The Top Easy Access Savings Discussion Area

OceanSound

AmityNeon said:

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The Kroo article is outdated (from 7th Feb 2023); Tandem's (equally outdated) 3.05% was listed at the time of writing.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

Is Zopa an 'established name'? How come anyone offering under 3.21% has to be 'established'?

Edit: Here's the list (chart) from 13 February 2023. It has Tandem. So, now suddenly selective about not publishing Tandem whereas a month ago they were fine.



At the moment, it just so happens that zopa had the requisite rate to sneak in before Sainsbury's (who happens to have an affiliate link). I believe MSE is counting on us choosing Sainsburys over Zopa even if the interest rate is lower, because MSE will have commission through the Sainsbury's affiliate link (via moneysupermarket). 

ranciduk

ForumUser7 said:

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

That’s because it’s nonsense.

refluxer

OceanSound said:

AmityNeon said:

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.

Is Zopa an 'established name'? How come anyone offering under 3.21% has to be 'established'?

AmityNeon was highlighting the reason why some accounts from more 'established names' (as MSE describe them) also get listed, even though their rates aren't as high as some from the small banks. To be fair to MSE though, the fact the rates are lower is highlighted and they're listed separately at the bottom.

Established name entries are normally high-street banks and building societies, supermarkets and well-known institutions like NS&I or the Post Office, which is why Tandem aren't included.

OceanSound

refluxer said:

OceanSound said:

AmityNeon said:

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.

Is Zopa an 'established name'? How come anyone offering under 3.21% has to be 'established'?

AmityNeon was highlighting the reason why some accounts from more 'established names' (a direct quote from the MSE table) also get listed, even though their rates aren't as high as some from the small banks. To be fair to MSE though, the fact the rates are lower is highlighted and they're listed separately at the bottom. Established name entries are normally high-street banks and building societies, supermarkets and well-known institutions like NS&I or the Post Office.

Tandem wouldn't be considered as an established name in this case, which is why it doesn't get a mention in that part of the table.

Unfortunately, that still doesn't answer my question. How come 3.21% makes the chart, while 3.20% doesn't. It's not as if 3.21% was in the top 3. It was in the top 5, however, if you look at the screenshot I posted earlier:



You can see that on 13 February 6 contenders made it to the chart (chase at the bottom with 3%). How come Tandem didn't make it in 6th place in the latest chart? Something fishy. 

I beleive MSE is relying on savers choosing Sainsbury's Bank over Zopa. MSE is also hedging their bets on savers being more likely to choose Sainsbury's over Zopa than they would if Tandem were to be listed under 6th place. MSE has worked this out based on Zopa's reputation when it comes to lending money to people with bad credit. 

Malchester

All these comparison tables make money from referrals. MSE cannot be relied on and I don't use it, it is like a lot of MSE stuff. Martin Lewis (the master of stating the bleeding obvious) has to get taken with a pinch of salt. I rarely take any notice of what he says.  There are others that are more reliable.

OceanSound

Malchester said:

All these comparison tables make money from referrals. MSE cannot be relied on and I don't use it, it is like a lot of MSE stuff. Martin Lewis (the master of stating the bleeding obvious) has to get taken with a pinch of salt. I rarely take any notice of what he says.  There are others that are more reliable.

Who are the others please? Any hints?

I use sites like Which? magazine website.

https://www.which.co.uk/money/savings-and-isas/savings-accounts/how-to-find-the-best-savings-account-aAWTh2N0jTx5

Although, that site dosen't seem to update as often. Just says 'updated regularly'. Last update  was beginning of this month (march 2023).

Btw, anyone reading by previous post, don't heed too much in to Zopa reputation. That's what I feel MSE is counting on. However, if we look at above link we see Zopa customer service is second to none and it is recommended by Which! Magazine (who I believe is a trusted source - you're welcome to disagree with me on this - and anything else for that matter )

Malchester

The others include Moneyfactscompare which I find helpful s long as you tick the box 'rate order' to get the accounts in rate order rather than those recommended by them first. Also Savings Champion but they don't have as helpful info. Also remember some accounts are not in the tables because of restrictions on the accounts such as geographical restrictions, deposit limits etc. As an example I have accounts with Swansea Building Society which offer decent rates but never appear in the tables because you have to live in Wales or be an existing member to open a new account

2010

With inflation up again today, I think there will be an increase on Thursday by the BofE.
Whether providers react is doubtful after the flurry of increases in the last week or so.

Nova1307

Malchester said:

The others include Moneyfactscompare which I find helpful s long as you tick the box 'rate order' to get the accounts in rate order rather than those recommended by them first. Also Savings Champion but they don't have as helpful info. Also remember some accounts are not in the tables because of restrictions on the accounts such as geographical restrictions, deposit limits etc. As an example I have accounts with Swansea Building Society which offer decent rates but never appear in the tables because you have to live in Wales or be an existing member to open a new account

I like Moneyfactscompare a lot but wish 'rate order' was the default setting. Not a big deal though as it's a very useful site. 

Nick_C

I have it on good authority that rates will go up.  The gloomy weather has put Committee Members in a bad mood.  And Mrs Miggins, who normally serves tea and biscuits at the meetings, is away visiting her sister.

Off topic, is anything happening in the world of the best available instant access savings accounts?