The Top Easy Access Savings Discussion Area

phillw

AmityNeon said:
A rate increase implies the current rate is suboptimal, so for me, announcements of rate increases do nothing to prevent outflows of cash (because my cash was never there to begin with).

You have money in bank A, which is the highest rate, bank B announces a higher rate, bank A announces a higher rate in a few weeks.

Most people will save themselves the hassle and leave the money in bank A as the difference in a few weeks of interest doesn't justify their time.

The banks aren't trying to impress you.

happybagger

Bridlington1 said:

I would argue that there is inconsistency between the product terms and the general terms, thus the product terms hold.

Ok, but I would say they are more "complementary" rather than inconsistent.

And in any case, with it being a building society they can repay the share at will, terminating the membership (Rule 6)

Ether way it's academic as you've closed it anyway

AmityNeon

phillw said:

AmityNeon said:
A rate increase implies the current rate is suboptimal, so for me, announcements of rate increases do nothing to prevent outflows of cash (because my cash was never there to begin with).

The banks aren't trying to impress you.

I never said they should. I'm just a rate tart making observations.

TiVo_Lad

If you are to believe a recent blog posting by Paragon Bank, the rate tart is a rare breed indeed:

"...Paragon analysis of September's [2022] CACI data found that 82% of all non-ISA instant access savings accounts were receiving less than 0.5% interest. This equates to over £482 billion of deposits receiving a return far lower than they could be..."

Which may well explain why so many financial institutions don't rush to release market-leading rates.

andyhicks88

I just deposited some funds into the Cov 6 access account, is this likely to not show up now until Monday? 

Bigwheels1111

andyhicks88 said:

I just deposited some funds into the Cov 6 access account, is this likely to not show up now until Monday? 

Mover some cash over at 16.30pm today.
Was in my account 15 minutes later, not sure about after 17.00pm.

andyhicks88

It's gone in but at the same time as i checked that I also noticed the interest rate is saying 2.42% and not the 3.25% it was supposed to jump to today? I opened this account last week so I shouldn't have missed the boat?

Bridlington1

TiVo_Lad said:

If you are to believe a recent blog posting by Paragon Bank, the rate tart is a rare breed indeed:

"...Paragon analysis of September's [2022] CACI data found that 82% of all non-ISA instant access savings accounts were receiving less than 0.5% interest. This equates to over £482 billion of deposits receiving a return far lower than they could be..."

Which may well explain why so many financial institutions don't rush to release market-leading rates.

I am very much a financial tart and glad of it. In fact if anything I rather enjoy it. If the rate tart is a rare breed then thank heavens I'm in the minority.

andyhicks88

Omg I opened the wrong one LOL!  I opened a normal easy access one not the 6 access one!  I really thought I'd opened the limited access one, was sure, but no, how very stupid of me.  Well, that's that one out the window!

Bridlington1

andyhicks88 said:

Omg I opened the wrong one LOL!  I opened a normal easy access one not the 6 access one!  I really thought I'd opened the limited access one, was sure, but no, how very stupid of me.  Well, that's that one out the window!

Fear not, YBS's rainy day saver rises to 3.35% on 17th so you can always get that one raring and ready to go.