The Top Easy Access Savings Discussion Area

Band7

Middle_of_the_Road said:

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.

In my experience, Tandem deposits and withdrawals take about 10-20 minutes to complete, never longer.

They can't touch CHIP, though, where the speed is near instant. Only warning about CHIP is that you need to probably turn off auto-saving, which they default to.

Kazza242

The Coventry Building Society new savings rates have been added to their website:

https://www.coventrybuildingsociety.co.uk/member/help/member-support/bank-of-england-base-rate.html

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice-savings.pdf

There are not many changes this time, but their Limited Access Saver Online (7) rate will be increased from 2.85% to 3.25% (w.e.f. 1st March 2023) to bring it inline with their other Limited Access Saver Online issues.  

Hopefully, YBS will increase their rates.    

AmityNeon

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%, which after tax would be very little, I wouldn’t even bother.

Others don't mind. I use a password manager to automatically generate and store all authentication credentials and verification details, always opt for paperless statements, and scan/file/shred/dispose of paper mail. It's a streamlined administration process for me. I hold accounts with the majority of institutions so new products are applied for within minutes, and I instantly benefit from interest rate increases to existing accounts.

Martin Lewis recommends the best rates because that's his MO, and some of us are happy to follow such advice. If you see it as a bothersome chore and you'd rather spend your free leisure time doing other things, then don't do it, but there's no need to justify its lack of worth to yourself on a public forum about money saving, in a thread dedicated to the top easy access accounts no less. Believe it not, some people actually enjoy being rate tarts over relaxing idle activities. Everyone is different.

RG2015

AmityNeon 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%, which after tax would be very little, I wouldn’t even bother.

Others don't mind. I use a password manager to automatically generate and store all authentication credentials and verification details, always opt for paperless statements, and scan/file/shred/dispose of paper mail. It's a streamlined administration process for me. I hold accounts with the majority of institutions so new products are applied for within minutes, and I instantly benefit from interest rate increases to existing accounts.

Martin Lewis recommends the best rates because that's his MO, and some of us are happy to follow such advice. If you see it as a bothersome chore and you'd rather spend your free leisure time doing other things, then don't do it, but there's no need to justify its lack of worth to yourself on a public forum about money saving, in a thread dedicated to the top easy access accounts no less. Believe it not, some people actually enjoy being rate tarts over relaxing idle activities. Everyone is different.

I understand your sentiment, but with smaller savings amounts I can see why some feel it's not worth the bother.

Would you move your savings for an extra £1 per month?

ie £4,000 from 2.80% to 3.10%.

jimexbox

RG2015 said:

AmityNeon 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%, which after tax would be very little, I wouldn’t even bother.

Others don't mind. I use a password manager to automatically generate and store all authentication credentials and verification details, always opt for paperless statements, and scan/file/shred/dispose of paper mail. It's a streamlined administration process for me. I hold accounts with the majority of institutions so new products are applied for within minutes, and I instantly benefit from interest rate increases to existing accounts.

Martin Lewis recommends the best rates because that's his MO, and some of us are happy to follow such advice. If you see it as a bothersome chore and you'd rather spend your free leisure time doing other things, then don't do it, but there's no need to justify its lack of worth to yourself on a public forum about money saving, in a thread dedicated to the top easy access accounts no less. Believe it not, some people actually enjoy being rate tarts over relaxing idle activities. Everyone is different.

I understand your sentiment, but with smaller savings amounts I can see why some feel it's not worth the bother.

Would you move your savings for an extra £1 per month?

ie £4,000 from 2.80% to 3.10%.

I definitely would. 

poshrule_uk

RG2015 said:

AmityNeon 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%, which after tax would be very little, I wouldn’t even bother.

Others don't mind. I use a password manager to automatically generate and store all authentication credentials and verification details, always opt for paperless statements, and scan/file/shred/dispose of paper mail. It's a streamlined administration process for me. I hold accounts with the majority of institutions so new products are applied for within minutes, and I instantly benefit from interest rate increases to existing accounts.

Martin Lewis recommends the best rates because that's his MO, and some of us are happy to follow such advice. If you see it as a bothersome chore and you'd rather spend your free leisure time doing other things, then don't do it, but there's no need to justify its lack of worth to yourself on a public forum about money saving, in a thread dedicated to the top easy access accounts no less. Believe it not, some people actually enjoy being rate tarts over relaxing idle activities. Everyone is different.

I understand your sentiment, but with smaller savings amounts I can see why some feel it's not worth the bother.

Would you move your savings for an extra £1 per month?

ie £4,000 from 2.80% to 3.10%.

