Hinckley & Rugby Interest Rate Reduction.

trickydicky14

Sorry can someone remind me how long we have to pull out our money without penalty please.

allegro120

trickydicky14 said:

Sorry can someone remind me how long we have to pull out our money without penalty please.

Until 5th June.

ForumUser7

Reminder: The rate has decreased from today, and it is now reflected on the online portal

allegro120

ForumUser7 said:

Reminder: The rate has decreased from today, and it is now reflected on the online portal

I've sent the letter with passbook yesterday.  We'll see how long it will take to receive the cheque.  They'll probably be overstretched in the next couple of weeks.

ForumUser7

allegro120 said:

ForumUser7 said:

Reminder: The rate has decreased from today, and it is now reflected on the online portal

I've sent the letter with passbook yesterday.  We'll see how long it will take to receive the cheque.  They'll probably be overstretched in the next couple of weeks.

I have no inside knowledge of course, but I don't think they will be. The rate is lower now, but still more competitive than some other RSs, and a higher rate than most EAs, and than 30 day notices too. I'm personally not making a withdrawal - I could, to try and make a point, but then I'd get less interest if I put it in another account, so I'm not going to

allegro120

ForumUser7 said:

allegro120 said:

ForumUser7 said:

Reminder: The rate has decreased from today, and it is now reflected on the online portal

I've sent the letter with passbook yesterday.  We'll see how long it will take to receive the cheque.  They'll probably be overstretched in the next couple of weeks.

I have no inside knowledge of course, but I don't think they will be. The rate is lower now, but still more competitive than some other RSs, and a higher rate than most EAs, and than 30 day notices too. I'm personally not making a withdrawal - I could, to try and make a point, but then I'd get less interest if I put it in another account, so I'm not going to

30 day notices are not required until 5th June. You are probably right, for many savers 4.25% is still a good rate.  I guess we'll never find out how many will be closing their accounts or withdrawing funds. People have different circumstances. I'm closing the account because I don't need RSs paying less than 4.5%. I've got Mansfield 90 days tracker that pays BoE rate so I can use that instead. 

ForumUser7

allegro120 said:

ForumUser7 said:

allegro120 said:

ForumUser7 said:

Reminder: The rate has decreased from today, and it is now reflected on the online portal

I've sent the letter with passbook yesterday.  We'll see how long it will take to receive the cheque.  They'll probably be overstretched in the next couple of weeks.

I have no inside knowledge of course, but I don't think they will be. The rate is lower now, but still more competitive than some other RSs, and a higher rate than most EAs, and than 30 day notices too. I'm personally not making a withdrawal - I could, to try and make a point, but then I'd get less interest if I put it in another account, so I'm not going to

30 day notices are not required until 5th June. You are probably right, for many savers 4.25% is still a good rate.  I guess we'll never find out how many will be closing their accounts or withdrawing funds. People have different circumstances. I'm closing the account because I don't need RSs paying less than 4.5%. I've got Mansfield 90 days tracker that pays BoE rate so I can use that instead. 

Would you not want to just withdraw all bar minimum balance to maintain membership and have a ID verified customer profile etc.?

And re 30 day notices, that’s right - but I was saying that the current rate is higher than that of 30 day notice accounts that are currently available

allegro120

ForumUser7 said:

allegro120 said:

ForumUser7 said:

allegro120 said:

ForumUser7 said:

Reminder: The rate has decreased from today, and it is now reflected on the online portal

I've sent the letter with passbook yesterday.  We'll see how long it will take to receive the cheque.  They'll probably be overstretched in the next couple of weeks.

I have no inside knowledge of course, but I don't think they will be. The rate is lower now, but still more competitive than some other RSs, and a higher rate than most EAs, and than 30 day notices too. I'm personally not making a withdrawal - I could, to try and make a point, but then I'd get less interest if I put it in another account, so I'm not going to

30 day notices are not required until 5th June. You are probably right, for many savers 4.25% is still a good rate.  I guess we'll never find out how many will be closing their accounts or withdrawing funds. People have different circumstances. I'm closing the account because I don't need RSs paying less than 4.5%. I've got Mansfield 90 days tracker that pays BoE rate so I can use that instead. 

Would you not want to just withdraw all bar minimum balance to maintain membership and have a ID verified customer profile etc.?

And re 30 day notices, that’s right - but I was saying that the current rate is higher than that of 30 day notice accounts that are currently available

Yes, normally I would want to keep BS membership uninterrupted.  I was in two minds about what to do with this one.  It's their withdrawal process that tipped the scales - writing letters, going to post office, post stamps expenses, cashing cheques and cash drag as a result of this process.  So I've decided to go through this process now rather than leaving it for later as I doubt they will up their rate any time soon.  I also don't think it is likely that H&R will be offering any loyalty products that can be suitable for me in foreseen future.

Bridlington1

allegro120 said:

ForumUser7 said:

allegro120 said:

ForumUser7 said:

allegro120 said:

ForumUser7 said:

Reminder: The rate has decreased from today, and it is now reflected on the online portal

I've sent the letter with passbook yesterday.  We'll see how long it will take to receive the cheque.  They'll probably be overstretched in the next couple of weeks.

I have no inside knowledge of course, but I don't think they will be. The rate is lower now, but still more competitive than some other RSs, and a higher rate than most EAs, and than 30 day notices too. I'm personally not making a withdrawal - I could, to try and make a point, but then I'd get less interest if I put it in another account, so I'm not going to

30 day notices are not required until 5th June. You are probably right, for many savers 4.25% is still a good rate.  I guess we'll never find out how many will be closing their accounts or withdrawing funds. People have different circumstances. I'm closing the account because I don't need RSs paying less than 4.5%. I've got Mansfield 90 days tracker that pays BoE rate so I can use that instead. 

Would you not want to just withdraw all bar minimum balance to maintain membership and have a ID verified customer profile etc.?

And re 30 day notices, that’s right - but I was saying that the current rate is higher than that of 30 day notice accounts that are currently available

Yes, normally I would want to keep BS membership uninterrupted.  I was in two minds about what to do with this one.  It's their withdrawal process that tipped the scales - writing letters, going to post office, post stamps expenses, cashing cheques and cash drag as a result of this process.  So I've decided to go through this process now rather than leaving it for later as I doubt they will up their rate any time soon.  I also don't think it is likely that H&R will be offering any loyalty products that can be suitable for me in foreseen future.

I am going to withdraw all but £10, then just not make any further deposits. If you don't make any further deposits they will turn the account into plain sailing EA account after however long so it will allow me to maintain a foothold just in case they decide to offer any loyalty products later down the line. 

I too hold the Mansfield tracker account so will be emptying the contents of H&R into it next month.

allegro120

Sent the 2nd class letter at 5pm on 4th May, received my check this morning 6th May.  That is very quick!  I thought I will have to wait for a week or more.