The Top Easy Access Savings Discussion Area

Nick_C

Re:  Ditch and Switch.  It's not just about the extra pennies, for me its the principle.  If people move their money, it encourages lenders to remain competitive.  And those lenders with the best rates deserve our custom.

It is so easy to open an account with a new lender these days (in most cases).

My other point is, I don't know why people are posting about interest rate rises that bring the new amount to less than 3%.  Those lenders don't deserve our continued support.

mebu60

Stargunner said:

Middle_of_the_Road said:

Band7 said:

subjecttocontract said:

pearl123 said:

subjecttocontract said:

Absolutely bonkers.
So ditch 2.8% for 3.0%
£10K would give another £20 a year
£50K another £100 a year.
I really couldn't be bothered......I'd wait until there is a higher rate to make the effort worthwhile.
I despair at Martin Lewis comments sometimes !

For some, people £20 could make a difference.  For a single person, it could be a weeks food. 

Yes......and they would have to wait a year to get that £20. BUT as we all know, someone else will be along shortly who is likely to persuade you to move the money yet again. Your money could be in the 3% account for, say, 3 months......so all that effort for £5......I don't think so.

Not sure what "all that effort" is, or why we see dismissive comments about people who choose to move their money, or about people who choose to recommend moving money. 

Agreed, for a few minutes "work" why not make some extra returns on savings. 
Any extra money is good money 

I disagree. It takes a lot longer than a few mins to open up a new savings account. More passwords and log ins to maintain, possibly more junk mail through the door that you don’t need. More payees to set up on your bank app snd then transferring the money over. For an extra 0.1 or 0.2% I wouldn’t even bother.

Maintaining minimum balances means I haven't had to open a new EA account for some time and makes moving funds quite straightforward. 

jpmurf

I'd let my tiny savings drift at 2.5 but came into some cash yesterday and found something better at 3.0 and it was a pain to sort everything (one issue with online opening that was solved with a phone call). It isn't that easy but just about worth it for 0.5% extra (depending how much cash you have and, so, extra interest you can generate).

As it happens my old account (Saga) went up from 2.5 to 2.8 today. One day earlier and I would have stuck with them....

Middle_of_the_Road

mebu60 said:

Stargunner said:

Middle_of_the_Road said:

Band7 said:

subjecttocontract said:

pearl123 said:

subjecttocontract said:

Absolutely bonkers.
So ditch 2.8% for 3.0%
£10K would give another £20 a year
£50K another £100 a year.
I really couldn't be bothered......I'd wait until there is a higher rate to make the effort worthwhile.
I despair at Martin Lewis comments sometimes !

For some, people £20 could make a difference.  For a single person, it could be a weeks food. 

Yes......and they would have to wait a year to get that £20. BUT as we all know, someone else will be along shortly who is likely to persuade you to move the money yet again. Your money could be in the 3% account for, say, 3 months......so all that effort for £5......I don't think so.

Not sure what "all that effort" is, or why we see dismissive comments about people who choose to move their money, or about people who choose to recommend moving money. 

Agreed, for a few minutes "work" why not make some extra returns on savings. 
Any extra money is good money 

I disagree. It takes a lot longer than a few mins to open up a new savings account. More passwords and log ins to maintain, possibly more junk mail through the door that you don’t need. More payees to set up on your bank app snd then transferring the money over. For an extra 0.1 or 0.2% I wouldn’t even bother.

Maintaining minimum balances means I haven't had to open a new EA account for some time and makes moving funds quite straightforward. 

Also by acting quickly to move money to a higher rate can ensure maintaining top rates on no longer available accounts.
Moving to Coventry limited access 6 saver, when the rate was 2.85% availed one to the increase to 3.25% which  became NLA almost instantly.

snowqueen555

Is it worth moving from 2.74% to 3%, any likely increases from this? It is my deposit savings so it is a pain having to move it around and having to show this in my statements when i come to buy a place.

I-LOV-MONEY

Can someone who is good at arifmatic (!) tell me how much more I would gain on say £1000 moving from Santander 2.75 to Tandem 3.05.   Is Tandem EA really so.  I can deposit when I want and withdraw and it will immediately get transferred to my bank account?

FindingBBob

Nick_C said:

Re:  Ditch and Switch.  It's not just about the extra pennies, for me its the principle.  If people move their money, it encourages lenders to remain competitive.  And those lenders with the best rates deserve our custom.

It is so easy to open an account with a new lender these days (in most cases).

My other point is, I don't know people are posting about interest rate rises that bring the new amount to less than 3%.  Those lenders don't deserve our continued support.

Worth remembering that banks are not being competitive for your benefit. They will judge how much money that want/ will tolerate to leave,. They will also balance their easy access pricing with their Fixed/Regular/Notice accounts etc.. they are working to margins on their profitability. 

FindingBBob

I-LOV-MONEY said:

Can someone who is good at arifmatic (!) tell me how much more I would gain on say £1000 moving from Santander 2.75 to Tandem 3.05.   Is Tandem EA really so.  I can deposit when I want and withdraw and it will immediately get transferred to my bank account?

On £1k it is about 1p per day.. 

Middle_of_the_Road

I-LOV-MONEY said:

Can someone who is good at arifmatic (!) tell me how much more I would gain on say £1000 moving from Santander 2.75 to Tandem 3.05.   Is Tandem EA really so.  I can deposit when I want and withdraw and it will immediately get transferred to my bank account?

You would only make £3 extra a year. £30.50 as opposed to £27.50
Not sure about the speed of withdrawals from Tandem.

jak22

It is strange that people continue to maintain funds in EA accounts like Marcus that haven't been at the top for over 6 months and defend that on a money savings site. It's not about just 0.2% - over 6 months a 0.5% difference misses out on £25 for every £10000 deposited. Over the last year many will have opened new accounts as rates have changed - opening is the time consuming part and may not feel worth it for gains under 0.25% but once set up moving money around is usually quick and easy these days - except when transfers are sometimes delayed.