Skipton EA members bonus Issu 1

intalex

Bigwheels1111 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??

simonsmithsays

intalex said:

Bigwheels1111 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

intalex said:

Bigwheels1111 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

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

Hopefully Skipton are a good sport and will keep the product for at least a day after maturity to "honour" the savvy...

Bridlington1

surreysaver said:

Bridlington1 said:

trickydicky14 said:

FishInGlass said:

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.