keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,587
Likes: 2,622
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Post by keitha on Sept 21, 2024 10:58:49 GMT
saw a sign in Principality BS for the triple access 1 year regular saver at 5.75% read the small print you are limited to £50 a month, £618.59 after a year, is just over £1.50 a month worth the bother.
they also have a regular saver at 7.85%, £200 a month - Only lasts 6 months though Have set one of those up drip feeding from another account that pays 3.75% and that's is where it will go back to.
as it happens my 2 main building societies are within 4-5 minutes walk of each other and just over 10 minutes from home. so it's worthwhile moving money whilst I'm out and about. But for a few £ a year it's not worth driving a 20 mile round trip.
I only opened the first account when I moved here as somewhere to be able to pay a cheque in - Yes even now odd people pay with cheques on eBay, and when a well known bank owed me money they didn't do a bank transfer they sent me a cheque - they had not properly informed me on some changes to the account, and as a result ended up paying me £650 in compensation, they sent a second cheque for around £30 2 weeks later as they had miscalculated the interest due on the first lot of compensation, and paid me that plus another £25 for the mistake. When I moved here just under 6 years ago we had branches of 4 high street banks now we have none. nearest branch of my bank 15 miles ( again with 15 minute cities / zones should there be a branch of all major banks within the 15 minute walk or would one suffice ).
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toffeeboy
Member of DD Central
Posts: 538
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Post by toffeeboy on Sept 24, 2024 16:23:08 GMT
saw a sign in Principality BS for the triple access 1 year regular saver at 5.75% read the small print you are limited to £50 a month, £618.59 after a year, is just over £1.50 a month worth the bother. they also have a regular saver at 7.85%, £200 a month - Only lasts 6 months though Have set one of those up drip feeding from another account that pays 3.75% and that's is where it will go back to. as it happens my 2 main building societies are within 4-5 minutes walk of each other and just over 10 minutes from home. so it's worthwhile moving money whilst I'm out and about. But for a few £ a year it's not worth driving a 20 mile round trip. I only opened the first account when I moved here as somewhere to be able to pay a cheque in - Yes even now odd people pay with cheques on eBay, and when a well known bank owed me money they didn't do a bank transfer they sent me a cheque - they had not properly informed me on some changes to the account, and as a result ended up paying me £650 in compensation, they sent a second cheque for around £30 2 weeks later as they had miscalculated the interest due on the first lot of compensation, and paid me that plus another £25 for the mistake. When I moved here just under 6 years ago we had branches of 4 high street banks now we have none. nearest branch of my bank 15 miles ( again with 15 minute cities / zones should there be a branch of all major banks within the 15 minute walk or would one suffice ). Been told by my father in laws health insurance that, even though we told them a month ago that we were cancelling his policy, they were still taking this months DD and they are sending him a cheque in the post to refund it.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,587
Likes: 2,622
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Post by keitha on Sept 24, 2024 16:36:40 GMT
Cancel the DD from your end to make sure they don't "accidentally" take it again next month
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toffeeboy
Member of DD Central
Posts: 538
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Post by toffeeboy on Sept 25, 2024 9:12:06 GMT
Cancel the DD from your end to make sure they don't "accidentally" take it again next month My wife went into the bank with him to do just that and the bank told her it's a direct debit so the insurance company have to cancel it. Unfortunately she doesn't know too much about banking so took them at their word and left it. Needless to say she is going back in with him today to tell them to cancel the direct debit and stop being so bloody stupid. I miss the days when staff in banks actually knew something about banking.
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Post by mostlywrong on Sept 25, 2024 14:05:19 GMT
I closed my smaller building society accounts as the financial recession was under way. Luckily, I was not caught out by Northern Rock but that was a close run thing.
A lot of my dosh ended up in P2P. Now, it is scattered across several institutions which all adds complexity. But the individual £85k safety limit helps me sleep at night.
The Yorkshire Building Society has just opened a branch here and I have looked at the top rate which is 8%. Nice but the small print says that it is a maximum of £50 per month for one year and then does not define what happens after one year. Presumably, back down to 2% pa!
That is a lot of work with passport/driving license etc for less than £40 interest on which I will be taxed (and 20% of my non-existent winter fuel payment). But I probably do as much work keeping an eye on those institutions in which I have a stake as you do keeping an eye on your building society accounts.
Swings and roundabouts.
A slightly funny story...
I am digging through boxes and sorting things. In a drawer, I found an envelope marked "2008 - emergency cash" that contained £800 in used old-style £20 notes.
I took them down to my High Street bank and handed them over, saying as I did so that "this bank appears to have survived the financial crash so I can return this emergency money to my account".
"What financial crash?" said the 20-something girl behind the counter...
MW
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benaj
Member of DD Central
N/A
Posts: 5,608
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Post by benaj on Sept 25, 2024 14:56:51 GMT
Well, my experience with the SRBS, staffordshire isn’t fantastic. The effort of changing the address is not cheap, they only accept certified copies of proof of Id and address which seen by a professional.
At the end, i decided to close the account to avoid the hassle.
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mikeb
Posts: 1,072
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Post by mikeb on Sept 29, 2024 18:24:26 GMT
Cancel the DD from your end to make sure they don't "accidentally" take it again next month My wife went into the bank with him to do just that and the bank told her it's a direct debit so the insurance company have to cancel it. Unfortunately she doesn't know too much about banking so took them at their word and left it. Needless to say she is going back in with him today to tell them to cancel the direct debit and stop being so bloody stupid. I miss the days when staff in banks actually knew something about banking. Make sure to make a formal complaint about this to the bank, and get your compo payout due to incompetence ... !
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