The Top Easy Access Savings Discussion Area

Nick_C

patpalloon said:

How worried should we be about the banking crisis in US and now Switzerland? What effect could this have on savings accounts in the UK? Obviously your savings are protected up to 85k per institution.

Perhaps you could start a new thread for this, and leave this free one for discussing 

The Top Easy Access Savings Accounts

nottsphil

allegro120 said:

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?

Any, I think - certainly the eSaver.

alternate

patpalloon said:

How worried should we be about the banking crisis in US and now Switzerland? What effect could this have on savings accounts in the UK? Obviously your savings are protected up to 85k per institution.

As a saver you should be reassured that both banks were quickly rescued by the private sector.  Didn't even need state intervention.

It might make the markets nervous and some shareholders are going to take a loss but otherwise ...

As you say.  Keep it under 85k for safeties sake.

alternate

Nick_C said:

patpalloon said:

How worried should we be about the banking crisis in US and now Switzerland? What effect could this have on savings accounts in the UK? Obviously your savings are protected up to 85k per institution.

Perhaps you could start a new thread for this, and leave this free one for discussing 

The Top Easy Access Savings Accounts

Don't be a forum cop.  We already have a no chat thread.  The poster was at least nominally on topic.

OceanSound

Just opened a Kroo account (through TopCashback) and was researching when the interest is paid. i.e. monthly on a set date or annually. Came across this article on the MSE website. Seems a month is a long time in finance. I didn't experience any delays with the application as mentioned in that article. Soon after taking picture of driving licence uploading it, then doing the selfie video, there was a message saying it may take up to three days to process application. However within 5 minutes I had message on the App showing that application was approved and the debit card was on the way. 

BTW, that article says Kroo current account interest rate (does this count as off topic because it's not Easy access Account? - apologies if it does) is not the highest :

You can, however, currently earn a higher 3.05% on up to £250,000 easy-access with Tandem – see our Top Savings guide for more info. 

If you follow that link 'Top Savings' the webpage that loads dosen't show a Tandem easy-access account with that rate. Actually, there is no Tandem account at all under Easy Access (it's only listed under three and five year fixes). 

What would be the reason(s) for this? If I visit the Tandem website the top interest rate for easy access is showing as 3.20%. So surely, it should be listed in the easy access chart ahead of the likes of Sainsbury's Bank which is 3.07%?

Edit: I found the answer to my initial question about when the interest is paid. It was within the Help and Support section of the Kroo App:

* Interest will be paid monthly on the 1st of every month

Nick_C

OceanSound said:

... that article says Kroo current account interest rate ... is not the highest 

Not currently, but Kroo is going to 3.33% on 1 April.

https://www.kroo.com/

castle96

1.5% reduction in Bof E rate coming?? Don't understand it myself but.......

AmityNeon

OceanSound said:

If you follow that link 'Top Savings' the webpage that loads dosen't show a Tandem easy-access account with that rate. Actually, there is no Tandem account at all under Easy Access (it's only listed under three and five year fixes). 

What would be the reason(s) for this? If I visit the Tandem website the top interest rate for easy access is showing as 3.20%. So surely, it should be listed in the easy access chart ahead of the likes of Sainsbury's Bank which is 3.07%?

The Kroo article is outdated (from 7th Feb 2023); Tandem's (equally outdated) 3.05% was listed at the time of writing.

Tandem's current rate of 3.20% is below Zopa's 3.21%, and Tandem is not an 'established name' like Sainsbury's Bank, Post Office or Nationwide. The MSE team is very selective about what it chooses to publish; for example, Al Rayan's EPR of 3.22% (equal to 3.27% AER) is not listed either.

OceanSound

Nick_C said:

OceanSound said:

... that article says Kroo current account interest rate ... is not the highest 

Not currently, but Kroo is going to 3.33% on 1 April.

https://www.kroo.com/

Kroo seems relying on this heavily. The figure is plastered across their website. Funny how a future interest rate is advertised like this and then the effective date under the small print.

BTW, couldn't the likes of Tandem and Zopa (or other competitor) increase their rates on 1st April to beat Kroo? I won't be moving all (or even most) of my money to Kroo yet.

ForumUser7

castle96 said:

1.5% reduction in Bof E rate coming?? Don't understand it myself but.......

Could you link to the source please? I’ve seen a few things suggesting a 0.25% rise rather than 0.5%, but nothing suggesting a decrease ~ https://amp.theguardian.com/business/2023/mar/19/interest-rate-rises-in-doubt-as-fear-of-new-global-crisis-rattles-central-banks