The Top Easy Access Savings Discussion Area

TiVo_Lad

SeriousHoax said:

Hi I know it's a good thing to spread your money about to be on the safe side. £85k

Anyway is there many here that sticks more than 85k in an account.

Depends on the institution and their capitalisation. Nationwide, Coventry, YBS, or one of the (spit) high street banks, yes without any worries, but I'd keep to the £85K limit for the smaller players.

TiVo_Lad

SickGroove said:

Is there a daily withdrawal limit from Zopa smart saver? 

Yes. The balance of your account.

SickGroove

TiVo_Lad said:

SickGroove said:

Is there a daily withdrawal limit from Zopa smart saver? 

Yes. The balance of your account.

Funny! 

I mean is there a daily maximum amount transfer limit back into your nominated account?

TiVo_Lad

SickGroove said:

TiVo_Lad said:

SickGroove said:

Is there a daily withdrawal limit from Zopa smart saver? 

Yes. The balance of your account.

Funny! 

I mean is there a daily maximum amount transfer limit back into your nominated account?

Yes. The total balance of your account. You can transfer any amount up to that.

cwep2

SeriousHoax said:

Hi I know it's a good thing to spread your money about to be on the safe side. £85k

Anyway is there many here that sticks more than 85k in an account.

Personally, I'd happily put much more in Santander, Chase, even on a permanent basis. These are backed up by extremely well capitalised banks. Banks that are to big to fail to some extent. Would say same for Barclays, HSBC and a few other UK high street (bank) names, but they don't tend to be top of the tables for more than limited size accounts - a regular saver limited to £250/month isn't going above the 85k limit....
In short term I'd happily put more in Marcus and Investec (eg if I had a fix maturing in 2 months and wanted to open another one) as these are backed by big, if a little less big, banks. Would probably lump the big UK building societies in with this group as well.
Anyone else I'd stick below the FCA guarantee, as long as I've verified it myself on the FCA website. 

pecunianonolet

eskbanker said:

MiserlyMartin said:

Been busy since the rate rise, came here to see who has raised. It seems nobody. Let's get this straight - we have a bank rate of 4% and BS and banks are still paying 3% and that is seen as good?

Who said it was good?

Cost of living: Big banks' bosses defend savings rates and branch closures

Pretty much sums it up. ..."deals had improved as savers shopped around." With an around 7% loss on the best essay access account it's no wonder that savers try to do damage control.

mebu60

If you want an insight into the level of understanding in the world outside this thread on base rate versus savings interest rate have a read through the comments on this article:
Cost of living: Big banks' bosses defend savings rates and branch closures - BBC News

Band7

TiVo_Lad said:

SickGroove said:

Still waiting for Zopa to increase their rates...

From Monday I've 20K I need to put into an easy access account until I can put it into a new 1 year fixed Cash ISA on April 6th 2023 (already maxed out this year's allowance)

I've got Chase, Kroo & Tandem easy access accounts but after trying both Kroo & Tandem I think I'm gonna stick it all in Chase initially as they seem more fluid & any transfers to and from are pretty much instant.

There always the 3.05% from Oak North

https://oaknorth.co.uk/personal-savings/easy-access-limited-edition/

Careful - seems they want you to deposit £20k to open the account. A bit like the Monmouthshire Premium Instant access account, where you can’t make any withdrawal unless you first deposited £25k. I don’t have good Internet access atm, so can’t investigate the Oaknorth T&Cs to figure out the exact terms

Patrington

mebu60 said:

If you want an insight into the level of understanding in the world outside this thread on base rate versus savings interest rate have a read through the comments on this article:
Cost of living: Big banks' bosses defend savings rates and branch closures - BBC News

From this article:

Only one in four people have £100 of savings in their account," said Dame Alison. "There is a real concern about financial confidence in young people. We have targeted savings for young people's accounts as well."

I'd be interested to see their working out on this.

How many people have dormant accounts running with minimal balance?

Are these figures including that?

I.e. are they nuanced enough to tally customer x may have 5 different accounts with them, of which, 4 have < £100 but the fifth has > £100 hence customer x has over £100 in savings.

And then also spread across institutions i.e. customer y may only have £10 at NatWest but they may have £1000 at HSBC.

Band7

SeriousHoax said:

Hi I know it's a good thing to spread your money about to be on the safe side. £85k

Anyway is there many here that sticks more than 85k in an account.

No, never, except possibly NS&I but their rates are not exciting.

Even with FSCS cover, it’s quite traumatic when a provider goes bust. It’s nonsense to suggest big banks can’t go bust.