The Top Easy Access Savings Discussion Area

eskbanker

mebu60 said:

Patrington said:

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 3 different accounts with them, of which, four 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.

I thought similarly. Our £1 / 1p / zero residuals are a good example. Plus many people keep high balances in current accounts. 

Today's BBC piece cross-refers to another one about the £100 figure, which in turn refers to a study conducted last year by the Money & Pensions Service:

https://www.maps.org.uk/2022/11/07/one-in-six-uk-adults-have-no-savings/

• This survey was conducted among 3,000 people in the UK aged 18+ in September 2022. It is nationally representative. 
• Asked how much money they had in savings, 17% said they had no savings, 5% said less than £50 and 4% said £50-100.

samlad80

Just wondering if people are having similar experiences to me.. 

I’ve tried to open a Kroo account, waiting 10 days now with no sign of any progress on the authentication process. 

I’ve also tried to open a tandem account for a similar rate, again - it went straight to authentication with no email, nothing. 

It’s great of Martin to recommend these products but - if they can’t provide what’s advertised are they actually any good??

Nick_C

@samlad80

There is a specific thread about Kroo which you may find interesting

https://forums.moneysavingexpert.com/discussion/6368168/kroo-bank-discussion

GalacticaActual

Skipton Building Society have now issued a PDF showing the rate changes to variable accounts effective from Monday 13th February 2023:

https://www.skipton.co.uk/-/media/skipton-co-uk/pdf/savings/changes-to-variable-accounts.ashx
https://www.skipton.co.uk/base-rate-change

With effect from Monday 13 February 2023, we will be increasing all our variable savings rates, with no variable rate product paying less than 2.25% AER.

Tfl

Thanks. Although annoying by Skipton, just closed my double access as got bored waiting for a rate increase. 

Guess I should have left £1 in there.

silversand

Band7 said:

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

What if I open my Easy Access Limited Edition account but transfer less than the £20,000 minimum?

You have 14 days to fund your account with £20,000 in line with your Specific Easy Access Terms & Conditions. You will be required to always maintain a minimum balance of £20,000 in your account. If one or more withdrawals reduce your Account balance to an amount lower than £20,000, we will have the right to close your Account and the remaining money will be sent back to your nominated bank account on the following business day.

Band7

silversand said:

Band7 said:

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

What if I open my Easy Access Limited Edition account but transfer less than the £20,000 minimum?

You have 14 days to fund your account with £20,000 in line with your Specific Easy Access Terms & Conditions. You will be required to always maintain a minimum balance of £20,000 in your account. If one or more withdrawals reduce your Account balance to an amount lower than £20,000, we will have the right to close your Account and the remaining money will be sent back to your nominated bank account on the following business day.

Thanks for digging out this information. It’s a thanks, but no thanks from me to Oaknorth on this occasion.

[Deleted User]

cwep2 said:

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. 

Marcus is backed by Goldman Sachs - and therefore broadly comparable to Chase etc
Who is Investec backed by whom (other than FSCS) ? 

ColdIron

I recall they were the 2nd biggest bank in South Africa, listed on the FTSE 250

Rheumatoid

cwep2 said:

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. 

A bit like RBS were too big to fail? I seem to remember they were pretty big. I would just stay under FSCS and spread the load or go NS&I