It's absolutely worth it, I have gone from not earning much interest and over time have built this up and the amounts are increasing in part due to rate increases and also having managed to save a little myself.

Stargunner

AmityNeon 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%, which after tax would be very little, I wouldn’t even bother.

Others don't mind. I use a password manager to automatically generate and store all authentication credentials and verification details, always opt for paperless statements, and scan/file/shred/dispose of paper mail. It's a streamlined administration process for me. I hold accounts with the majority of institutions so new products are applied for within minutes, and I instantly benefit from interest rate increases to existing accounts.

Martin Lewis recommends the best rates because that's his MO, and some of us are happy to follow such advice. If you see it as a bothersome chore and you'd rather spend your free leisure time doing other things, then don't do it, but there's no need to justify its lack of worth to yourself on a public forum about money saving, in a thread dedicated to the top easy access accounts no less. Believe it not, some people actually enjoy being rate tarts over relaxing idle activities. Everyone is different.

If you are a rate tart, surely you have the bulk of your easy access money in Zopa, which can be operated as an easy access account or Coventry BS Limited access saver, which allows you 6 withdrawals a year, which both pay better rates. That is what I have. I don’t hold much money in the normal easy access accounts so higher rates of 0.1 or 0.2% hardly make any difference to me.

phillw

Stargunner said:
If you are a rate tart, surely you have the bulk of your easy access money in Zopa, which can be operated as an easy access account or Coventry BS Limited access saver, which allows you 6 withdrawals a year, which both pay better rates. That is what I have. I don’t hold much money in the normal easy access accounts so higher rates of 0.1 or 0.2% hardly make any difference to me.

Leaving money in a limited access account is not that useful for rate tarts, because the only reason to have money in easy access is for feeding into 5%+ regular savers.

If you are really on it, you could stage withdrawals every two months to cover the money required. But the way rates are going, you'll get in the swing of it and it will all change.

AmityNeon

RG2015 said:

AmityNeon 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%, which after tax would be very little, I wouldn’t even bother.

Others don't mind. I use a password manager to automatically generate and store all authentication credentials and verification details, always opt for paperless statements, and scan/file/shred/dispose of paper mail. It's a streamlined administration process for me. I hold accounts with the majority of institutions so new products are applied for within minutes, and I instantly benefit from interest rate increases to existing accounts.

Martin Lewis recommends the best rates because that's his MO, and some of us are happy to follow such advice. If you see it as a bothersome chore and you'd rather spend your free leisure time doing other things, then don't do it, but there's no need to justify its lack of worth to yourself on a public forum about money saving, in a thread dedicated to the top easy access accounts no less. Believe it not, some people actually enjoy being rate tarts over relaxing idle activities. Everyone is different.

I understand your sentiment, but with smaller savings amounts I can see why some feel it's not worth the bother.
Would you move your savings for an extra £1 per month?
ie £4,000 from 2.80% to 3.10%.

Me personally? Yes, but that's irrelevant. Why do people feel it's necessary to justify why it's not worth it for themselves on a public forum dedicated to the top savings rates? So they feel better about themselves for not bothering? To feel better about themselves by criticising others who do?

It's different if someone actually tried making an application but faced difficulties and then described their experiences, negative or otherwise; such posts are helpful with relevant insight that cannot be gleaned from marketing.

Wheres_My_Cashback

Stargunner said:

AmityNeon 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%, which after tax would be very little, I wouldn’t even bother.

Others don't mind. I use a password manager to automatically generate and store all authentication credentials and verification details, always opt for paperless statements, and scan/file/shred/dispose of paper mail. It's a streamlined administration process for me. I hold accounts with the majority of institutions so new products are applied for within minutes, and I instantly benefit from interest rate increases to existing accounts.

Martin Lewis recommends the best rates because that's his MO, and some of us are happy to follow such advice. If you see it as a bothersome chore and you'd rather spend your free leisure time doing other things, then don't do it, but there's no need to justify its lack of worth to yourself on a public forum about money saving, in a thread dedicated to the top easy access accounts no less. Believe it not, some people actually enjoy being rate tarts over relaxing idle activities. Everyone is different.

If you are a rate tart, surely you have the bulk of your easy access money in Zopa, which can be operated as an easy access account or Coventry BS Limited access saver, which allows you 6 withdrawals a year, which both pay better rates. That is what I have. I don’t hold much money in the normal easy access accounts so higher rates of 0.1 or 0.2% hardly make any difference to me.

If you are a real rate tart you would have your money in other EA accounts which were available paying 3.25% without the need for 90 day waits/ladders or even a YBS 3.50% account which was available.