Cater Allen quarterly interest

[Gonzo]

Received a letter this morning from Cater Allen, they are changing from paying interest monthly to quarterly, and raising the rate 0.5% at the same time.

What are they playing at Can we expect to see the rate increase clawed back some time in the future?




If I was planning to stay in this country longer, it might be enough to make me change banks.

[Cyberman]

Received a letter this morning from Cater Allen, they are changing from paying interest monthly to quarterly, and raising the rate 0.5% at the same time.

What are they playing at Can we expect to see the rate increase clawed back some time in the future?




If I was planning to stay in this country longer, it might be enough to make me change banks.

A cynic such as myself reads into this that the Spanish owner, Bank Santander has liquidity problems due to the credit crunch and is thus trying to procure more deposits while also holding onto the interest longer. My advice would be to watch that you do not hold more than 35K between Cater Allen, Abbey Bank and Bank Santander. There could be trouble ahead!!

[eliquant]

Yes I was thinking of opening a Spanish bank account in Spain as I was thinking of moving over there and considering the exposure that Banco Santander has with UK mortgages with Abbey (owning it), I decided that Banco Bilbao Vizcaya (BBVA) was perhpas a better option.

Also I had a major run in/nightmare with Abbey Business once when I was using it in conjuction with my contractor limited account, it went to the High Courts. Avoid.