The Top Easy Access Savings Discussion Area

silversand

fourmarks said:

fourmarks said:

Qyburn said:

I used their online secure message to get our account upgraded each time. It was done within 24 hours.

Sainsbury's is a pain, you need to open a new account to get each new rate, and manually transfer the balance.

This may be a world record. I sent a secure message to Shawbrook this morning asking them to 'upgrade' my account from 32 to 33.  Before I logged out I got a message in return saying that the account had been changed as requested. Can't fault them for speed! Other institutions may have left it in the in tray until Monday.

I have just made the identical request to Paragon asking for Issue 10 to become Issue 11.  I await their response.

@fourmarks did Paragon do it? I'm in the same position, and like you would rather do it that way than close 10 and open 11 if possible.

fourmarks

silversand said:

@fourmarks did Paragon do it? I'm in the same position, and like you would rather do it that way than close 10 and open 11 if possible.

No they didn't. To be fair I only waited a couple of hours before logging back in, and when I saw nothing had changed I did it myself. Very easy, opened 11 and funded it by closing 10, a matter of minutes.

silversand

fourmarks said:

silversand said:

@fourmarks did Paragon do it? I'm in the same position, and like you would rather do it that way than close 10 and open 11 if possible.

No they didn't. To be fair I only waited a couple of hours before logging back in, and when I saw nothing had changed I did it myself. Very easy, opened 11 and funded it by closing 10, a matter of minutes.

Thanks - I won't even bother to try then. Will just go and do it myself now!

BooJewels

Not a traditional Easy Access account (not sure where else it fits), but logging in to NS&I this morning (to see if they've done anything yet with the form I sent in to open a Guaranteed Income Bond), I notice that the displayed interest rate on the Income Bonds this morning is 2.89%.  

They announced an increase to 2.6% in January, but yesterday it was 2.63% and today it is 2.89%.  There isn't anything yet on the corporate news page - latest entry 7th Feb, on the new green bond.

ForumUser7

BooJewels said:

Not a traditional Easy Access account (not sure where else it fits), but logging in to NS&I this morning (to see if they've done anything yet with the form I sent in to open a Guaranteed Income Bond), I notice that the displayed interest rate on the Income Bonds this morning is 2.89%.  

They announced an increase to 2.6% in January, but yesterday it was 2.63% and today it is 2.89%.  There isn't anything yet on the corporate news page - latest entry 7th Feb, on the new green bond.

‘The Premium Bonds prize fund rate is increasing to 3.30%, up from 3.15%, effective from next month’s draw, meaning around £15 million more in prizes up for grabs. And in a further Valentine’s Day boost for people’s savings pots, Direct Saver and Income Bonds customers will also see their interest rates increase to 2.85%, up from 2.60%, from today.‘

BooJewels

Yes, they've now added the announcement, it wasn't there an hour ago @ForumUser7  

Not sure why Income Bonds display the AER as 2.89%, when the very nature of the product is that the interest gets paid out monthly, so AER doesn't apply (hence I noticed 2.63% yesterday when it was really 2.6%, it hadn't actually changed).  Is this one of those regulations where they have to display a theoretical AER in order that customers can compare products?

Southcoast01

NS&I Direct saver now 2.85%

flobbalobbalob

Here's an online annual/monthly interest calculator
https://www.lemonfool.co.uk/financecalculators/apr-rate-converter.php

TiVo_Lad

BooJewels said:

Not sure why Income Bonds display the AER as 2.89%, when the very nature of the product is that the interest gets paid out monthly, so AER doesn't apply (hence I noticed 2.63% yesterday when it was really 2.6%, it hadn't actually changed).  Is this one of those regulations where they have to display a theoretical AER in order that customers can compare products?

AER stands for annual equivalent rate and represents how much you would earn if you put your money in a savings account and didn't touch it for a year.

BooJewels

Thanks @TiVo_Lad - I do actually know how to work out interest of different sorts, what I was asking was why NS&I only display the AER on Income Bonds, a product that only pays out to a separate account interest monthly, where AER doesn't apply in the compounding sense - for that sort of account.