The Top Easy Access Savings Discussion Area

AndyW79

Hi, I have the Coventry BS issue 7 and sadly only "got" 2.24% from the upgrade. I thought that these would be updated to 3.20%.  Do you know if it has a threshold above a target amount, I only transferred 1 pound since I was testing it, but the official page says 2.24% 

@david72 maybe you have more information?

jaypers

patpalloon said:

jaypers said:

devansuk said:

Bridlington1 said:

Section62 said:

Ford Money Flexible Saver finally inches across the 3% barrier... effective today.

https://www.fordmoney.co.uk/savings-products/flexible-saver

Too little too late so far as I'm concerned. I've got all my easy access savings at 3.15% (soon to be 3.25%) and above now so they won't be getting any of my cash unless they go higher.

Hi , Please can you tell me which easy access account will be offering 3.25% 

Thankyou

Top you’re going to get as a new customer is 3.15% from Chip. Lots of people like them but I wouldn’t touch them as don’t like the Open Banking concept. 

I’ve just got 3.2% with Charter but that’s only on previous issues for existing customers. 

Can you explain the open banking concept please? I was thinking about Chip.

You basically give CHIP access to your Bank account which allows you to transfer money rather than having to make a payment from one to the other……kind of acts like a single institution. You have to re-authorise the access rights every 3 months with your main Bank. The concept is great but I find the whole thing a bit clunky with access rights etc and I personally don’t like one institution having access to my data with my main Bank. Perfectly safe though as it’s an industry wide scheme. 

Band7

jaypers said:

patpalloon said:

jaypers said:

devansuk said:

Bridlington1 said:

Section62 said:

Ford Money Flexible Saver finally inches across the 3% barrier... effective today.

https://www.fordmoney.co.uk/savings-products/flexible-saver

Too little too late so far as I'm concerned. I've got all my easy access savings at 3.15% (soon to be 3.25%) and above now so they won't be getting any of my cash unless they go higher.

Hi , Please can you tell me which easy access account will be offering 3.25% 

Thankyou

Top you’re going to get as a new customer is 3.15% from Chip. Lots of people like them but I wouldn’t touch them as don’t like the Open Banking concept. 

I’ve just got 3.2% with Charter but that’s only on previous issues for existing customers. 

Can you explain the open banking concept please? I was thinking about Chip.

You basically give CHIP access to your Bank account which allows you to transfer money rather than having to make a payment from one to the other……kind of acts like a single institution. You have to re-authorise the access rights every 3 months with your main Bank. The concept is great but I find the whole thing a bit clunky with access rights etc and I personally don’t like one institution having access to my data with my main Bank. Perfectly safe though as it’s an industry wide scheme. 

If you want to minimise the data that CHIP etc can get from you, set up a spare current acconut that you use for your savings. My main current account is a 123 Lite but for CHIP and Tandem I use a Santander Everyday. Adds a couple of extra steps to move savings into and out of my main account but CHIP etc have no information about my transactions on my 123 Lite.

Kazza242

AndyW79 said:

Hi, I have the Coventry BS issue 7 and sadly only "got" 2.24% from the upgrade. I thought that these would be updated to 3.20%.  Do you know if it has a threshold above a target amount, I only transferred 1 pound since I was testing it, but the official page says 2.24% 

@david72 maybe you have more information?

I think you have the Coventry BS Easy Access Saver (issue 7), which pays 2.25% AER (rate effective from 1st March 2023).  This account pays a lower rate because it allows unlimited penalty-free withdrawals.   

Coventry increased the interest rate on their Limited Access Saver Online (issue 7) to 3.25% AER (3.20% gross from 1st March 2023).  This account pays a higher rate because it allows only 6 penalty-free withdrawals per account year.  It is no longer available to applicants.

As per my earlier post, Coventry have launched Limited Access Saver Online (issue 8), paying 3.10% AER.  They may increase this rate in the future to match the rate of their other limited access online issues, so it's probably worth opening it with £1.

https://www.coventrybuildingsociety.co.uk/member/product/savings/limited_access/limited-access-saver-online-8.html

zxspeccy

I was wondering where my Chip interest had gone, as it is no longer showing as pending from 1st March, and have seen this on their website:

When is my interest paid?

Your returns are paid as interest which is paid monthly on the fourth business day of the month.

Please note that if you close your account before an interest payout date you will forfeit any pending interest due.

Does this mean they hold onto my interest for a few days (meaning I lose out on the compound interest), and potentially could lose any interest when I close my account?

Band7

zxspeccy said:

I was wondering where my Chip interest had gone, as it is no longer showing as pending from 1st March, and have seen this on their website:

When is my interest paid?

Your returns are paid as interest which is paid monthly on the fourth business day of the month.

Please note that if you close your account before an interest payout date you will forfeit any pending interest due.

Does this mean they hold onto my interest for a few days (meaning I lose out on the compound interest), and potentially could lose any interest when I close my account?

Yes, you can lose any pending interest if you are not careful when closing your account. But it can easily be avoided by withdrawing everything on the 4th business day of a month, after they have credited your interest (which I think might be mid-afternoon on the day, if they credit it like they used to credit the bonus). Then leave the account sitting with a zero balance for another month and withdraw the remaining interest after it has been credited on the 4th business day of the next month.

I think you can overcome the compounding loss for a few days in a similar way but I haven't thought this through and I am not losing any sleep over it as I am not planning on closing my CHIP instant saver.

george4064

HSBC Online Bonus Saver now paying 3.25%

Band7

george4064 said:

HSBC Online Bonus Saver now paying 3.25%

Dropping to 1.2% for the month as soon as you withdraw a penny

aaj123

Is there anyone getting better than 3.2% on any access account? This is what my existing Charter Savings Bank easy access issue 28 is now at. 

It's effectively a 1 day notice account though given the clumsy way withdrawals operate. 

Malchester

aaj123 said:

Is there anyone getting better than 3.2% on any access account? This is what my existing Charter Savings Bank easy access issue 28 is now at. 

It's effectively a 1 day notice account though given the clumsy way withdrawals operate. 

Not much better but I am getting 3.25% with Swansea Building Society easy access account. You have to live in Wales or be an existing member. The account has to be opened in branch or by post but can then be operated on line. I live nowhere near a branch but have been dealing with their Carmarthen branch who have been superb- probably the best customer service I have had from a financial institution. They also have an easy access ISA paying the same rate.