The Top Easy Access Savings Discussion Area

chris_the_bee

Bridlington1 said:

FlaatusGoat said:

The best interest account is only 3%!!! Yet the BoE rate is 4%. Is it worth waiting until a challenger sticks their neck out with a higher rate and switch then. Thoughts?

I would move your savings now. If the challenger banks come up with a higher rate you can always move your savings again.

Shawbrook 3.01%
Coventry 6 access 3.25%

soulsaver

FlaatusGoat said:

The best interest account is only 3%!!! Yet the BoE rate is 4%. Is it worth waiting until a challenger sticks their neck out with a higher rate and switch then. Thoughts?

If you adopted that plan 5 months ago you'd be still waiting:

No Easy Access ac (offering upto £85k) has been offered above the BoE rate since it was 2.25% (September/October) and Santander made 2.75% esaver available... for a couple of days. 

The best after that was Aldermore (Double Access) equalling the rate in November with 3.0% for a week or so before the BoE went up again.

2010

mebu60 said:

2010 said:

Also looking at Sainsbury`s defined triple at 3.05% min £1K.
(£1 to £999 @ 1.05%)

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

To soulsaver:
Issue number also needs to be incremented to 39 on TotP.
Hard to keep up with Sainsbury's regular increases I know!
Thanks again for all your efforts, hugely appreciated by many.

Do you know if Sainbury`s increase the previous issues when a new issue comes out?

janusdesign

chris_the_bee said:

Bridlington1 said:

FlaatusGoat said:

The best interest account is only 3%!!! Yet the BoE rate is 4%. Is it worth waiting until a challenger sticks their neck out with a higher rate and switch then. Thoughts?

I would move your savings now. If the challenger banks come up with a higher rate you can always move your savings again.

Shawbrook 3.01%
Coventry 6 access 3.25%

Coventry 6 is NLA, only issue 7 available now @ 2.85 (though Coventry still yet to adjust after last BoE increase) - but if you missed issue 6, it's too late to join that party now.

flobbalobbalob

janusdesign said

Coventry 6 is NLA, only issue 7 available now @ 2.85 (though Coventry still yet to adjust after last BoE increase) - but if you missed issue 6, it's too late to join that party now.

Coventry accepted my application 2 months ago and heard nothing since. Obviously not going to happen now but not impressed.

Band7

The theme across the board for savings accounts after the latest BoE rate increase is a reduction of interest rates, and quite a few issues of savings accounts have become unavailable to new applicants already. Therefore it's a good idea to grab what you can get now. 

mebu60

2010 said:

mebu60 said:

2010 said:

Also looking at Sainsbury`s defined triple at 3.05% min £1K.
(£1 to £999 @ 1.05%)

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

To soulsaver:
Issue number also needs to be incremented to 39 on TotP.
Hard to keep up with Sainsbury's regular increases I know!
Thanks again for all your efforts, hugely appreciated by many.

Do you know if Sainbury`s increase the previous issues when a new issue comes out?

They are not doing so currently. If you hold a previous issue, log in, select Apply, choose the Defined Access Issue 39 and complete the application, some is pre-populated, other boxes including Nectar number and NINo require inputting.
From personal experience of multiple iterations of this, you should finish by being given new account number which is immediately visible. Go in to Move Money, move all the capital to new account. Go in to Messages, ask for Issue NN to be closed and the interest added to Issue 39. This is taking a few days at the moment.
Note that you will need to change the Sainsbury's account number in the payee details of your funding bank if you pay in any new money to your Issue 39. 

janusdesign

2010 said:

Do you know if Sainbury`s increase the previous issues when a new issue comes out?

no they don't - you need to open a new account, transfer the balance across and close the older account (or just close and get them to move the balance to the new account) - you can do it all online.

2010

mebu60 said:

2010 said:

mebu60 said:

2010 said:

Also looking at Sainsbury`s defined triple at 3.05% min £1K.
(£1 to £999 @ 1.05%)

https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

To soulsaver:
Issue number also needs to be incremented to 39 on TotP.
Hard to keep up with Sainsbury's regular increases I know!
Thanks again for all your efforts, hugely appreciated by many.

Do you know if Sainbury`s increase the previous issues when a new issue comes out?

They are not doing so currently. If you hold a previous issue, log in, select Apply, choose the Defined Access Issue 39 and complete the application, some is pre-populated, other boxes including Nectar number and NINo require inputting.
From personal experience of multiple iterations of this, you should finish by being given new account number which is immediately visible. Go in to Move Money, move all the capital to new account. Go in to Messages, ask for Issue NN to be closed and the interest added to Issue 39. This is taking a few days at the moment.
Note that you will need to change the Sainsbury's account number in the payee details of your funding bank if you pay in any new money to your Issue 39. 

Can you get the account opened online or do they want you to send ID ?

soulsaver

@2010

As a general rule, if there's a new issue, then rate isn't applied retrospectively. But there are exceptions - Leeds BS springs to mind, even for their reg savers.

ID required? No one on here will know - it depends on your personal records.