The Top Easy Access Savings Discussion Area

bazza55

cwep2 said:

Kent Reliance increases to 3.25%, same 'stable' as Charter Savings which may follow suit.
Moving from 3.00%.

Just noticed this is only for issues 51 and earlier so not open to new accounts (apologies). Applies from 24th Feb.
Another reason to have £1 in a few places for this sort of eventuality.

Nice. Maybe it is only a matter of time before they open it to new.

Mr_blibby

FYI, for those of your with a Kent Reliance easy access account " Following the Bank of England Base Rate change on 2 February 2023, the interest rate on your Easy Access Account will increase to 3.25% AER* with effect from 24 February 2023."

Nick_C

liamcov said:

How do I withdraw money from the Kroo app? All I see is adding money or sending it to a Kroo contact - I just want to transfer to my bank account.

Click on "Send"

Enter yourself as a new contact.

Think "payee" instead of "contact".

I have 4 Kroo "contacts".  They are all me, 4 current accounts with different banks.

Use "account nickname" when you set up the payee, so you can see which of your accounts you will be sending money to.

flobbalobbalob

cwep2 said:

flobbalobbalob said:

cwep2 said:

For those with amounts in excess of £50k.... There are other threads on this board which discuss these options.

For us newbies, can you give us some links please.

Money Market Funds: https://forums.moneysavingexpert.com/discussion/6424655/money-market-funds/p1
also: https://forums.moneysavingexpert.com/discussion/6421073/where-to-hold-cash-in-a-sipp-or-s-s-isa

You have dealing fees to buy and sell these (like a deposit and withdrawal fee) and be careful of providers that charge a %age management fee, although this is often capped. iWeb charge £5 dealing fee but nothing else, so if you use say the Royal London fund mentioned in these threads (currently returning above 3.9% daily) and put £50k in for 30 days, you'd probably get >£160 gain (interest) if you took it out, £10 fees (2x£5) which leaves >£150 interest = north of 3.6% return. Obviously the more you put in and longer you hold it, the lower the impact of the fees. 
These funds aim to track/beat SONIA rate, you can see the history here: https://www.bankofengland.co.uk/boeapps/database/fromshowcolumns.asp?Travel=NIxSUx&FromSeries=1&ToSeries=50&DAT=RNG&FD=1&FM=Jan&FY=2013&TD=21&TM=Feb&TY=2023&FNY=&CSVF=TT&html.x=171&html.y=22&C=5JK&Filter=N but if you look at the 1yr performance of these funds, bear in mind that most of the last 12 months interest rates were lower so the return is an average! Look at 1m or 3m performance when BoE rates were above 3%.

Gilts: https://forums.moneysavingexpert.com/discussion/6396294/gilts-101/p1
These are like fixed rate accounts if you hold them to maturity. Lower rates than say 1yr fixes *but* some of these have low coupons (interest) eg Jan2024, April2024 so most of the yield is in form of capital gain, and Gilts are exempt from CGT, so as a higher rate tax payer, the Jan2024 Gilt yields around 3.6%, pays a coupon of 0.125% and the rest of the 3.5% is basically tax free. Dealing charges apply again which will probably erode the yield to closer to 3%, and ideally you hold these to maturity, but they have the advantage that you can sell if you need access to it (unlike some fixed savers) and for higher rate tax payers this 3% is equivalent to almost 5%. Similar but less accessible than Premium Bonds, but for those higher rate tax payers that have maxed out these options and want to stay in cash assets rather than equities it might be an option worth looking at.

Gilts have got a bad rep as not being 'safe' given the recent moves in interest rates, but the key thing to bear in mind is that when you buy the Gilt, if you hold it to maturity you know exactly how much you will get paid and when and it's backed in full by the UK govt, so just like people that put money in 1yr fixes in Feb 2022 at 1.2-1.4% and had buyers regret a few months later, but were locked in, they still got their capital and interest back if they held on. So the current price/value of Gilts held may go down, but the payments you locked in when you bought them are 100% safe if you hold it until it matures. Also long dates Gilts move more than short dates ones with interest rate moves as the main payment (when it matures) is further away.

Anyway I've probably gone on to long for this thread, apologies for those who don't care.

Thank you, I very much appreciate the effort you made 👍

alrk

SeriousHoax said:

Chip 3.15%

https://www.getchip.uk/savings-accounts/instant-access-account

How long does Chip take to clear funds. I transfered £10 from chase to open the account earlier today but i still cant do a test withdrawal

TiVo_Lad

Paragon have pulled their 3.1% Triple Access Saver Issue 11.

merchant_ac

bazza55 said:

I did a test transfer from Santander of £10 to Chip, everything went through fine.
I then tried a second transfer for a larger amount and Santander had flagged the transaction. After speaking to them they said that it failed a name match, even though the name on the Chip account matches and is exactly the same.
So who knows if this was just a bit of an oversight by Santander not wanting funds to be released, because the Chip account has only recently been opened, although why did the £10 go through ok, or because Chip operates slightly differently and the instant saving account is held by Clearbank.
Anybody else experienced a name check issue from their bank while transferring?
I used the OpenBank feature too.

This happens whenever I transfer funds from Santander to Raisin. The first couple of transactions usually go through ok and then the shutters come down! I've just opened a Chip savings account, but after what you've said I'm reluctant to start using it. I can't keep spending 20-30 min chatting to Santander...

poppystar

TiVo_Lad said:

Paragon have pulled their 3.1% Triple Access Saver Issue 11.

Damn! I just got money ready to transfer in and was planning to open it today. Lesson to self - open accounts with a minimum then fund later rather than waiting until ready to move funds in. 

S_uk

Glad I kept £1 in my Kent Reliance account from four years ago now.

SeriousHoax

alrk said:

SeriousHoax said:

Chip 3.15%

https://www.getchip.uk/savings-accounts/instant-access-account

How long does Chip take to clear funds. I transfered £10 from chase to open the account earlier today but i still cant do a test withdrawal

When you deposit it usually takes 10mins if that.