Savings Accounts: The Best Currently Available News!

lucky77

Yes it's a great idea.
Many thanks SpecialSaver2 for all your input on this website, particularly updating the regular savings thread and offering to keep us easily informed of the latest savings news. :T

buffman

I too have subsribed to this thread. I would like to add my thanks to SpecialSaver2. His rules of how this thread should function are precisely how I envisaged it to be - a 'live' update when new attractive accounts become available or when they are withdrawn. This thread should be nothing but an announcement page with discussions on individual accounts to be help in separate threats. The success of our Emonyfacts replacement will dependend on as many people as possible contributing and the speed with which 'announcements' are posted.

AirlieBird

buffman wrote: »

His rules of how this thread should function are precisely how I envisaged it to be - a 'live' update when new attractive accounts become available or when they are withdrawn.

And me too

buffman

Emoney posted Cahoot's new best buy 1 year bond at about 1pm. Three hours later I scanned a number of Best Buy table providers and apart from Moneysupermarket no one was showing it. The current best buy 2 year bond is from Investec but it hardly appears in any of the Best Buy tables (probably due to the £25k min deposit - though Moneysupermarket shows Cahoot for 1 year but not Investec for 2 years). This thread is badly needed!!

inneed

Sorry for being completely useless when it comes to finance, but does the fact that the interest is not compounded on Investec 2 year fixed rate bond make a difference?

psychic_teabag

Well, yes it makes a difference to the exact details of the interest, but nothing to worry about. The quoted numbers are 4.00% AER and 4.08% gross. The AER gives the equivalent rate if there was compounding, and is lower than the gross rate because there is no compounding.

Just compare the AER rates as usual, to get like-for-like comparisons. (It's probably significant that they've chosen a strange gross rate to give a nice round AER number.)

The only other thing to consider is tax : I assume no compounding means all the interest is credited on maturity. If you are close to a tax threshold, that might push you over so that you'd have to pay more tax by getting it all in one go. But if you might be paying less tax in 2 years time, that's a benefit.

inneed

Thanks, psychic teabag, that's cleared it up for me.

Vortigern

We definitely need a thread like this. I've recently found short-lived best-buy account offers through the forums, before they appeared on the main site.

buffman

From tomorrow, Emoneyfacts becomes subscription only. This thread should now be regarded as 'live'. From now on no more comments should be posted on this thread apart from anouncing the introduction or withdrawl of a top paying savings account.

Special_Saver2

Hi Folks,

I am currently updating my regular savings thread and I have just noticed on the Skipton website that they have a new easy access account paying 3.05%. I cannot find another thread about this account and it is not yet on the MSE Savings page.

This could be a handy account for people who want do not have £50,000 for the Birmingham Midshires' 3.2% account and who do not like Santander (their eSaver Issue 4 pays a decent 3.1%). Alternatively, this could be a good account for people who are trying to spread their savings around for safety reasons.

The account details are as follows:

Skipton Online Bonus Saver

3.05% gross pa/AER variable including 1.55% bonus for the first 12 months. After 12 months this will revert to an Online Saver with an annual rate of 1.50% gross pa/AER variable.

• Easy access meaning you can make as many withdrawals as you like without penalty
• A 1.55% bonus interest rate for the first 12 months (from the date you open your account)
• Minimum opening & operating balance of £1,000
• Maximum investment £1,000,000
• Minimal single withdrawal of or deposit of £1
• Sole and joint account(s) allowed
• Investments allowed by debit card, internal transfer from another online account, standing order or BACS payment online
• Withdrawals permitted (online only)

This post is just to flag up this account. If you wish to discuss the account, then please go to this separate thread: Skipton Online Bonus Saver 3.05% (Easy Access Account)

SS2

---

For those new to this thread, please see the guidelines in the first post: Savings Accounts: The Best Currently Available News! Post 1
This thread is intended to alert people to the appearance and impending disappearance of the best new accounts. If you wish to discuss the account details, then please do so in the separate thread about that account. The MSE team maintain a list of the best savings accounts on the following page: Best Savings Accounts