The Top Easy Access Savings Discussion Area

ForumUser7

Zaul22 said:

I got a notification from Nationwide but can't see anything they have actually changed. 

@poppystar I think they'll tell you about changes on 1st April - they have announced they'll increase rates then, but not what the increases will be.

I am being serious about 1st April, that's what the website says. But this would be a rather distasteful April Fool's Day Prank from Nationwide

allegro120

Wheres_My_Cashback said:

westv said:

I've just noticed the HSBC Online Bonus Saver rate is 3.25%. The last time I looked it was still 3%.

Increased on the 2nd March

They've never announced the change.  Could've given some notice.  I withdrew my £10k on 1st March as 3% was no longer good. I don't think I will be replacing it in April, there are better offers on the IA market and I don't like the withdrawal penalty on this account.

Wheres_My_Cashback

allegro120 said:

Wheres_My_Cashback said:

westv said:

I've just noticed the HSBC Online Bonus Saver rate is 3.25%. The last time I looked it was still 3%.

Increased on the 2nd March

They've never announced the change.  Could've given some notice.  I withdrew my £10k on 1st March as 3% was no longer good. I don't think I will be replacing it in April, there are better offers on the IA market and I don't like the withdrawal penalty on this account.

They gave notice approx 2-3 weeks prior to the raise and it was mentioned on these forums.

OceanSound

jak22 said:

Atom possible increase from 2.95% to 3.2%

On my Atom App main page it has that already.  I.e 3.15 % Gross | 3.20% AER.

Another (albeit only a small addition to make our life easier - saying that I don't know if it is requirement which is practiced by a few but ignored by many with the FCA being rather lax to enforce) is the interest rate displayed clearly on main page of app.

No need to hunt around for it like with the Kroo App (visit Kroo website and we see the prospective interest rate from 1 April in big letters with current rate in small print 🤷)

Btw, moneyfacts still lists chip at top with 3.40% and Cynergy at 3.25%.

I have about £5000 to save. Used cynergy in the past. However not impressed with the lack of an App (they only had the authenticator app - don't know if it's still the same). The amount of faffing around I had to do just to login to the website was enough to move the money to Atom and leave just £1000 in Cynergy pretty much fixed (can't be assed to do the hokey pokey with the authenticator each time I need to login to account).

I worked out the intest difference between 3.20% and 3.25% for £5000 and its £2.50. this is not compound interest. Compound is probably slightly more. Even if it's £3.00 less per year (less than price of a coffee ☕ ), I'd stick to atom, for the reasons above and withdrawals are much quicker (pretty much instant).

isasmurf

OceanSound said:

jak22 said:

Atom possible increase from 2.95% to 3.2%

On my Atom App main page it has that already.  I.e 3.15 % Gross | 3.20% AER.

Another (albeit only a small addition to make our life easier - saying that I don't know if it is requirement which is practiced by a few but ignored by many with the FCA being rather lax to enforce) is the interest rate displayed clearly on main page of app.

No need to hunt around for it like with the Kroo App (visit Kroo website and we see the prospective interest rate from 1 April in big letters with current rate in small print 🤷)

The requirement is that the interest rate being applied at the time the customer accesses the page or a link to a page showing it must be shown prominently alongside or near the account balance on the first page the customer accesses showing their account balance. 

EssexHebridean

I’ll take that Atom increase - it’s good enough for me to leave my money there for now.

westv

Wheres_My_Cashback said:

allegro120 said:

Wheres_My_Cashback said:

westv said:

I've just noticed the HSBC Online Bonus Saver rate is 3.25%. The last time I looked it was still 3%.

Increased on the 2nd March

They've never announced the change.  Could've given some notice.  I withdrew my £10k on 1st March as 3% was no longer good. I don't think I will be replacing it in April, there are better offers on the IA market and I don't like the withdrawal penalty on this account.

They gave notice approx 2-3 weeks prior to the raise and it was mentioned on these forums.

I never saw any notice and I don't always read this thread or this particular forum. It doesn't matter though but you'd have thought they would have emailed account holders.

ForumUser7

westv said:

Wheres_My_Cashback said:

allegro120 said:

Wheres_My_Cashback said:

westv said:

I've just noticed the HSBC Online Bonus Saver rate is 3.25%. The last time I looked it was still 3%.

Increased on the 2nd March

They've never announced the change.  Could've given some notice.  I withdrew my £10k on 1st March as 3% was no longer good. I don't think I will be replacing it in April, there are better offers on the IA market and I don't like the withdrawal penalty on this account.

They gave notice approx 2-3 weeks prior to the raise and it was mentioned on these forums.

I never saw any notice and I don't always read this thread or this particular forum. It doesn't matter though but you'd have thought they would have emailed account holders.

I think it was in the news - MSN perhaps. That said, I do agree they should email account holders - unfortunately usually they only have to email for a decrease

Band7

Banks / savings providers don't have to notify interest increases in advance, or at all. They have various policies for announcing them - check the respective websites and/or T&Cs. It is different for decreases, where they are obliged to give advanced notice.

YellowStarling

Freedom Savings Account by RCI Bank (£100 min) is now 3.05%.  Still not enough to get into top 10 I think but slightly better than Marcus and Kroo (until 1st April for the latter).