Chetwood Bank

TheFinanceDirector

Under their T&C if an investment matures on a weekend, which will occur c 28% of the time, Chetwood will reimburse the funds on the next working day. If this happens to be a bank holiday then you could lose up to 4 days interest which could equate to £70-£80 of interest. This seems unfair when you compare to other banks who reimburse on the actual day.

eskbanker

Depending on the detail of their account opening and/or funding processes, you may be able to avoid maturity at weekends or bank holidays simply by looking at a calendar and working out when (not) to open or fund?

slinger2

I was impressed with RCI when my FR matured on a Saturday (in August). The annual interest was credited on that day. The money was not sent to me until the Monday but when I looked at the statement I found that they'd credited me with 2 further days interest before sending me the money.

x44

My experience of this happening with other savings group is that they delay the actual maturity of the fixed rate savings to that next working day so you get an extra few days interest beyond a full year at whatever the fixed rate was.