Kent Reliance new T&Cs

1spiral

Received these today relating to their migration to the new platform later this year and a couple of changes jumped out at me.

Firstly they are doing away with the 1K requirement to get the full rate on easy access accounts. Not a biggy but at least now with £1 in the account you can see the true rate of interest that the account will pay with larger sums without having to trawl through the withdrawn accounts interest rate page.

The bigger one for me is the 30K limit on same day withdrawals. Withdrawals >£30K are now stated as arriving no later than the end of the working day after requested. Currently I believe the withdrawals are unlimited. It isn't clear whether that is just a covering statement in that it might arrive same day or whether that is factual and all withdrawals of this amount will be held until the next day. Presumably in these cases the account will be debited when you withdraw so the usual loss of a days interest in these cases will occur.

WOTSWOT

New investors to KRBS can get the minimum £1 deal at the moment, but existing investors must stick with the 1K which does not sit well with me as an existing client. For the guaranteed 30K same day withdrawals I guess there is a time limit on when they must receive the request?

I find the whole issue of withdrawal timescales very murky and few providers give details on when request must be received in order to comply. I am not sure that same day transfers can always be guaranteed and there is nearly always some let out clause. It is nearly always the case that interest is only paid up to the day before the withdrawal request. It's only possible to avoid interest loss whilst transferring between accounts when you are able to receive the funds and then send them to your new provider. before the deadline they set for accepting receipts..

SustainabilityMary

Shawbrook Bank is very specific about deadline for making withdrawls.

Money sent before 3:30pm on a working day will be credited the same day. Money sent after 3:30pm, on weekends or bank holidays, will be credited the next working day.