MSE News: Skipton launches 7.5% regular saver for existing customers – here's who can get it and how

fonesaver

Chaykin said:

My account still says: "Current interest rate (gross)% ^ : A rate has not yet been applied"

Opened yesterday morning and paid in £250 by debit card.

Is this normal?

Yes, debit card deposits take 2 days before interest is applied I believe 

Speculator

Chaykin said:

My account still says: "Current interest rate (gross)% ^ : A rate has not yet been applied"

Opened yesterday morning and paid in £250 by debit card.

Is this normal?and 

probably won't start earning interest until Monday

Interest from debit card payments starts to accrue on the third working day

ForumUser7

Chaykin said:

My account still says: "Current interest rate (gross)% ^ : A rate has not yet been applied"

Opened yesterday morning and paid in £250 by debit card.

Is this normal?

Yep - Skipton confirmed to me interest will show as 0.00% until card payment cleared. 'A rate has not yet been applied' sounds like an equivalent message. The interest delay is an unfortunate trade off, but feels worth it to me for the HFAX reward.

boingy

ForumUser7 said:

Chaykin said:

My account still says: "Current interest rate (gross)% ^ : A rate has not yet been applied"

Opened yesterday morning and paid in £250 by debit card.

Is this normal?

Yep - Skipton confirmed to me interest will show as 0.00% until card payment cleared. 'A rate has not yet been applied' sounds like an equivalent message. The interest delay is an unfortunate trade off, but feels worth it to me for the HFAX reward.

They should change that message to say "Oh no matey. You're not getting your 7.5% just yet. Muahahahahah!"

ForumUser7

boingy said:

ForumUser7 said:

Chaykin said:

My account still says: "Current interest rate (gross)% ^ : A rate has not yet been applied"

Opened yesterday morning and paid in £250 by debit card.

Is this normal?

Yep - Skipton confirmed to me interest will show as 0.00% until card payment cleared. 'A rate has not yet been applied' sounds like an equivalent message. The interest delay is an unfortunate trade off, but feels worth it to me for the HFAX reward.

They should change that message to say "Oh no matey. You're not getting your 7.5% just yet. Muahahahahah!"

By depositing £250, HFAX will effectively give me £2.50. I usually deposit into accounts without an interest delay via debit card, it's hard with the larger requirement now I hold 3 accounts. I could just put it in NS&I, but that ties it up for a long time at a low rate unfortunately.

where_are_we

The best way to manage Debit Card payments ie lose the least days earning interest, is to make the DC payment early in the week and not too late in the day (I`m not sure about this bit). DC payment on a Thursday or Friday will result in an extra 2 days for money to transfer due to weekend being a non banking day. Skipton also allow the use of another person`s debit card to make the payment (I`m not sure the criteria for this) which is useful for us, with my OH having the Skipton account and I am able to make a DC payment to her Skipton account.

MACKEM99

Current customer of the Skipton.  Just opened the new account.  Tried to transfer money from existing easy access saver with same society to fund my new account for first month:

"sorry funds can only be take out on a working day"

So I have to wait till Monday!!

You couldnt make it up!!

where_are_we

Mackem99 - when you open an easy access account, weekend access is for some, an important criteria on whether to go for that particular account. You chose Skipton for your EA account, knowing that like many building societies, they do not process withdrawals including internal transfers on non working days. If you want to make a payment at weekends from an EA account you want an EA account with a bank. You will lose a few pence interest. but look on the bright side you qualify for one of the top paying regular savers!

MACKEM99

I have gone back on today and scheduled the first month payment for tommorow.  I have never done that before so did not realise it could be done.

"Older but definitely not wiser"

adindas

where_are_we said:

The best way to manage Debit Card payments ie lose the least days earning interest, is to make the DC payment early in the week and not too late in the day (I`m not sure about this bit). DC payment on a Thursday or Friday will result in an extra 2 days for money to transfer due to weekend being a non banking day. Skipton also allow the use of another person`s debit card to make the payment (I`m not sure the criteria for this) which is useful for us, with my OH having the Skipton account and I am able to make a DC payment to her Skipton account.

In my opinion DC card payment for this 7.5% by debit card to meet Halifax funding requirement is not a good idea. It is only £250, so it is not that significant, but there is no point of doing that if it is not better than the other possible alternative. You will need £500 for Halifax extra reward. So paying £250 to RSA you will still need to do another work of paying another £250 to make it £500 to meet Halifax requirement.

It is the same amount of work if you have two saving accounts. But here you will get more interest by doing

1. 7.5% £250 monthly RSA you pay by monthly SO on the first day of the month. The interest is directly applied on the day the SO is taken, no three days delay (say).

2. £500 to meet Halifax requirement to be paid separately to another Skipton saving AC by debit card at the time convenience for you in early working days during the week.

I might have missed something that I have not thought, so happy to be criticised and to be discussed.