aju
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Post by aju on Jun 10, 2020 14:46:56 GMT
Yeah apparently they reached their 21M ceiling and were they to lend anymore they would need wholly different procedures. At least Mrs Aju is a with them and as she's our non tax paying investor we are ok for new products if there are any in the near future. Mind you when her account drops to 1.05 we may be moving funds elsewhere fortunatley she has 1.2% until End of August!. It's actually £21 billion they've reached (I thought £21m sounded a bit low!). Puts it into perspective doesn't it? The worth of FSCS. Comfortably 25x the likes of Ratesetter in deposits and has only been operational a fraction of the time. edit: X'd with cb25 My excuse is I need a new keyboard and hit the wrong key but I guess I just wasn't thinking straight. Actually it was worrying that Mrs Aju was about to cut my hair but it turned out I was worrying about nothing as it doesn't look half bad and also £15 up too!  Thanks r00lish67 and cb25 for the correction.
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zlb
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Post by zlb on Jun 11, 2020 17:04:42 GMT
It's actually £21 billion they've reached (I thought £21m sounded a bit low!). Puts it into perspective doesn't it? The worth of FSCS. Comfortably 25x the likes of Ratesetter in deposits and has only been operational a fraction of the time. Article in The Times today saying it was because they were approach the £25bn limit which calls for ring-fencing (which Goldman Sachs don't want to do at this time). r00lish67 I missed the typo by aju and originally copied the "m(illion)" onto the ring-fencing limit (duh!), hence my corrected re-posting. Fits with this FCA piece: "Ring-fencing rules only apply to UK banks with a 3-year average of more than £25bn 'core deposits' (broadly from individuals and small to medium-sized businesses). It is these large banks that must 'ring-fence' or legally separate their essential banking services from the rest of their banking group" I'd thought that ring fencing rule couldn't have applied to some of these places - so that explains it. I did wonder why more don't do this - if it weren't profitable then I presume Marcus wouldn't have offered it.
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cb25
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Post by cb25 on Jun 25, 2020 9:04:59 GMT
Saga offers 1% for easy access, which is actually a Marcus account ("The Saga Easy Access Savings Account is provided by Goldman Sachs International Bank").
Strange times, that 1% looks like a good deal for an easy access account.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Jun 25, 2020 9:29:34 GMT
RCI bank are currently offering 1.04% for easy access and much to my surprise were able to verify me automatically without any certified copy nonsense, unlike government savings. Being a recently returned expat, account opening has been a constant battle with bureaucracy, for example iWeb refusing to accept my French driving license because it has no expiry date, which they don't have.
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cb25
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Post by cb25 on Jun 25, 2020 9:38:02 GMT
RCI bank are currently offering 1.04% for easy access and much to my surprise were able to verify me automatically without any certified copy nonsense, unlike government savings. Being a recently returned expat, account opening has been a constant battle with bureaucracy, for example iWeb refusing to accept my French driving license because it has no expiry date, which they don't have. Odd as I had an email from RCI yesterday saying the rate on my account would drop to 0.72% on 8 July.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Jun 25, 2020 9:53:48 GMT
RCI bank are currently offering 1.04% for easy access and much to my surprise were able to verify me automatically without any certified copy nonsense, unlike government savings. Being a recently returned expat, account opening has been a constant battle with bureaucracy, for example iWeb refusing to accept my French driving license because it has no expiry date, which they don't have. Odd as I had an email from RCI yesterday saying the rate on my account would drop to 0.72% on 8 July. I know it's variable, however I am surprised they didn't send me an email as a recent account holder. It is still a lot more than HSBC but I will be removing mine if I can find anything not too risky, the stock market seems unattractive at present levels.
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cb25
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Post by cb25 on Jun 25, 2020 10:23:33 GMT
Odd as I had an email from RCI yesterday saying the rate on my account would drop to 0.72% on 8 July. I know it's variable, however I am surprised they didn't send me an email as a recent account holder. It is still a lot more than HSBC but I will be removing mine if I can find anything not too risky, the stock market seems unattractive at present levels.
