The Top Easy Access Savings Discussion Area

AmityNeon

chels said:

I'm aware you could do that but I'm talking about comparing interest rates when rates were much lower, at that time the reward of £6.25 per month was worthwhile and competitive by leaving £5,000 in the account and forgetting about it compared to straightforward easy access savings accounts.

At the time, my preference was not to get involved in faffing about with a monthly debit card payment when I'm receiving a competitive rate for zero manual involvement from myself.  Now the effective rate is no longer competitive, I'm likely prepared to do a manual debit card payment to get the reward.

1.5% hasn't been remotely competitive for over six months. Chase's Saver was 1.5% nearly 12 months ago. Had you kept £5,000 in a standard easy access account, that would already earn you £6.25 a month (without needing to claim a tax refund); the 'faff' of a single debit card payment (potentially followed by another transfer) would earn you another £5.

chels

AmityNeon said:

chels said:

I'm aware you could do that but I'm talking about comparing interest rates when rates were much lower, at that time the reward of £6.25 per month was worthwhile and competitive by leaving £5,000 in the account and forgetting about it compared to straightforward easy access savings accounts.

At the time, my preference was not to get involved in faffing about with a monthly debit card payment when I'm receiving a competitive rate for zero manual involvement from myself.  Now the effective rate is no longer competitive, I'm likely prepared to do a manual debit card payment to get the reward.

1.5% hasn't been remotely competitive for over six months. Chase's Saver was 1.5% nearly 12 months ago. Had you kept £5,000 in a standard easy access account, that would already earn you £6.25 a month (without needing to claim a tax refund); the 'faff' of a single debit card payment (potentially followed by another transfer) would earn you another £5.

I'm aware that rates have been increasing over a period of months and that 1.50% has not been competitive for a while but that really wasn't the point I was trying to make.  At the time of my last reward method renewal the effective interest rate was competitive with no manual involvement from myself which was my personal preference but things have changed.

I only piped up because someone else mentioned the tied in £5,000 for the reward and it seemed similar to me.  I was just trying to point out that the effective rate of the reward was competitive based on pure interest rate comparison to easy access savings accounts and not getting involved in any manual debit card transactions but it's no longer the case.

Band7

The Halifax Reward never paid 1.5%. £60 is 1.2% of  £5,000. Even in the most dire times, you could easily get more than 1.2% in a variety of Regular Savers and current accounts (such as the VM 2% one available during the doldrums, and in seemingly unlimited numbers)

Nick_C

Can we stay on topic please everyone.

This thread is to discuss the top easy acess savings accounts that are currently available, and many of of subscribe to this thread for useful current information.

Band7

Nick_C said:

Can we stay on topic please everyone.

This thread is to discuss the top easy acess savings accounts that are currently available, and many of of subscribe to this thread for useful current information.

well, the Halifax Reward can be considered an easy access savings account - and has been, or even is still, used by people as such.

I agree, though, that it has been discussed to death already.

chels

Christ, I wish I'd never piped up at all!  It makes no odds to me (and possibly/probably others) that there were methods of obtaining a higher rate than 1.20% (1.50%) through a combination of debit card payment plus the £5,000 in some savings account whether easy access, regular saver or anything else 12, 6 months ago or whatever. The only point I was making is that compared to other easy access accounts at the time the rate was competitive, especially if you had no desire at the time to get manually involved on a monthly basis.

What others wish to do to obtain the £5.00 reward is up to them but the fact remains the effective rate was competitive compared to other easy access savings accounts at the time of the reward renewal, I and others chose the keep £5,000 in the account method because it suited.

Yes it has been done to death but when various people are talking about different methods to obtain the reward which I personally wasn't interested in doing or when another rate might have come into the picture then I'm going to try to explain my point again because it doesn't appear it's being understood. 

Dear me, I've got a headache lol.

chels

Band7 said:

The Halifax Reward never paid 1.5%. £60 is 1.2% of  £5,000. Even in the most dire times, you could easily get more than 1.2% in a variety of Regular Savers and current accounts (such as the VM 2% one available during the doldrums, and in seemingly unlimited numbers)

Hopefully my last post on the matter, it is effectively approx 1.50% once tax on the reward has been claimed back.

Band7

chels said:

Band7 said:

The Halifax Reward never paid 1.5%. £60 is 1.2% of  £5,000. Even in the most dire times, you could easily get more than 1.2% in a variety of Regular Savers and current accounts (such as the VM 2% one available during the doldrums, and in seemingly unlimited numbers)

Hopefully my last post on the matter, it is effectively approx 1.50% once tax on the reward has been claimed back.

Talk about not faffing about

chels

Band7 said:

chels said:

Band7 said:

The Halifax Reward never paid 1.5%. £60 is 1.2% of  £5,000. Even in the most dire times, you could easily get more than 1.2% in a variety of Regular Savers and current accounts (such as the VM 2% one available during the doldrums, and in seemingly unlimited numbers)

Hopefully my last post on the matter, it is effectively approx 1.50% once tax on the reward has been claimed back.

Talk about not faffing about

I'm already completing a tax return, if I wasn't I might have felt differently who knows, so no real faff to add a couple of extra figures.  We all assess what suits us best for whatever reason(s).

I feel my point is being pulled apart for absolutely no reason........very strange!

I-LOV-MONEY

I-LOV-MONEY said:

Hi.  I am a guy for simple things in life! 

So initially I am told Chips (is there fish served with it?!).   Then there are comments that it isn't a bank and money is held elsewhere.   I know I should be, but not really, interested in where it is held, as long as the money is protected by FSCS.  I can access my money when I require it.

Today I see a recommendation for Newbury BS.   When I looked at thier website I looked at a couple of accounts and I see 2 withdrawals a year.   Withdrawals are by post or in branch (should I take a day trip from London to get my money?)

I am looking for something like Santander where I can go online via the app and withdraw money to my bank account, or transfer money from there into the Santander account.   There is Marcus where I do have some funds and are paying 2.80% but it isn't worth transferring from Santander for .05% difference.   (You can't transact with Marcus between 23:00 and 00:00  - which is normally the time I look to see if I need to top up my current account .. but that is down to my laziness not to check before).