The Top Easy Access Savings Discussion Area

pecunianonolet

Bridlington1 said:

I usually have money in a few EA accounts at any one time. I currently have a welcome to Newbury account at 3.15%. In a fortnight that account will rise to 3.3%. I have 2 Coventry 6 access savers at 3.25% (both NLA) plus the YBS rainy day account at 3.35%. 

Thus I have all of my EA savings (excluding a load of accounts with minimum balances) at 3.15% or above. When Newbury's rate increases my lowest paying EA savings will be in Coventry at 3.25%. 

How did you manage to open 2 Coventry 6 access savers? Thought it was limited to 1 per person?

Bridlington1

pecunianonolet said:

Bridlington1 said:

I usually have money in a few EA accounts at any one time. I currently have a welcome to Newbury account at 3.15%. In a fortnight that account will rise to 3.3%. I have 2 Coventry 6 access savers at 3.25% (both NLA) plus the YBS rainy day account at 3.35%. 

Thus I have all of my EA savings (excluding a load of accounts with minimum balances) at 3.15% or above. When Newbury's rate increases my lowest paying EA savings will be in Coventry at 3.25%. 

How did you manage to open 2 Coventry 6 access savers? Thought it was limited to 1 per person?

If my memory serves me well I opened issue 6 in December. When that became NLA they launched issue 7 at the lower interest rate of 2.85%, which I opened with £1. They have since raised the rate on issue 7 to match issue 6 so that I have both issues paying 3.25% (though I'm only using issue 6 at the moment).

janusd

pecunianonolet said:

Bridlington1 said:

I usually have money in a few EA accounts at any one time. I currently have a welcome to Newbury account at 3.15%. In a fortnight that account will rise to 3.3%. I have 2 Coventry 6 access savers at 3.25% (both NLA) plus the YBS rainy day account at 3.35%. 

Thus I have all of my EA savings (excluding a load of accounts with minimum balances) at 3.15% or above. When Newbury's rate increases my lowest paying EA savings will be in Coventry at 3.25%. 

How did you manage to open 2 Coventry 6 access savers? Thought it was limited to 1 per person?

no @Bridlington1 is correct that it's acceptable to have both issues 6 & 7 - I have them both (we seem to have all the same accounts lol) and like him, i'm only using issue 6 (which moved to 3.25% first) with just £1 in issue 7... haven't had to withdraw from them yet, but the trick with this scenario will be to use the final withdrawal of one issue to fund the other issue and effectively get an additional six withdrawals per year.

as someone said earlier, it often pays to open accounts when they become available, just in case a scenario like this occurs and they suddenly become high paying withdrawn accounts... if I hadn't been an idiot and closed my Charter account when it was paying 2.25%, it would now be another one paying 3.25%... c'est la via! lesson learned and I only tend to close accounts now when the service has been terrible and/or not worth the hassle - easier to just leave a nominal amount in.

alternate

Coventry usually let you open 2 of every issue (not sure why you would want two) as they count annual interest and monthly interest options as two separate accounts.

Bridlington1

janusdesign said:

pecunianonolet said:

Bridlington1 said:

I usually have money in a few EA accounts at any one time. I currently have a welcome to Newbury account at 3.15%. In a fortnight that account will rise to 3.3%. I have 2 Coventry 6 access savers at 3.25% (both NLA) plus the YBS rainy day account at 3.35%. 

Thus I have all of my EA savings (excluding a load of accounts with minimum balances) at 3.15% or above. When Newbury's rate increases my lowest paying EA savings will be in Coventry at 3.25%. 

How did you manage to open 2 Coventry 6 access savers? Thought it was limited to 1 per person?

no @Bridlington1 is correct that it's acceptable to have both issues 6 & 7 - I have them both (we seem to have all the same accounts lol) and like him, i'm only using issue 6 (which moved to 3.25% first) with just £1 in issue 7... haven't had to withdraw from them yet, but the trick with this scenario will be to use the final withdrawal of one issue to fund the other issue and effectively get an additional six withdrawals per year.

as someone said earlier, it often pays to open accounts when they become available, just in case a scenario like this occurs and they suddenly become high paying withdrawn accounts... if I hadn't been an idiot and closed my Charter account when it was paying 2.25%, it would now be another one paying 3.25%... c'est la via! lesson learned and I only tend to close accounts now when the service has been terrible and/or not worth the hassle - easier to just leave a nominal amount in.

Well they do say great minds think alike.

I never even bothered with Charter at 2.25% in the end as one of the other accounts emerged at a higher rate (YBS family saver rings a bell), so I put my money in that one instead. Oh well, if I'm not mistaken it only pays 3.25% if the balance is £5k or more so it would be at a minimal balance now if it was still open anyway. I paid money into 27 of my regular savers this morning and as I have £5k in the YBS rainy day account at 3.35% already and put some money into the Mansfield tracker 90 account at 4% not so long back I wouldn't have £5k left to go in it.

