📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Skipton EA members bonus Issu 1

2»

Comments

  • intalex
    intalex Posts: 988 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    Do I wait until the 31st when mine matures.
    Agh, decisions decisions decisions.
    Are you sure you're referring to the same bonus saver paying 5.50% on up to £3,000? This was only "started" in January on a 12-month term, so I'm wondering how it can mature at the end of May??
  • simonsmithsays
    simonsmithsays Posts: 433 Forumite
    100 Posts First Anniversary Name Dropper
    edited 13 May 2024 at 8:57PM
    intalex said:
    Do I wait until the 31st when mine matures.
    Agh, decisions decisions decisions.
    Are you sure you're referring to the same bonus saver paying 5.50% on up to £3,000? This was only "started" in January on a 12-month term, so I'm wondering how it can mature at the end of May??
    This

     My spreadsheet has a maturity of 12/1/25 on mine

    I wonder if they actually mean the RS which matures at the end of the month.

    Both my EA and RS have £3000 in them but with rates of 5.5% and 7.5%
  • Bigwheels1111
    Bigwheels1111 Posts: 3,045 Forumite
    1,000 Posts Third Anniversary Name Dropper
    intalex said:
    Do I wait until the 31st when mine matures.
    Agh, decisions decisions decisions.
    Are you sure you're referring to the same bonus saver paying 5.50% on up to £3,000? This was only "started" in January on a 12-month term, so I'm wondering how it can mature at the end of May??
    Ok maybe not, I was talking about the regular saver.

  • happybagger
    happybagger Posts: 1,038 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Sounds like the reference may be to the Members RS account, as I've been thinking of doing exactly that this week and lose the extra 2% or so on £3k for 2 weeks, about £2.50, just to be certain of being able to open a new one at 7%
  • intalex
    intalex Posts: 988 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    Hopefully Skipton are a good sport and will keep the product for at least a day after maturity to "honour" the savvy...
  • Bridlington1
    Bridlington1 Posts: 3,824 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 13 May 2024 at 9:08PM
    My notes say 1.7% bonus for a year max amount £3000 at 5.5%
    Yes but can you open a new one at the end of the year to keep the bonus.
    You can if you want.

    You can also ``refresh" the account before the end of the term if you wanted to. I closed mine just before the end of the last tax year and reopened it shortly after the start of the new one for tax purposes. My new account still shows 5.5%.
    Didn't realise you could do that! I may do that, as I'm going to be well over my PSA this year due to the sudden increase in rates last autumn, but I'm trying to manipulate next year's savings to try to limit my exposure to paying tax on interest 
    You certainly can. The same goes for most other accounts that I'm aware of that are still available and allow early closure. I did it with several of my regular savers and more recently the Santander edge saver both to push the maturity dates on a bit and to make sure I had a large chunk of interest paid last tax year.

    One other thing to note with Skipton (plus some others) is that the account term begins from the day you make your initial deposit rather than the day you actually apply for the account (I seem to recall you get 30 days to make your initial deposit), so if ``refreshing" the account for tax purposes you could close the account on, say 5th April 2025, apply for a new account the same day to secure the account (assuming it's still available) and then push the maturity date into the 2026-7 tax year by waiting a couple of days before funding it.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.