The Top Easy Access Savings Discussion Area

jaypers

It’s interesting that a number of institutions seem to have acted quickly this time. I’m watching the likes on Marcus, Atom, Zopa and Virgin Money with interest, all of who need to up their game. 

2010

jaypers said:

It’s interesting that a number of institutions seem to have acted quickly this time. I’m watching the likes on Marcus, Atom, Zopa and Virgin Money with interest, all of who need to up their game. 

You can also add Nationwide B/Soc to that list of slow / no movers.

patpalloon

AmityNeon said:

patpalloon said:

I'm so glad I didn't bother to open a Kroo account - now overtaken/matched by both Tandem and Chase which I already have accounts with 

They were overtaken by Tandem, but not matched by Chase.

Perhaps the next few weeks may be a better time to apply for the Kroo account when demand has decreased. If they ever do increase their rates (they probably will), you'll already have an account.

True, but Kroo is only 0.03 higher than Chase's new rate (from 13/2) which works out at an extra £2.12 per month if you had the full £85,000 invested in it.

ForumUser7

Newcastle Building Society also announced that it will increasing the rate on its triple access account from tomorrow. The rate will be rising from 2.75 per cent to 3.05 per cent tomorrow.

Those savers who opened the account previously when it began paying 2.75 per cent will get the new rate.

Source (https://www.thisismoney.co.uk/money/saving/article-11706427/Banks-savings-rates-following-base-rate-rise.html)

Zaul22

If even Chase and Tandem are making fast moves, it looks more and more like the 'could have been the best' Skipton Tracker at 3.1% will easily be beaten. 

AmityNeon

patpalloon said:

AmityNeon said:

patpalloon said:

I'm so glad I didn't bother to open a Kroo account - now overtaken/matched by both Tandem and Chase which I already have accounts with 

They were overtaken by Tandem, but not matched by Chase.

True, but Kroo is only 0.03 higher than Chase's new rate (from 13/2) which works out at an extra £2.12 per month if you had the full £85,000 invested in it.

Plus the extra 12 days with a 0.32% Gross difference, which equates to about £8.94.

Not that it matters when Tandem beats them both.

TiVo_Lad

2010 said:

You can also add Nationwide B/Soc to that list of slow / no movers.

The Nationwide really don't have to try. With the asset base that they have in residential mortgages they can borrow money commercially at much better rates than retail deposits. They've moved their business model over the years towards mortgage lending with the occasional short-term savings offering for members. If you need to bust the FSCS limit, the Nationwide would be a good place to do it (too big to fail), but they're never going to try and compete with the smaller players who need retail deposits to fund larger proportions of their business.

patpalloon

AmityNeon said:

patpalloon said:

AmityNeon said:

patpalloon said:

I'm so glad I didn't bother to open a Kroo account - now overtaken/matched by both Tandem and Chase which I already have accounts with 

They were overtaken by Tandem, but not matched by Chase.

True, but Kroo is only 0.03 higher than Chase's new rate (from 13/2) which works out at an extra £2.12 per month if you had the full £85,000 invested in it.

Plus the extra 12 days with a 0.32% Gross difference, which equates to about £8.94.

Not that it matters when Tandem beats them both.

The point I was making is opening a new account for a couple of quid extra a month isn't really worth the hassle. I might open an account with Kroo, but as it's brand new thought I would wait and see. Also, I wouldn't bet on any more interest rates from them soon - they may well have pitched their opening rate with the expected rise from the BoE. 

bettz

I'm debating if I should stick it out with Al Rayan or move back to chase. 

Al Rayan you've had weeks to improve 

Yellowman

Al Rayan does appear to be less keen on pushing to the front in recent weeks.