In my case I open pretty much any EA savings account with a £1 minimum deposit that takes my fancy. It's rare I close accounts as I see no harm in keeping them open unless they have high minimum operating balances, such as Monmouthshire's premium instant account which I closed in January or if I'm near certain they won't raise their interest rate for new issues and have interest I wish to unlock, such as Tesco bank and Sainsbury's bank among others.

Bridlington1

alternate said:

Coventry usually let you open 2 of every issue (not sure why you would want two) as they count annual interest and monthly interest options as two separate accounts.

It depends on the account. If the account allows unlimited penalty free withdrawals then I'd agree with you, but if (as in this case) the account only allows a limited number of withdrawals, holding 2 of each issue effectively doubles the number of penalty free withdrawals you can make, allowing you to be much more liberal with the amount of money you deposit/withdraw.

patpalloon

Investec Easy Access just increased from 2.7 to 2.9% AER as of today

Bridlington1

patpalloon said:

Investec Easy Access just increased from 2.7 to 2.9% AER as of today

Already mentioned a few pages back. See:
https://forums.moneysavingexpert.com/discussion/comment/79886639#Comment_79886639

pecunianonolet

Bridlington1 said:

pecunianonolet said:

Bridlington1 said:

I usually have money in a few EA accounts at any one time. I currently have a welcome to Newbury account at 3.15%. In a fortnight that account will rise to 3.3%. I have 2 Coventry 6 access savers at 3.25% (both NLA) plus the YBS rainy day account at 3.35%. 

Thus I have all of my EA savings (excluding a load of accounts with minimum balances) at 3.15% or above. When Newbury's rate increases my lowest paying EA savings will be in Coventry at 3.25%. 

How did you manage to open 2 Coventry 6 access savers? Thought it was limited to 1 per person?

If my memory serves me well I opened issue 6 in December. When that became NLA they launched issue 7 at the lower interest rate of 2.85%, which I opened with £1. They have since raised the rate on issue 7 to match issue 6 so that I have both issues paying 3.25% (though I'm only using issue 6 at the moment).

alternate said:

Coventry usually let you open 2 of every issue (not sure why you would want two) as they count annual interest and monthly interest options as two separate accounts.

Thanks both, looks like I missed out. Got issue 6 and with all the Christmas hustle and travel we missed to open the same for the OH and instead got the issue 7 before they took that one down and funded it with £1 until today. I have started to follow the same principle opening accounts and just stick £1 in them as they might be competitive or at least offer loyalty options next year. My spreadsheet is growing with a tab for each institution. 

HMRC is going to hate me when they get many reports next year of only pennies of interest with many accounts. Going to lead me to a couple of questions in that regard but I better open yet another PSA/Tax thread....

Bridlington1

pecunianonolet said:

Bridlington1 said:

pecunianonolet said:

Bridlington1 said:

I usually have money in a few EA accounts at any one time. I currently have a welcome to Newbury account at 3.15%. In a fortnight that account will rise to 3.3%. I have 2 Coventry 6 access savers at 3.25% (both NLA) plus the YBS rainy day account at 3.35%. 

Thus I have all of my EA savings (excluding a load of accounts with minimum balances) at 3.15% or above. When Newbury's rate increases my lowest paying EA savings will be in Coventry at 3.25%. 

How did you manage to open 2 Coventry 6 access savers? Thought it was limited to 1 per person?

If my memory serves me well I opened issue 6 in December. When that became NLA they launched issue 7 at the lower interest rate of 2.85%, which I opened with £1. They have since raised the rate on issue 7 to match issue 6 so that I have both issues paying 3.25% (though I'm only using issue 6 at the moment).

alternate said:

Coventry usually let you open 2 of every issue (not sure why you would want two) as they count annual interest and monthly interest options as two separate accounts.

Thanks both, looks like I missed out. Got issue 6 and with all the Christmas hustle and travel we missed to open the same for the OH and instead got the issue 7 before they took that one down and funded it with £1 until today. I have started to follow the same principle opening accounts and just stick £1 in them as they might be competitive or at least offer loyalty options next year. My spreadsheet is growing with a tab for each institution. 

HMRC is going to hate me when they get many reports next year of only pennies of interest with many accounts. Going to lead me to a couple of questions in that regard but I better open yet another PSA/Tax thread....

If it's any consolation they already hate me. I'm the one who claims 25p tax back from HMRC every month because the Co-op reward account pays the £1 monthly reward "net" rather than gross. I have set HMRC to paper so receive the refund by cheque.