The Top Easy Access Savings Discussion Area

TiVo_Lad

Bridlington1 said:

Here's one that's may be worth keeping an eye on. Skipton have just launched an easy access Base Rate Tracker Issue 3 account, which pays 0.9% below the BOE base rate for the duration of the term, so currently pays 2.6%.

The account lasts for 24 months and any BOE base rate rises are passed on within 14 days. The minimum deposit is £1 and the account can be opened and managed in branch, online, via the app, by post and over the phone.

Skipton have been very quiet following the BOE rate increase before Christmas and to then release something that's way below the base rate, even if it does track, suggests they don't really need the cash.

jimexbox

Zopa use Barclays for their faster payments,  which apparently is very common for smaller banks. Most likely the reason why it takes 20 minutes for transfers to appear. 

SanguineOnSaturn

Kroo are using ClearBank for payments it says. Not one I've heard of but so far my transfers have all been instant

TiVo_Lad

TiVo_Lad said:

Bridlington1 said:

Here's one that's may be worth keeping an eye on. Skipton have just launched an easy access Base Rate Tracker Issue 3 account, which pays 0.9% below the BOE base rate for the duration of the term, so currently pays 2.6%.

The account lasts for 24 months and any BOE base rate rises are passed on within 14 days. The minimum deposit is £1 and the account can be opened and managed in branch, online, via the app, by post and over the phone.

Skipton have been very quiet following the BOE rate increase before Christmas and to then release something that's way below the base rate, even if it does track, suggests they don't really need the cash.

Not intending to quote myself, but having just read this, I thought there might be a reason for the seemingly odd move by Skipton:

https://www.cityam.com/bank-of-england-to-raise-interest-rates-50-points-next-week-to-post-financial-crisis-high-of-four-per-cent/

If the BoE does raise rates by 0.5% next week, the Skipton Tracker immediately goes up to 3.1% which would take it into the Top of the (current) Table. Maybe they’re calculating that other providers will either be slow to react or won’t pass on the full 0.5% meaning Skipton spends a while at the Top of the Table to attract cash before being overtaken.

Bridlington1

TiVo_Lad said:

TiVo_Lad said:

Bridlington1 said:

Here's one that's may be worth keeping an eye on. Skipton have just launched an easy access Base Rate Tracker Issue 3 account, which pays 0.9% below the BOE base rate for the duration of the term, so currently pays 2.6%.

The account lasts for 24 months and any BOE base rate rises are passed on within 14 days. The minimum deposit is £1 and the account can be opened and managed in branch, online, via the app, by post and over the phone.

Skipton have been very quiet following the BOE rate increase before Christmas and to then release something that's way below the base rate, even if it does track, suggests they don't really need the cash.

Not intending to quote myself, but having just read this, I thought there might be a reason for the seemingly odd move by Skipton:

https://www.cityam.com/bank-of-england-to-raise-interest-rates-50-points-next-week-to-post-financial-crisis-high-of-four-per-cent/

If the BoE does raise rates by 0.5% next week, the Skipton Tracker immediately goes up to 3.1% which would take it into the Top of the (current) Table. Maybe they’re calculating that other providers will either be slow to react or won’t pass on the full 0.5% meaning Skipton spends a while at the Top of the Table to attract cash before being overtaken.

Hence why I said it it one that may be worth keeping an eye on. This account looks set to hit 3.6-4.1% over the course of the next year if the predictions of the BOE base rate are to be believed.

I've just opened the account with £1.01 via the app as I imagine this account could go quite quick when the base rate rises next week, especially considering it is fully easy access with such a low minimum deposit.

janusdesign

SanguineOnSaturn said:

Kroo are using ClearBank for payments it says. Not one I've heard of but so far my transfers have all been instant

Chip uses ClearBank for their FSCS cover, but Kroo have their own FSCS license and are just using ClearBank for payments.

I opened my Kroo account on Tuesday - as others mentioned it was painfully slow, but persevered and managed to open it... approval took around 10 minutes... deposits are appearing immediately (both by OB or transfer)... not made any withdrawals yet, so can't comment on that.

Also worth mentioning that I received my Kroo debit card today at lunchtime today - so 48 hours after opening the account... and they're now offering me the option of an overdraft.

as an aside, TCB didn't track so put in a claim - was told by their support that you don't need to put the £50 in immediately (though my recollection is also that that condition wasn't there on Tuesday), but if you don't do so, then you won't get any cashback (though as someone says, TCB are often flaky when it comes to getting cashback these days).

happybagger

 I may as well go with this one with a min deposit as I currently only have a 'holding' account at Skipton at 2.5% for future 'members only' accounts. Skipton rates are a bit naff at the moment.

SonOfPearl

TiVo_Lad said:

TiVo_Lad said:

Bridlington1 said:

Here's one that's may be worth keeping an eye on. Skipton have just launched an easy access Base Rate Tracker Issue 3 account, which pays 0.9% below the BOE base rate for the duration of the term, so currently pays 2.6%.

The account lasts for 24 months and any BOE base rate rises are passed on within 14 days. The minimum deposit is £1 and the account can be opened and managed in branch, online, via the app, by post and over the phone.

Skipton have been very quiet following the BOE rate increase before Christmas and to then release something that's way below the base rate, even if it does track, suggests they don't really need the cash.

Not intending to quote myself, but having just read this, I thought there might be a reason for the seemingly odd move by Skipton:

https://www.cityam.com/bank-of-england-to-raise-interest-rates-50-points-next-week-to-post-financial-crisis-high-of-four-per-cent/

If the BoE does raise rates by 0.5% next week, the Skipton Tracker immediately goes up to 3.1% which would take it into the Top of the (current) Table. Maybe they’re calculating that other providers will either be slow to react or won’t pass on the full 0.5% meaning Skipton spends a while at the Top of the Table to attract cash before being overtaken.

I've also opened this Skipton Tracker as it might be one of the best rates soon after the next BOE meeting, although it's worth noting that the tracker rate doesn't increase immediately when the base rate increases - in the T&Cs Skipton have 14 days before they increase their rate to track the new BOE rate.  

mac20

Worst version of a base tracker account ever conceived, probably. 

Givens

Likely to put money in either Chip or Kroo, they both look similar. Is there an obvious reason I'm missing that I should choose one over the other?