Secure Trust Bank

t33

Apologies for creating a new thread and not putting on the easy access thread but it seems it's a little used bank and hoping a specific thread will get a bit more exposure.

Question is wondering how rate changes are handled.  I've looked through various FAQs etc and can't find the answer. Is the Access Account automatically updated to any rate change?  Or is it a request/reapplication via the website to transfer from existing issue to the latest?  I'm just opening an account and notice once I was in the process that it said Issue 8.  (in the historic savings on their website there are various previous issues with lesser than current rate offering).

Thanks.

Doctor_Who

This recent thread on STB might answer all of your questions:

https://forums.moneysavingexpert.com/discussion/6461250/why-cant-all-banks-be-like-secure-trust-bank/p1

t33

Thanks, I had seen that, but was still wondering if STB has changed it's model and which Issue those on the other thread had initially opened that had been auto increased to the current rate.  When you look at their website it simply offers 'Access Account'.  No issue number (Issue 8) is mentioned until you get well into actual registration application process.  All the previous issues appear NLA.  So, now are they offering one simple Access Account?  That was my confusion.  Also, as I'm opening a joint account, there's often a rigamarole when opening an additional issue account I've found, so an auto rate change account has its benefits.

Not explained too well, but ...

t33

I did open an STB Access Account, Issue 8 which was 4.40% AER which on my account shows today as 4.41% gross (which I think means there was a brief interim increase to 4.50% AER which was automatically applied).  

Today it seems, there was an Issue 9 released at 4.55%. So will see if I get an automatic increase or some account acrobatics are required (I hope not!)  ....

poppystar

t33 said:

I did open an STB Access Account, Issue 8 which was 4.40% AER which on my account shows today as 4.41% gross (which I think means there was a brief interim increase to 4.50% AER which was automatically applied).  

Today it seems, there was an Issue 9 released at 4.55%. So will see if I get an automatic increase or some account acrobatics are required (I hope not!)  ....

Shame they’ve left issue 7 our in the cold..

t33

I sent a secure message, no reply as yet so I'm not sure if that activated the increase or it was going to happen anyway.  I've not received any notification of the increase at all.  But my Issue 8 which I'd funded with just £1k to begin with has risen to 4.46% gross (monthly) overnight without any open/close new issue rigamarole.  Yes! I hope this is the norm.   Will wait for next BoE and may load this account up.

Grizebeck

Didn't they run some kind of managed current account service years ago?

A._Badger

poppystar said:

t33 said:

I did open an STB Access Account, Issue 8 which was 4.40% AER which on my account shows today as 4.41% gross (which I think means there was a brief interim increase to 4.50% AER which was automatically applied).  

Today it seems, there was an Issue 9 released at 4.55%. So will see if I get an automatic increase or some account acrobatics are required (I hope not!)  ....

Shame they’ve left issue 7 our in the cold..

I've just spoken with Secure Trist and it appears that Issue 7 is not going to benefit from the rate they are offering new customers with Issue 9. You can, they confirm, close your Issue 7 and transfer the money to a new issue 9 account.

Then again, why not just close the account altogether and simply move to another provider who offers an even better rate? 

I like Secure Trust and I'd like to continue banking with them but I think the are being rather short-sighted here..

poppystar

A._Badger said:

poppystar said:

t33 said:

I did open an STB Access Account, Issue 8 which was 4.40% AER which on my account shows today as 4.41% gross (which I think means there was a brief interim increase to 4.50% AER which was automatically applied).  

Today it seems, there was an Issue 9 released at 4.55%. So will see if I get an automatic increase or some account acrobatics are required (I hope not!)  ....

Shame they’ve left issue 7 our in the cold..

I've just spoken with Secure Trist and it appears that Issue 7 is not going to benefit from the rate they are offering new customers with Issue 9. You can, they confirm, close your Issue 7 and transfer the money to a new issue 9 account.

Then again, why not just close the account altogether and simply move to another provider who offers an even better rate? 

I like Secure Trust and I'd like to continue banking with them but I think the are being rather short-sighted here..

I take it from how you phrased that that all the work of opening and closing is on us? With Leeds and I think some others they will respond to a secure message and upgrade to a later issue for you. Up until now I’ve been quite happy with Secure Trust but I’m not sure I want to get into having to open and close accounts regularly. That’s one of the reasons I’ve avoided Sainsbury’s following comments on here about the process and extra paperwork involved. 

cwep2

I have had the issue 7 since March this year. They upped the rates several times and it was matching the more recent issue 8 until last week. I was on 4.45%AER I think (4.36% gross). The issue 9 rate at 4.55% wasn't passed on, so I closed my 7 and opened a 9.

A bit of a faff. If they do it again I will close down altogether tbh, unless there's at least 0.1% premium over the next best account. I have used Cynergy for a lot longer and the continual closing/opening of accounts is similarly not worth it for me unless they are the best rate by some margin and frankly there are others that match or beat them almost all the time. The difference is that I can leave £1 in Cynergy to keep it open to speed up any account opening if they come up with something market leading again, but Secure Trust needs £1000 minimum. 

A._Badger

poppystar said:

A._Badger said:

poppystar said:

t33 said:

I did open an STB Access Account, Issue 8 which was 4.40% AER which on my account shows today as 4.41% gross (which I think means there was a brief interim increase to 4.50% AER which was automatically applied).  

Today it seems, there was an Issue 9 released at 4.55%. So will see if I get an automatic increase or some account acrobatics are required (I hope not!)  ....

Shame they’ve left issue 7 our in the cold..

I've just spoken with Secure Trist and it appears that Issue 7 is not going to benefit from the rate they are offering new customers with Issue 9. You can, they confirm, close your Issue 7 and transfer the money to a new issue 9 account.

Then again, why not just close the account altogether and simply move to another provider who offers an even better rate? 

I like Secure Trust and I'd like to continue banking with them but I think the are being rather short-sighted here..

I take it from how you phrased that that all the work of opening and closing is on us? With Leeds and I think some others they will respond to a secure message and upgrade to a later issue for you. Up until now I’ve been quite happy with Secure Trust but I’m not sure I want to get into having to open and close accounts regularly. That’s one of the reasons I’ve avoided Sainsbury’s following comments on here about the process and extra paperwork involved. 

As I understood it, you need to complete an application and then send them a secure message to effect a transfer of your funds - doing it via a secure message alone doesn't seem to be possible. I agree entirely about not wanting to keep opening and closing accounts and I may move elsewhere.