The Top Easy Access Savings Discussion Area

savethepandas

SeriousHoax said:

The Financial Services Compensation Schem Is 85k

NS&I is backed by the Treasury so 100% of funds saved are safe.

Anyway who's job is it to set the bar at 85k is it the government Chancellor or the Bank of England.

Used to the EU, £85k equates to €100K. Hence why the £85K went up and down, depending on sterling v euro.

ForumUser7

SeriousHoax said:

The Financial Services Compensation Schem Is 85k

NS&I is backed by the Treasury so 100% of funds saved are safe.

Anyway who's job is it to set the bar at 85k is it the government Chancellor or the Bank of England.

This topic is a bit of a tangent to the thread, so @serioushoax may want to consider creating a different thread to discuss it in, as it's certainly a very interesting discussion (I didn't know it was linked to the euro at one stage)  - but here is the answer:

'The UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, set the financial compensation limits and compensation rules.'

RedImp_2

jak22 said:

The 1% cashback is better than nothing but a £5000 spend gives just £50 - that's only an extra Premium Bond prize one month or buying something different in the supermarket each week. If it becomes too much of a struggle to meet their "reward" conditions it won't be that great a loss. It's the savings account rate that matters and it's been a while since they've had a top rate - has that gone up because a couple of other banks have 3% rates now? 

A guaranteed £50 though.  And depends how long it takes you to get through £5000 spend of course as to how worthwhile.
I’m thinking I may just put £500 in once a month, basically losing 2% interest (say 83p) and assuming I spend that get £5 cashback 

patpalloon

Plus the cashback is 'free money' on things that you have to spend on anyway - like food shopping, utility bills. So definitely worth having. I had the email from Chase today with the revised cashback offer when my existing one expires in April.

ForumUser7

Harpenden Building Society triple access to 3% if conditions met re withdrawals from 21/02/2023

I-LOV-MONEY

ForumUser7 said:

Harpenden Building Society triple access to 3% if conditions met re withdrawals from 21/02/2023

3 or less withdrawals per annum. It would have been helpful if you had kindly put that info on your post.  It would save me looking it up !

Wheres_My_Cashback

I-LOV-MONEY said:

ForumUser7 said:

Harpenden Building Society triple access to 3% if conditions met re withdrawals from 21/02/2023

3 or less withdrawals per annum. It would have been helpful if you had kindly put that info on your post.  It would save me looking it up !

There's a big clue in the product name 

soulsaver

ForumUser7 said:

Harpenden Building Society triple access to 3% if conditions met re withdrawals from 21/02/2023

Branch or Post only. 

I-LOV-MONEY

Wheres_My_Cashback said:

There's a big clue in the product name 

Okay folks.  I give in - I should have paid more attention reading the title.

Anyway, I am not interested in post / branch only.

ForumUser7

soulsaver said:

ForumUser7 said:

Harpenden Building Society triple access to 3% if conditions met re withdrawals from 21/02/2023

Branch or Post only. 

It is unfortunately branch or post application, but I think it can be managed online once opened (based on the information on the product page).

On a side note - don’t know when it’ll be enabled fully, but Harpenden seem to be working on enabling online applications. If you go to register as a new customer on their online service, the triple access and instant access are listed, with the disclaimer ‘Test Product. Internal use only’.