The Top Easy Access Savings Discussion Area

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. 

mebu60

Middle_of_the_Road said:

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.

Absolutely. I have 3.25% with Coventry and having nailed Skipton BR-0.9% with £1 that's now fully funded at 3.1%. Not to mention YBS Loyalty Six at 3.5%. Having exited a 2.9% on Monday (reduced to £1) all my decently funded EAs are now in the range 3.0% - 3.5%. Better than 1 Year Bonds taken out in Q3 last year! 

I-LOV-MONEY

Thanks guys.  Trouble is if I move it, then another one will come along with a better rate!    For £3 pa doesn't sound a lot, but I would probably have more than £1k to move and it all mounts up.

Middle_of_the_Road

mebu60 said:

Middle_of_the_Road said:

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.

Absolutely. I have 3.25% with Coventry and having nailed Skipton BR-0.9% with £1 that's now fully funded at 3.1%. Not to mention YBS Loyalty Six at 3.5%. Having exited a 2.9% on Monday (reduced to £1) all my decently funded EAs are now in the range 3.0% - 3.5%. Better than 1 Year Bonds taken out in Q3 last year! 

That reminds me, I need to move money from the Yorkshire B.S at 2.95%... to the Skipton BR tracker I opened in January. Might be that I have to move it back if Yorkshire decide to eventually increase their rates. 

piker57

Middle_of_the_Road said:

mebu60 said:

Middle_of_the_Road said:

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.

Absolutely. I have 3.25% with Coventry and having nailed Skipton BR-0.9% with £1 that's now fully funded at 3.1%. Not to mention YBS Loyalty Six at 3.5%. Having exited a 2.9% on Monday (reduced to £1) all my decently funded EAs are now in the range 3.0% - 3.5%. Better than 1 Year Bonds taken out in Q3 last year! 

That reminds me, I need to move money from the Yorkshire B.S at 2.95%... to the Skipton BR tracker I opened in January. Might be that I have to move it back if Yorkshire decide to eventually increase their rates. 

May I ask why you're planning to move your YBS account to Skipton where it will earn less interest (the Skipton account is currently paying 2.9% i.e. Base Rate minus 1.1%), obviously if the BR goes up again and YBS don't respond then switching makes perfect sense.

wiseonesomeofthetime

Probably has the Issue 1 tracker, which is BR minus 0.9%, meaning 3.1% currently. 

Middle_of_the_Road

piker57 said:

Middle_of_the_Road said:

mebu60 said:

Middle_of_the_Road said:

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.

Absolutely. I have 3.25% with Coventry and having nailed Skipton BR-0.9% with £1 that's now fully funded at 3.1%. Not to mention YBS Loyalty Six at 3.5%. Having exited a 2.9% on Monday (reduced to £1) all my decently funded EAs are now in the range 3.0% - 3.5%. Better than 1 Year Bonds taken out in Q3 last year! 

That reminds me, I need to move money from the Yorkshire B.S at 2.95%... to the Skipton BR tracker I opened in January. Might be that I have to move it back if Yorkshire decide to eventually increase their rates. 

May I ask why you're planning to move your YBS account to Skipton where it will earn less interest (the Skipton account is currently paying 2.9% i.e. Base Rate minus 1.1%), obviously if the BR goes up again and YBS don't respond then switching makes perfect sense.

This is exactly the point I was making in an earlier post, about opening accounts with a slightly better rate at any point. When I opened the Skipton tracker it was paying base rate - 0.9%.
That account quickly went NLA and the replacement tracker only pays the BR - 1.1%

oz0707

mebu60 said:

oz0707 said:

subjecttocontract said:

Nick_C said:

patpalloon said:

Marcus have raised their rate from 2.5 to 2.8% - including the bonus.

To quote Martin Lewis "Earning less than 3%? Ditch and switch." 

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 !

Yeh I agree with this sentiment. I would have to open the account, move it all across to my current account then move it out in 20k or 25k per day to new account.

Have you tried doing more than one transaction? Most allow £100k per day in multiples not exceeding their individual limit. I always do different amounts for each transaction e.g. 19k & 21k rather than 2 x 20k, just in case there's an issue with one as would make it easier to identify which one. 

Yes i'm pretty sure i'm linked to 25k per day per linked account

Band7

Middle_of_the_Road said:

piker57 said:

Middle_of_the_Road said:

mebu60 said:

Middle_of_the_Road said:

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.

Absolutely. I have 3.25% with Coventry and having nailed Skipton BR-0.9% with £1 that's now fully funded at 3.1%. Not to mention YBS Loyalty Six at 3.5%. Having exited a 2.9% on Monday (reduced to £1) all my decently funded EAs are now in the range 3.0% - 3.5%. Better than 1 Year Bonds taken out in Q3 last year! 

That reminds me, I need to move money from the Yorkshire B.S at 2.95%... to the Skipton BR tracker I opened in January. Might be that I have to move it back if Yorkshire decide to eventually increase their rates. 

May I ask why you're planning to move your YBS account to Skipton where it will earn less interest (the Skipton account is currently paying 2.9% i.e. Base Rate minus 1.1%), obviously if the BR goes up again and YBS don't respond then switching makes perfect sense.

This is exactly the point I was making in an earlier post, about opening accounts with a slightly better rate at any point. When I opened the Skipton tracker it was paying base rate - 0.9%.
That account quickly went NLA and the replacement tracker only pays the BR - 1.1%

as they say - you snooze, you lose