be requested they pay interest up until time they repay funds.

I mean that the cooling off period and deposit period run concurrently, so once 14 days is up you can neither cancel nor continue to fund. Zopa would be a recent example I've used with this.

https://www.zopa.com/files/Zopa-Fixed-Term-Savings-Terms-and-Conditions.pdf
"Please be aware that this is a fixed term account, which means that once you have made a deposit into your account, you cannot withdraw your funds until the end of the fixed term"

Unless I have missed something if someone deposits on for example day 5 cannot cancel on for example day 12 and have funds returned.

You can deposit a small amount to secure the rate, but the minimum to open the account is £1000. If you only deposit a sum less than this, then after 14 days your money will be returned, and the account will be closed. See condition 5.2.