The Top Easy Access Savings Discussion Area

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. 

janusdesign

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

oz0707

aaj123 said:

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. 

Whats the best business tracker savings current available?

gt94sss2

oz0707 said:

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

Under the Profile tab, there is a secure login option which allows you to set a passcode or biometric login to access the app.

Open banking is regulated - its another way of making a deposit and the institution you are transferring money from still carry out their own checks.