The Top Easy Access Savings Discussion Area

2010

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

OceanSound

alternate said:

The FSCS would not allow them to advertise their account as protected on a technicality.  The fact that they are still saying it is protected and have not had the regulators stomp them says it all.

Do you have a source where it says this?

I'm also wondering if all businesses similar to Chip do this. If not, isn't it unfair on the businesses that play by the rules and don't 'advertise their account as protected'. Something for the Competition and Markets Authority (CMA) to investigate perhaps.

muffinhead

2010 said:

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

What happens to the interest from the old account in this instance?

mebu60

muffinhead said:

2010 said:

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

What happens to the interest from the old account in this instance?

Usually included in the balance transferred. I have just done the same with Cynergy. Previous interest amount added to capital and now earning interest at the new higher rate. 

S_uk

Al Rayan Everyday Saver increased to 3.22% AER

2010

muffinhead said:

2010 said:

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

What happens to the interest from the old account in this instance?

Whenever you close any account the interest is paid along with the capital.

pecunianonolet

2010 said:

muffinhead said:

2010 said:

refluxer said:

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

Just been on the Paragon site and closed issue 11 @ 3.1% and transferred balance to issue 12 @ 3.25%.

All done in a couple of minutes and the three withdrawals limit start again.

What happens to the interest from the old account in this instance?

Whenever you close any account the interest is paid along with the capital.

Same here, got 0.01 in interest transferred over to issue 12. However, on Cynergy it never gets transferred for me, only added to the expected interest forecast you can see. 

ChewyyBacca

mebu60 said:

muffinhead said:

What happens to the interest from the old account in this instance?

Usually included in the balance transferred. I have just done the same with Cynergy. Previous interest amount added to capital and now earning interest at the new higher rate. 

Cymergy: Did you close the account/ previous Issue?

All,
Is there any benefit in keeping the earlier issues in Building Societies at an operating balance of £0 or £1 (as per T&Cs) & not closing it?

refluxer

ChewyyBacca said:

Cymergy: Did you close the account/ previous Issue?

All,
Is there any benefit in keeping the earlier issues in Building Societies at an operating balance of £0 or £1 (as per T&Cs) & not closing it?

I can't see any obvious benefit to keeping a previous issue of an easy access savings account open after opening a new issue. People sometimes keep accounts open (with a £1 or even £0 balance, depending on the account) in order to retain their status as an existing customer to make applying for future accounts a lot easier, but this is normally only done when the account in question is the only account you hold with that bank and you're transferring the funds away to a different bank.

Expotter

S_uk said:

Al Rayan Everyday Saver increased to 3.22% AER

It's actually 3.22% Gross

https://www.alrayanbank.co.uk/savings/everyday-saver-issue-3