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Post by Badly Drawn Stickman on Jun 25, 2020 10:24:50 GMT
RCI bank are currently offering 1.04% for easy access and much to my surprise were able to verify me automatically without any certified copy nonsense, unlike government savings. Being a recently returned expat, account opening has been a constant battle with bureaucracy, for example iWeb refusing to accept my French driving license because it has no expiry date, which they don't have. Odd as I had an email from RCI yesterday saying the rate on my account would drop to 0.72% on 8 July. I am getting similar emails from pretty much everywhere. No sooner open them and move money than the rate drops. Decided it is a fools errand currently chasing rates, probably as well to accept the way things are and go with NS&I at least it should be safe there for the duration. Thinking of buying a cat to kick, been training a grey squirrel but my God they are fast.
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JamesFrance
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Post by JamesFrance on Jun 25, 2020 10:45:50 GMT
I know it's variable, however I am surprised they didn't send me an email as a recent account holder. It is still a lot more than HSBC but I will be removing mine if I can find anything not too risky, the stock market seems unattractive at present levels.
Yes a Freedom savings account and I can see your figure before logging in, but in my account it shows 1.04%. Presumably it has not yet changed for existing accounts. I only opened it recently.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Jun 25, 2020 10:49:18 GMT
Where are fast approaching the point where storage of your ££ in a bank / building society could be charged for. Some accounts are already refusing to accept deposits on existing accounts (Money Box) is 1.
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jonno
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nil satis nisi optimum
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Post by jonno on Jun 25, 2020 10:50:16 GMT
Yes a Freedom savings account and I can see your figure before logging in, but in my account it shows 1.04%. Presumably it has not yet changed for existing accounts. I only opened it recently. Indeed, mine is also still at 1.04%, but lists are now showing 0.72%. I'm expecting the now regular email soon. I've already moved the bulk to NS&I.
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aju
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Post by aju on Jun 25, 2020 10:51:52 GMT
Yes a Freedom savings account and I can see your figure before logging in, but in my account it shows 1.04%. Presumably it has not yet changed for existing accounts. I only opened it recently. Are they not supposed to give people due notification of rate changes - I'm not sure of the periods but most of the ones I've had and still have usually seem to give 1-2 months notice. However this link from a telegraph article dated, 22 OCTOBER 2019 • 7:02AM , says ... so it seems things might be somewhat more nebulous than I thought.  Sadly FCA info on some of this stuff is less than encouraging too...
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Jun 25, 2020 11:01:25 GMT
Yes a Freedom savings account and I can see your figure before logging in, but in my account it shows 1.04%. Presumably it has not yet changed for existing accounts. I only opened it recently. Indeed, mine is also still at 1.04%, but lists are now showing 0.72%. I'm expecting the now regular email soon. I've already moved the bulk to NS&I. I was going to open an account with NS&I, but despite being registered with HMRC they demanded certified copies of all docs which I was not prepared to do, they eventually returned my money. Why they let you upload funds before demanding verification is a mystery to me but presumably they are part of the civil service so do it their way.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Jun 25, 2020 11:06:22 GMT
COUGH ###Virgin current acc (2%) ### Cough. Carefully read tcs, multiple accounts allowed. COUGH#
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aju
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Post by aju on Jun 25, 2020 11:42:51 GMT
Thats a nasty cough you have there dave have your rang the covid line about it. That's the one that allows 2 accounts, one being a joint one, yes?. We opened 3 of those between Mrs Aju an myself back towards the end of May. At the time I was humming and ah-ing as its only £1000 each but we went for it anyway. Only last a year though the rate I mean not sure what state the world will be in then though!. All very easy though and i'm pretty sure its discussed earlier on in this thread. |
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Thanks r00lish67 and cb25 for the correction.
