Interest rates

[Mike_P]

I just checked again and you only get £5 back if you open a current account and meet certain conditions. You can certainly join Blue Rewards and link it to that savings account, but you won't get £5 back a month that way. You'll earn interest sure but I think there are better options available for those with small amounts to save.

Ah okay. Always had a current account with them. Far too much in it currently not earning so stuck the full 5% amount in the Rainy Day Saver and hoping RBS confirm my account details for the 5.9% ISA I mentioned - had a online request on Tuesday for my driving licence and the taking of a photo via the mobile to prove I was a living person!

 

[Sterlo]

Just requested that Shawbrook up-issue my Easy Access account to the latest issue and pay the higher interest rate which they have done. However, they indicated that the do not do this automatically and that customers need to request it. Clearly a ploy to attract new customers at a higher internet rate while hoping not to pass on the higher interest rate to existing customers. Always good to know how much or little an organisation appreciates its customers’ loyalty.

I've done the same grudgingly, I was going to move but it was easier to get them to upgrade. Don't see why you have to ask them though, if they've really got your best interests ay heart as they all say, it should be done automatically.

 

[vickster]

I've done the same grudgingly, I was going to move but it was easier to get them to upgrade. Don't see why you have to ask them though, if they've really got your best interests ay heart as they all say, it should be done automatically.

It’s a bank, they’re there to make money for their owners or shareholders, nothing else

 

[wafter]

It’s a bank, they’re there to make money for their owners or shareholders, nothing else

lol - yeah, never ceases to disappoint how people typically believe that (overtly or otherwise) profit-driven instituations and individuals care about anything other than making money. I even catch myself thinking that way sometimes and I'm the most cynical and mis-trusting person I know..

 

[Sterlo]

It’s a bank, they’re there to make money for their owners or shareholders, nothing else

No no no, they're there for the good of humanity, I thought everyone knew that, profit comes way down the list!

 

[Beebo]

Slightly OT, but we have a Asda card, which is managed by Jaja, they sent through an email today, if we took cash on the card the rate would be 33.35% how can they justify that kind of rate?

They can’t justify it.
But you never ever withdraw cash using a credit card. It’s always expensive. It’s basically a cash loan.

 

[Deleted member 26715]

They can’t justify it.
But you never ever withdraw cash using a credit card. It’s always expensive. It’s basically a cash loan.

I did it once by accident, put the wrong card in the machine & never thought about it, I now have different PIN's for each card

 

[wiggydiggy]

I did it once by accident, put the wrong card in the machine & never thought about it, I now have different PIN's for each card

Same. The card was set to pay off in full each month but for cash withdrawals int is charged immediately and at a higher rate. Also on some cards if you don't pay off the entire balance in full, the cash debt balance is paid off last so you get charged the most interest

 

[Mike_P]

Never had the same PIN for any two cards. Can obviously cause an issue with PIN overload in the memory; the worst was in the depths of the lock down fuel shortage when having got finally to a self service fuel pump I could not remember the correct PIN for the credit card, later realised I had been putting in its original PIN that I had changed. Not having my debit card on me I had to abandon the filling station and went home for the credit card I usually keep at home for use on online transactions. Little used PIN wise but I did remember that when I got back to fuel pump.

 

[Mike_P]

Looks like I did get that RBS 5.9% ISA. I only got the letter with account details yesterday, It was dated last Thursday. Got the final necessary details for on line banking today and it showed the monies transferred yesterday and first thing this morning in the ISA.

 

[SpokeyDokey]

A bit of a surprise that Base Rate did not increase today.

 

[johnblack]

A bit of a surprise that Base Rate did not increase today.

I think it was a proper toss of the coin decision and they'll be keeping everything crossed for next months inflation figures.

In other news Nationwide offering 8% for a year with £200 deposit per month is a nice little savings account, not going to make me rich but bagged a couple of those yesterday.

 

[simongt]

In other news Nationwide offering 8% for a year with £200 deposit per month is a nice little savings account, not going to make me rich but bagged a couple of those yesterday.

Likewise.

 

[SpokeyDokey]

I think it was a proper toss of the coin decision and they'll be keeping everything crossed for next months inflation figures.

In other news Nationwide offering 8% for a year with £200 deposit per month is a nice little savings account, not going to make me rich but bagged a couple of those yesterday.

The headline rate is slightly disingenuous as the average interest across the year is 4%.

Good a/c for flexible access though.

 

[SpokeyDokey]

Some decent current rates:

Shawbrook Bank 5 year bonds at 5.65% look like a good deal so we opened 2 (one each) yesterday.

And today we dumped a Virgin ISA (Mrs SD's) for a Ford Money 2 year 6.05% ISA.