how much to leave in an account, just in case in the future they have deals for customers

clairec666

vacheron said:

Based on the last Skipton regular saver, of 7% on £250 you would make about £100 per year if you maxed out the monthly limit. I'd assume this issue could be closer to 5.5%.

By comparison, switching the Skipton account to one of the many banks currently offering £175 cash to switch and then putting the money into a standard 3.5% savings account would make you about £225 in total.   

Can't switch out of Skipton as they don't do current accounts, and switching bonuses are only for current accounts, not savings.

vacheron

clairec666 said:

vacheron said:

Based on the last Skipton regular saver, of 7% on £250 you would make about £100 per year if you maxed out the monthly limit. I'd assume this issue could be closer to 5.5%.

By comparison, switching the Skipton account to one of the many banks currently offering £175 cash to switch and then putting the money into a standard 3.5% savings account would make you about £225 in total.   

Can't switch out of Skipton as they don't do current accounts, and switching bonuses are only for current accounts, not savings.

I did not know that. Thank you. 

Bridlington1

Barkin said:

clairec666 said:

"You only need £1 saved or a mortgage with us to be a member."

Who are you referring to? Skipton or "some building societies"?

As always, refer to the relevant T's&C's.

e.g. The Cambridge has a regular saver that's only available if you've held another product for 3 years, and the minimum balance on their savings products seems to be £100.

Quite different to Skipton's eligibility criteria...

Not all of them, they have a First Saver with a minimum balance of £1, though it's for under 21s only. I opened the account with £1 a few years back, it was converted into a maturity account when I was 21, also with a £1 minimum balance.

Barkin

Bridlington1 said:

Barkin said:

clairec666 said:

"You only need £1 saved or a mortgage with us to be a member."

Who are you referring to? Skipton or "some building societies"?

As always, refer to the relevant T's&C's.

e.g. The Cambridge has a regular saver that's only available if you've held another product for 3 years, and the minimum balance on their savings products seems to be £100.

Quite different to Skipton's eligibility criteria...

Not all of them, they have a First Saver with a minimum balance of £1, though it's for under 21s only. I opened the account with £1 a few years back, it was converted into a maturity account when I was 21, also with a £1 minimum balance.

Fairy nuff. I only checked a few random accounts, and I haven't qualified for an under 21's account for many many years...

35har1old

Bridlington1 said:

Barkin said:

clairec666 said:

"You only need £1 saved or a mortgage with us to be a member."

Who are you referring to? Skipton or "some building societies"?

As always, refer to the relevant T's&C's.

e.g. The Cambridge has a regular saver that's only available if you've held another product for 3 years, and the minimum balance on their savings products seems to be £100.

Quite different to Skipton's eligibility criteria...

Not all of them, they have a First Saver with a minimum balance of £1, though it's for under 21s only. I opened the account with £1 a few years back, it was converted into a maturity account when I was 21, also with a £1 minimum balance.

The Cambridge also have a Regular Saver for  members that have held an account for 1 year currently paying 5%

hpas251

mta999 said:

Some building societies used to specify you had to have at least £100 in savings to be a 'member' - not sure if that is still true.

I believe that's to be allowed to vote in elections for directors and AGM resolutions.

Confused_Dog

hpas251 said:

mta999 said:

Some building societies used to specify you had to have at least £100 in savings to be a 'member' - not sure if that is still true.

I believe that's to be allowed to vote in elections for directors and AGM resolutions.

£100 is and also would be the minimum requirement for payouts/shares if a building society merged with another institution or converted into a bank.  Conversion does seem unlikely though and most of the societies have put charitable assignments in place for new members since the carpetbagging craze of the late 1990's.  But never say it'll never happen again...

You need to check the terms and conditions of your accounts and the rules of the society.

Kim_13

The majority of providers including Skipton are £1.

It's generally £100 for personal notice of a rate reduction and voting rights, but that's unlikely to be an issue as you would presumably get that once the right account comes along.

A few building societies are higher - Cambridge and Dudley come to mind as not having anything that can be opened with less than £100.

TadleyBaggie

I have a Lloyds current account with 9p in it and hasn't changed for several years.

surreysaver

TadleyBaggie said:

I have a Lloyds current account with 9p in it and hasn't changed for several years.

Current accounts tend to be able to be kept at zero. It's more savings accounts which need to have a balance in them. Although I tend to do a transaction every so often with my current accounts to stop them going dormant