Skipton Building Society Not offering 18 month Fixed Bond to regular savers

Technowme

Hello All,

I have a 2 year fixed rate bond which matures this month with the Skipton Building Society.

I intended to reinvest the proceeds with the Skipton Building Society utilized my 

online account to transfer the funds to a new savings account.

I was anticipating the availability of the 18 Month Fixed Rate Bond Issue 268, 

offering an interest rate of 4.15%. However, 

this specific option was not presented to me through my online account platform. 

Consequently, I was compelled to select the 2 Year Fixed Rate Bond Issue 268, 

which provides an interest rate of 4.00%.

Given that the terms and conditions for both my existing and new savings accounts are presumably identical, 

I respectfully request an explanation as to why the 18 Month Fixed Rate Bond Issue 268, 

with its higher interest rate, was not made available to me within my online account environment.

I have not as yet been furnished with an answer to my complaint letter!

I was wondering if anyone else had experienced this problem?

k12479

No, but if the maturity option I was expecting was not showing I would call to discuss it first or let it mature in to an easy access account and then decide where to move it, rather than take an option I didn't want and then try and resolve it.

flaneurs_lobster

To confirm, the 18 Month Fixed Rate Bond @ 4.15% (268) was not available to you when you were logged into your account?

Sounds like a glitch.

Were you able to see the bond before you logged on? It's certainly showing online at the moment.

Why do you say you were "compelled" to take a product that you didn't want? Why not ask Skipton why the product you did want wasn't showing as a transfer option?

When did you open the account you don't want? You've got 14 days from opening to cancel without reason.

ETA You could be getting 4.51% at Hampshire Trust Bank.

Technowme

Thank you @flaneurs_lobst@k12479 @k12479

I am guessing it wasn't a glitch as you put it as a friend had the same account as me, maturing at the same time as me.
They were presented with the exact same offer as me.
"compelled"  might have been a strong word for me to use,
Run out of patience I could have said or simular.
it just came into my head as I was writting.
I have money spread around other banks so need to keep an eye on who is the main parent company,
so as to stay protected up to 85K under the Financial Services Compensation Scheme.
Yes I can still cancel the Bond up until next week if i wish!
I have asked the complaints department for an answer!
Maybe if I dont get an answer by the end of the week I will withdraw ?
We will see
I may take a look at: ETA You could be getting 4.51% at Hampshire Trust@k12479
TY

refluxer

If I was looking for an 18 month fixed rate account at the moment, I would have no hesitation in going with Oxbury @ 4.65%. I've got multiple accounts with them and their online banking portal is excellent and puts many high-street banks to shame.

For a 2 year fix, I'd go with Atom @ 4.70% if you're happy with app-only banking. Their app is secure and slick.

Both of these banks have their own FSCS protection (don't share it with any other banks or building societies) and, as you can see, their rates are substantially higher than the ones you've mentioned.

Technowme

@refluxer thanks very much for the info.
Very much appreciated.
2 year  Fix would suit me just fine as that was my previouse Fix.
The 18 month account came into it because Skipton was offering 4.14% and on their 2 year fix it was 4.00%
I don't like doing app accounts. Its just me.
Online on my PC, I am happy with that!

@refluxerhttps://www.oxbury.com/savings-accounts/I seePersonal 18 Month Bond Account (Issue 14): 4.65% AERI can't see a 2 year
I would have opted for that if it had been available.
Funny how that is'nt their,thats a popular offering.Thank You Again!!

refluxer

Technowme said:

I don't like doing app accounts. Its just me.
Online on my PC, I am happy with that!

That's fair enough, You just need to bear in mind that you'll be missing out on some of the better rates.

Technowme said:

https://www.oxbury.com/savings-accounts/

I see

Personal 18 Month Bond Account (Issue 14): 4.65% AER

I can't see a 2 year

I would have opted for that if it had been available.
Funny how that is'nt their,thats a popular offering.

Thank You Again!!

Yes, Oxbury aren't doing a 2 year fix at the moment. You actually need to install their app for verification purposes in order to access their online banking site but you can do your banking using either option.

For a 2 year fix, Hodge Bank aren't far behind Atom at 4.67%. Again, I've had multiple fixed rate accounts with Hodge in recent years and had no issues. They use online banking and don't have an app. They also have their own FSCS protection.

Technowme

@refluxer
Thank you that sounds very appealing the 2 year fix, at Hodge Bank.
I will go and have a look at that later.

DRS1

The minimum amount for the 18 month bond is £5k whereas for the other Skipton fixed rate bonds it is £500.  Could that have something to do with it?

Interesting that they pay 4% on all their bonds 1 2 3 and 5 year except the 18 month one.  I wonder why.

Technowme

@DRS1

Thank you for your response and for sharing your thoughts.

I acknowledge your point regarding the "Save from £5,000" option. For context, I previously held a 2-year Fixed Bond with a significantly higher balance than £5,000. Additionally, there was a drop-down menu that provided further investment options, including easy access accounts and a variety of other account types.

However, I am increasingly concerned with the quality of Skipton's online services. Specifically, I have yet to receive a response to my complaint letter, which was submitted several days ago. My inquiry pertains to the availability of the 18-Month Fixed Rate Bond (Issue 268) offering a 4.15% gross p.a./AER fixed rate, which I was not offered.

At this stage, I am considering closing my online account with Skipton. This decision is primarily driven by the lack of response to my complaint, rather than the interest rate, which is lower than what I could obtain elsewhere.

DRS1

OK.  I mentioned it only because when I looked at the list of their fixed rate bonds I did not notice the difference at first.  But if the threshold is not a reason for its unavailability I am not sure what is - sometimes these accounts can have a new money only requirement but that does not seem to be the case here.

It would not be the first time that the options on maturity do not match the new accounts available - although that can favour the maturing account.

I don't know how long they have been sitting on your complaint but I wonder if calling them to ask if the money could be switched to the 18 month bond might be a good idea?  Unless you are past the cooling off period by now?