The Top Easy Access Savings Discussion Area

allegro120

nottsphil said:

allegro120 said:

nottsphil said:

Band7 said:

Winchmore_Hill_Shot said:

Band7 said:

Winchmore_Hill_Shot said:

I'm showing my ignorance here, but does anyone know whather the Family Account will accept debit card transactions from someone other than the account holder.  So would my wife be able to open an account and fund it using one of my Halifax debit cards.

don’t know the answer - though why would she not use her own debit card(s), and why wouldn’t you have your own savings account?

Because of the Halifax reward scheme.  It would be a useful dump for the £500 I need to spend on my DC every month.

You can open a Skipton and/or FBS for that purpose in your name.

People can be forgiven for not realising what FBS stands for.
It's the tiny one-branch Family Building Society that I think will soon be swamped with funds after launching its (no faff) market leading instant access account. I opened one in the early hours of this morning but have yet to fund it. Does anyone know  the cut-off time for qualifying for interest this weekend please?
Oh, and the same question for Chip.

Don't know about FBS, but AFAIK there is no cut-off time for Chip (i.e. deposits you make before midnight should earn you interest for that day, incl. weekends).

In that case you would get interest on both accounts for the day if you left the transfer of funds from Santander until after 8:20 p.m. This will show the withdrawal as being made on the following day. Santander can have major issues with your first deposit into Chip so I would do it through another bank's current account if you have one.

Which interest-bearing Santander account can you perform this trick with?

BestSeagull

Bridlington1 said:

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

aaj123

BestSeagull said:

Bridlington1 said:

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

ChewyyBacca

aaj123 said:

BestSeagull said:

Bridlington1 said:

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

@aaj123
Could you pls help to understand the benefit of having a below 1.1% tracker account?
we have EA accounts offering 3.4% for ppl who dont mind a bank snooping in OR 3.21-20%
Rates are expected to remain same or rise further. Whatever happens, these mkt leaders in rate will more likely respond to changes. So EA rate could move likely.

What is the benefit to hold 2.9% tracker acct Vs 3.4 to 3.21% EA accounts, for a rate chaser?

Thanks in advance

aaj123

ChewyyBacca said:

aaj123 said:

BestSeagull said:

Bridlington1 said:

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

@aaj123
Could you pls help to understand the benefit of having a below 1.1% tracker account?
we have EA accounts offering 3.4% for ppl who dont mind a bank snooping in OR 3.21-20%
Rates are expected to remain same or rise further. Whatever happens, these mkt leaders in rate will more likely respond to changes. So EA rate could move likely.

What is the benefit to hold 2.9% tracker acct Vs 3.4 to 3.21% EA accounts, for a rate chaser?

Thanks in advance

Yeah but over the next 24 months, the rate curve could shift in such a way that most EA offers could end up well below base rate. Then this guaranteed tracker could be the leader. You just need to open one now while it is on offer. 

As an example, back in Oct I opened a 120 day notice business account that tracks at base rate. Now it's way above the best paying business notice accounts. 

janusd

aaj123 said:

BestSeagull said:

Bridlington1 said:

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

when was Issue 3 launched ? I got mine about 6 weeks ago - so at best if I opened Issue 4 today, it would pay less than issue 3 for 23 months... I can't really see the logic of having both, unless @Bridlington1 open his Issue 3 months earlier.

I can see the logic of having one issue, but I had the same thought as @BestSeagull when I read that post... why have both?

aaj123

Oh I wasn't aware issue 3 was available until just few weeks back. Yeah so depends on how far back someone got their earlier tracker. 

Bridlington1

janusdesign said:

aaj123 said:

BestSeagull said:

Bridlington1 said:

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

when was Issue 3 launched ? I got mine about 6 weeks ago - so at best if I opened Issue 4 today, it would pay less than issue 3 for 23 months... I can't really see the logic of having both, unless @Bridlington1 open his Issue 3 months earlier.

I can see the logic of having one issue, but I had the same thought as @BestSeagull when I read that post... why have both?

Issue 3 was launched in January, I opened Issue 4 yesterday for the following reasons:

• If in January 2025 the top paying EA accounts are paying say 1.5% below the BOE base rate I would have a market leading account for 44 days until the interest rate drops. The longest my easy access savings normally stay in one place is a month or 2 so it could fit the gap nicely
• An excuse to make a £1.01 debit card payment for the RBS round ups.

I would agree with your sentiment if I opened both on the same day but for me a 44 day gap seems worthwhile.

dcs34

ChewyyBacca said:

aaj123 said:

BestSeagull said:

Bridlington1 said:

aaj123 said:

This is a good one to open and keep in your bag. Not sure if there is any other guaranteed base rate tracker in the market and this one is for 24 months. Could easily become best in market under certain scenarios of interest rate curve shifts.

https://www.skipton.co.uk/savings/easy-access/base-rate-tracker

Further, it allows debit card deposits so serves the purpose of those wanting a solution for the Halifax reward account condition of £500 monthly debit card transaction.

I would agree and have opened it alongside the previous version which had the same conditions but tracked 0.9% below the BOE base rate.

Mansfield did a 90 day notice account briefly a few months ago (gone within about 2 weeks) which I grabbed tracking the base rate exactly which worked out well.

What is the advantage of holding the more recent account which tracks lower than the earlier one? 

24 months guarantee clock commences again.

@aaj123
Could you pls help to understand the benefit of having a below 1.1% tracker account?
we have EA accounts offering 3.4% for ppl who dont mind a bank snooping in OR 3.21-20%
Rates are expected to remain same or rise further. Whatever happens, these mkt leaders in rate will more likely respond to changes. So EA rate could move likely.

What is the benefit to hold 2.9% tracker acct Vs 3.4 to 3.21% EA accounts, for a rate chaser?

Thanks in advance

If you look at graphs of BOE rates v Easy Access savings rates for the last 20 odd years, the gap is often greater than 1.1%. It was only a year ago that most banks offered rates above the BOE base rate.







So yes right now, it's not a market leader. But remember the 3.4% is variable, offered by a 'challenger' app-based bank, and who knows what will happen to the base rate, and easy access rates, in the next 24 months. £5 gives you the hedge.

 

oz0707

I may just be procrastinating but do any of you have security concerns with linking chip and open banking to your current account? How much info do they store is it literally sort code and account number or do they have means to access your funds via chip side? What would happen if chip were 'hacked'? Or if you phone left unlocked or stolen and managed to unlock? I notice the chip app doesn't seem to have a passcode or pin