matroskin Report post Posted November 14, 2005 Received a letter today from my Child Trust Fund provider (YBS, to be exact) - they increased the rate from 4.8% to 5.3% backdated to 24 Oct. Don't think they are that incompetent to give away cash for nothing Quote Share this post Link to post Share on other sites
AteMoose Report post Posted November 15, 2005 Agreed, alliance and leister is now offering a 5% current account and a 10% regular saver account, which beats HSBCs offering of 8%, ive noticed that savings rates appear to be on the up, is this a seasonal thing or a bigger trend? Quote Share this post Link to post Share on other sites
Time to raise the rents. Report post Posted November 15, 2005 Agreed, alliance and leister is now offering a 5% current account and a 10% regular saver account, which beats HSBCs offering of 8%, ive noticed that savings rates appear to be on the up, is this a seasonal thing or a bigger trend? I think that with a little research you will find that you're guilty of not bothering to read the fine print. Quote Share this post Link to post Share on other sites
Guest Alright Jack Report post Posted November 15, 2005 I think that with a little research you will find that you're guilty of not bothering to read the fine print. Definately. As this example illustrates. I looked into the HSBC amazing 8% offer. Turns out it's just a cheap scam to get you current account business. 1) You had to open a current account and have your salary paid in each month directly from employer. 2) The 8% savings account rate was only untill next year and, you could only deposit a maximum of £250 per month. So what a waste of time and effort. Quote Share this post Link to post Share on other sites
AteMoose Report post Posted November 15, 2005 (edited) Definately. As this example illustrates. I looked into the HSBC amazing 8% offer. Turns out it's just a cheap scam to get you current account business. 1) You had to open a current account and have your salary paid in each month directly from employer. 2) The 8% savings account rate was only untill next year and, you could only deposit a maximum of £250 per month. So what a waste of time and effort. Er i have read the small print, and i am aware of the issues 1) I would, the rate on the current account is better than HSBC 2) Im making a comment that A&L 10% is better than HSBCs 8% last year, the trend is up, but if your isa is full and your have about £250 a mounth left every mounth why not get this account? Overall its better than having it in a savings account and topping it up by £250 a mounth in the same way, overall your interest is increased... Edited November 15, 2005 by moosetea Quote Share this post Link to post Share on other sites
Tonester Report post Posted November 15, 2005 Does the HSBC account have similar limits? Quote Share this post Link to post Share on other sites
AteMoose Report post Posted November 15, 2005 Does the HSBC account have similar limits? Yes, and there current account is poo Quote Share this post Link to post Share on other sites
jpidding Report post Posted November 16, 2005 Yes, and there current account is poo I open as many of these as I can. Got the HSBC one...its about to run out. Had the one from the Abbey that paid 7%, but you could put £500 a month into. Just opening the A&L one. Also got my dad to open an A&L one in his name for me. This is a new trend in banks to get people in, similar to zero % CC's. Hell, if people in debt can spend their time applying for CC's and transfering, then why cant I do the same on the savings side. Recon I can make at least £300 a year by switching around to who ever has the best IR's. Just opening a Cahoot account to put the bulk of my dosh into, cos they offer 5.25% for the first 6 months. I know its a ball ache, but applying online takes 10 minutes usually. By doing this it also drives up IR's because the banks realise they have to keep nudging rates to keep business. JP. Quote Share this post Link to post Share on other sites
AteMoose Report post Posted November 16, 2005 I open as many of these as I can. Got the HSBC one...its about to run out. Had the one from the Abbey that paid 7%, but you could put £500 a month into. Just opening the A&L one. Also got my dad to open an A&L one in his name for me. This is a new trend in banks to get people in, similar to zero % CC's. Hell, if people in debt can spend their time applying for CC's and transfering, then why cant I do the same on the savings side. Recon I can make at least £300 a year by switching around to who ever has the best IR's. Just opening a Cahoot account to put the bulk of my dosh into, cos they offer 5.25% for the first 6 months. I know its a ball ache, but applying online takes 10 minutes usually. By doing this it also drives up IR's because the banks realise they have to keep nudging rates to keep business. JP. Cunning Plan... if your a STR setup a load of these new accounts, and feed them/move money arround to fufil all the requirements for higher IRs from different accounts Quote Share this post Link to post Share on other sites
