Kent Reliance ISA - Moving Funds

bristolleedsfan

meatandtwoveg wrote: »

BLF,

but still like the NW/BS option, just wish they would honour the rate on opening?:o

B.O.E decision on Thursday might not tell u much as savings rates usually get altered at the start of the following month, when the following month arrives, a week or so later their is another B.O.E meeting and so on.

bristolleedsfan

U can see here meatandtwoveg people appearing to get told different things by branches. :eek:

http://forums.moneysavingexpert.com/showthread.html?t=845731

meatandtwoveg

bristolleedsfan wrote: »

U can see here meatandtwoveg people appearing to get told different things by branches. :eek:

http://forums.moneysavingexpert.com/showthread.html?t=845731

Cheers BLF,

Myself, i would say it is not guaranteed, the rate could go up, it could go down, between the application initiation, and the cheque recieved. But like you said earlier, KRB/S will be heading down at the end of the month, because the independent BoGordon, will be making an independent decision tommorow, and dropping rates in light of the LOW inflation we are currently experiencing?;)

So, myself, i think i shall open one next week, my brother, well he is undecided, but the first thing he must do is open up an account with the KRB/S, just to carry on his membership with them? More mail, more rubbish, from another institution?

Cheers.

MarkyMarkD

bristolleedsfan wrote: »

To the apparent KRBS fan, when my transfer cheque went to KRBS in late November 2007, KRBS were happy for me to lose interest over TWO weekends on the transfer in funds, this is despite KRBS Chief Executive reported to have a salary of over 400000 a year to run a one branch operation albeit an efficient operation.

http://www.thisismoney.co.uk/news/columnists/article.html?in_article_id=431527&in_page_id=19&in_author_id=3

I don't understand how you get to two weekends, when KRBS pay interest from the third working day following receipt. That can only possibly be one weekend unless you transfer money over Christmas or Easter, which would be your own choice.

The Chief Exec's salary is completely irrelevant. Egg (for example) has no branches at all but obviously pays its Chief Exec a salary. KRBS has a huge postal/telephone operation, so the number of branches is really a red herring. They also have lots of agencies which used to be branches before they were franchised out.

Any building society which pays interest earlier than two working days following receipt is losing money, and I can't see why they should do so.

bristolleedsfan

MarkyMarkD wrote: »

I don't understand how you get to two weekends, when KRBS pay interest from the third working day following receipt. That can only possibly be one weekend unless you transfer money over Christmas or Easter, which would be your own choice.

quote]

Because Nationwide posted out on a Wednesday/Thursday, KRBS stated that they didnt get the cheque until the following Wednesday so hey presto 3rd working day following receipt ( at that time) and interest was lost over 2 weekends.

For your information the post was about ISA transfers. so i had NO control or "choice" as to when the money was transferred even though i did specifically ask Nationwide to post out the transfer cheque on "a Monday".

Nationwide saw its date of posting out as irrelevant as it believed that interest on "ALL" ISA transfer cheques were backdated.

Nationwide made the loss of interest up to me, KRBS now pay interest on cheques from day of receipt, Building Societies lose NO money from paying interest from day of receipt because on cheque withdrawals they keep interest on withdrawal funds well after they stop paying interest to the saver so it works out the same.

http://www.krbs.co.uk/genterms.aspx

KRBS gain a day back by only paying interest up to day before withdrawal, the following day cheque is in the post ( at least one day) then it retains interest on the funds while cheque is being banked so it loses nothing at all by paying interest from day of receipt on cheque deposits.