The Top Easy Access Savings Discussion Area

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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.

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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

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.