The Top Regular Savers Discussion Thread

chris_the_bee

Yes please for PDF and/or please add to archived list of T's&C's

10_66

where_are_we said:

Hinckley and Rugby Regular Saver 30 day maturity options. Has anyone managed to persuade them to pay maturing balance by faster payments? A large cheque in the post means waiting for delivery, trip to bank, time for cheque to clear resulting in no interest for several days.

They are able to pay the maturity interest by faster payments to a nominated account but not the balance.

Yes, my balance was transferred to my nominated bank account by FP (I did keep the account open with £1).

Bobblehat

dcs34 said:

Gatehouse Bank - Regular Saver Matured Easy Access Product

(Apologies in advance if this has already been posted / is very off topic for this thread, but given the only holders of this account will have opened a regular saver it seems more appropriate here then elsewhere).

I've been emailed the T&Cs / KPI sheet for the above account. I can forward the PDF if someone wants a copy.


...............................

And of course with the account rate reducing to 4.75% on the 30th January 2025 at least they gave the correct notification period...!

I love the bit about having "always paid our customers the expected profit rate"! Well, since it's a variable EP rate account, they can always reduce the rate to a point that they know they can pay it! And it seems that is exactly what they are doing!

subjecttocontract

Bobblehat said:

dcs34 said:

Gatehouse Bank - Regular Saver Matured Easy Access Product

(Apologies in advance if this has already been posted / is very off topic for this thread, but given the only holders of this account will have opened a regular saver it seems more appropriate here then elsewhere).

I've been emailed the T&Cs / KPI sheet for the above account. I can forward the PDF if someone wants a copy.


...............................

And of course with the account rate reducing to 4.75% on the 30th January 2025 at least they gave the correct notification period...!

I love the bit about having "always paid our customers the expected profit rate"! Well, since it's a variable EP rate account, they can always reduce the rate to a point that they know they can pay it! And it seems that is exactly what they are doing!

I don't understand your point. The expected profit up to 29th Jan is 5% and then it's 4.75%. I've saved in numerous accounts operated under sharia principles and never once received less than the expected rate.

masonic

Bobblehat said:

dcs34 said:

Gatehouse Bank - Regular Saver Matured Easy Access Product

(Apologies in advance if this has already been posted / is very off topic for this thread, but given the only holders of this account will have opened a regular saver it seems more appropriate here then elsewhere).

I've been emailed the T&Cs / KPI sheet for the above account. I can forward the PDF if someone wants a copy.


...............................

And of course with the account rate reducing to 4.75% on the 30th January 2025 at least they gave the correct notification period...!

I love the bit about having "always paid our customers the expected profit rate"! Well, since it's a variable EP rate account, they can always reduce the rate to a point that they know they can pay it! And it seems that is exactly what they are doing!

They have to maintain the uncertainty, as it is a requirement of Sharia compliance. Hypothetically, they could without notice reduce the rate. They cannot guarantee you'll earn the EPR beyond today.

Bobblehat

subjecttocontract said:

Bobblehat said:

dcs34 said:

Gatehouse Bank - Regular Saver Matured Easy Access Product

(Apologies in advance if this has already been posted / is very off topic for this thread, but given the only holders of this account will have opened a regular saver it seems more appropriate here then elsewhere).

I've been emailed the T&Cs / KPI sheet for the above account. I can forward the PDF if someone wants a copy.


...............................

And of course with the account rate reducing to 4.75% on the 30th January 2025 at least they gave the correct notification period...!

I love the bit about having "always paid our customers the expected profit rate"! Well, since it's a variable EP rate account, they can always reduce the rate to a point that they know they can pay it! And it seems that is exactly what they are doing!

I don't understand your point. The expected profit up to 29th Jan is 5% and then it's 4.75%. I've saved in numerous accounts operated under sharia principles and never once received less than the expected rate.

I've never received less than the EP either! My point is that they can always arrange to make sure they can pay the EP by reducing it, if the rate is variable!

subjecttocontract

Bobblehat said:

subjecttocontract said:

Bobblehat said:

dcs34 said:

Gatehouse Bank - Regular Saver Matured Easy Access Product

(Apologies in advance if this has already been posted / is very off topic for this thread, but given the only holders of this account will have opened a regular saver it seems more appropriate here then elsewhere).

I've been emailed the T&Cs / KPI sheet for the above account. I can forward the PDF if someone wants a copy.


...............................

And of course with the account rate reducing to 4.75% on the 30th January 2025 at least they gave the correct notification period...!

I love the bit about having "always paid our customers the expected profit rate"! Well, since it's a variable EP rate account, they can always reduce the rate to a point that they know they can pay it! And it seems that is exactly what they are doing!

I don't understand your point. The expected profit up to 29th Jan is 5% and then it's 4.75%. I've saved in numerous accounts operated under sharia principles and never once received less than the expected rate.

I've never received less than the EP either! My point is that they can always arrange to make sure they can pay the EP by reducing it, if the rate is variable!

Well I tend to trust the banks that I deposit with to do the right thing. If you feel uncomfortable or want to question their integrity then you have the option to deposit your funds elsewhere.

Bobblehat

subjecttocontract said:

Bobblehat said:

subjecttocontract said:

Bobblehat said:

dcs34 said:

Gatehouse Bank - Regular Saver Matured Easy Access Product

(Apologies in advance if this has already been posted / is very off topic for this thread, but given the only holders of this account will have opened a regular saver it seems more appropriate here then elsewhere).

I've been emailed the T&Cs / KPI sheet for the above account. I can forward the PDF if someone wants a copy.


...............................

And of course with the account rate reducing to 4.75% on the 30th January 2025 at least they gave the correct notification period...!

I love the bit about having "always paid our customers the expected profit rate"! Well, since it's a variable EP rate account, they can always reduce the rate to a point that they know they can pay it! And it seems that is exactly what they are doing!

I don't understand your point. The expected profit up to 29th Jan is 5% and then it's 4.75%. I've saved in numerous accounts operated under sharia principles and never once received less than the expected rate.

I've never received less than the EP either! My point is that they can always arrange to make sure they can pay the EP by reducing it, if the rate is variable!

Well I tend to trust the banks that I deposit with to do the right thing. If you feel uncomfortable or want to question their integrity then you have the option to deposit your funds elsewhere.

I neither feel uncomfortable nor question their integrity, but I also have the option to wonder why they make such statements like ... "So far, we've always paid our customers the expected profit rate", when writing about a variable rate account!

Edit ... "Wonder" as in prepared to be informed!

flaneurs_lobster

Bobblehat said:

I neither feel uncomfortable nor question their integrity, but I also have the option to wonder why they make such statements like ... "So far, we've always paid our customers the expected profit rate", when writing about a variable rate account!

It's just a statement of fact. Can imagine that new or prospective customers might not be familiar with Sharia-compliant accounts or EPR and the explanation and statements are for their benefit. Just the same as conventional accounts will have a definition of AER somewhere in their description.

masonic

flaneurs_lobster said:

Bobblehat said:

I neither feel uncomfortable nor question their integrity, but I also have the option to wonder why they make such statements like ... "So far, we've always paid our customers the expected profit rate", when writing about a variable rate account!

It's just a statement of fact. Can imagine that new or prospective customers might not be familiar with Sharia-compliant accounts or EPR and the explanation and statements are for their benefit. Just the same as conventional accounts will have a definition of AER somewhere in their description.

Not just new or prospective customers, it appears.