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Group Current Account Interest Rates Consensus
Started by MikeRidgway on 17/06/2015


Increased Interest Rates for 3 and 6 month saving bonds

From ZoeCFaircloth on 20.07.2017 at 12:20

We would like to let you know, from (today) 20th July onwards, our 3-month and 6-month savings bond interest rates have increased. The new terms apply to all customers as follows:
• 3 months 0,7% p.a.
• 6 months 0,8% p.a.
Please note that this change affects only new savings bonds and not existing ones.
You can get in touch with us should you have any questions on +44(0) 333 336 1284 or email us at hello@fidorbank.uk
There’s really no better time to start saving with Fidor!

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mwri wrote on 20.07.2017 at 12:42

or.. have they withdrawn the R-85?

mwri wrote on 20.07.2017 at 12:43

yup looks like it's withdrawn https://www.gov.uk/government/publications/income-tax-getting-your-interest-without-tax-taken-off-r85

What replaced the R85?

ZoeCFaircloth wrote on 25.07.2017 at 11:41

I didn't know about the R85. Will be interesting to see what has replaced it.

Increase of Interest (Facebook Like System)

From Thomires on 19.02.2016 at 20:59

Recently on Facebook and Twitter it was announced Fidor had reached the first milestone of 2000 likes, so we move from 0.25% to 0.30%.... But when will this be implemented and will it be back dated? No further information has been given since the announcement? Would be nice to know...

irhudson wrote on 19.02.2016 at 21:01

From March 1st

MikeRidgway wrote on 22.02.2016 at 08:40

More information can be found here http://hi.fidorbank.uk/1owXfGF

Market Leader?

From rc60 on 25.09.2015 at 14:46


Arguably the most atttractive UK current account at present pays 3% on balances of a few thousand pounds in exchange for a modest monthly fee. As an online provider only, can't Fidor aspire to beat this?

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rc60 wrote on 25.09.2015 at 22:53

Hi Stephan. I think the principle of linking interest rate to balance tiering and/or monthly payments into the account is in line with widespread current UK market leading provision. Monthly fees are also used. I've noticed elsewhere on the site a fairly full listing of the key terms of many of the more competitive existing UK current accounts. I think that for Fidor to address positively the returns challenges out there would maximise the chances of Fidor attracting a healthy flow of income to its current account(s).

Thomires wrote on 26.09.2015 at 12:10

Maybe this is something Fidor can look into for future projects once fully established. Personally I think any form of fee at this point would do more harm as good, until other services become available such as standing orders, faster payments, direct debits and debit card.

The current like interest rate system currently at 0.25% with the incentive to go up to 0.50% regardless of the amount you hold, is still lower than some banks and basic savings accounts but once these additional services have come online and more people join, Fidor can review these rates or link a Easy Access Savings to the Smart Account with a better rate and not have a minimum of £100 deposit which applies to the Savings Bonds on Offer. Or even introduce ewallets in the Smart Account allowing you to Save, Allocate to Bills or Spend.

MIROW wrote on 15.11.2015 at 22:02

I agree with Thomires.

Let´s create the best offer!

From mk on 17.09.2015 at 13:56

Dear Members,

As an open, transparent and integrative bank, we want to discuss all kinds of financial topics with our community members and integrate them into our decision-making process.

We have decided to create this group to discuss our interest rates offering on Current Account balance with you to achieve a broad consensus together. We ask you kindly to make constructive suggestions that reflect the position of all parties as interest rates are important for you, other customers and the bank. Indeed, to achieve a balanced and sustainable relationship, please consider in your suggestions that Fidor also has to make a profit to ensure that we can grow our open and transparent banking services to more people in more countries.

We are very much looking forward to your contribution and insightful discussions.

Best Regards,
Matthias Kröner, CEO of Fidor Bank

blobby wrote on 17.09.2015 at 22:18

As you say the Bank has to be profitable as otherwise whatever interest rate is promised cannot be delivered in the long term. It therefore needs to be linked to money market rates as the funds in the current account are effectively on call. The Bank needs to calculate for the volume of business it is planning what margin it needs to cover it's costs and make an adequate profit to sustain and grow it's business in accordance with it's plans. The balance can then be divided fairly between the interested parties (ie the Bank and it's customers). The biggest issue is the costs incurred in generating the margin. These need to be seen to be reasonable as well as reflecting an efficient organisation, With rapid technology development the costs are a moving target and the Bank needs to be seen to continually being reducing these costs for a given volume of business. This is not easy to achieve in the real world of day to day differences between people. I think the most important thing is the Bank is seen to have the right attitude rather than any one formula being more appropriate than another. I realise that this is not being specific but your approach is unique in aiming to get consensus and I think that this can only be achieved by the Bank being seen to have the right attitude. I hope these comments help the debate.

John L Hales

BekLOPD wrote on 18.09.2015 at 17:07

Hi blobby! Thanks for these words! That's excactly how it should work and that's the approach of Fidor Bank! :)

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