The Top Easy Access Savings Discussion Area

I-LOV-MONEY

Nick_C said:

You don't need to do anything. The interest rate increase will be automatically applied to your account within the next five working days. There are no other changes to how your account works.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay where no income tax has been deducted. Rates may change and we pay interest each month.

Does this mean people will get the increase over several days*?   Alternatively will we all get it on the same day, but it may not show on your account?

*can I have mine now, pretty please ?!

10_66

I-LOV-MONEY said:

2010 said:

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

I remember that.  I had money in one of the Icelandic banks, but got it back (mopped a sweaty brow at the time!).   When was it?

Think it was 2008, from memory.  I had money in both Icesave and Kaupthing, phew.

nottsphil

chris_the_bee said:

CompulsiveSaver said:

allegro120 said:

jaypers said:

Marcus are annoying on their 3% rise. Think they can con people increasing their rate on the morning of the BOE decision. Too little, too late. Still leaving 1p in my account and the money is elsewhere earning more. 

It is unnecessary to keep 1p on the account.  My balance has been £0 for a couple of years now and the account is still alive.

Think my £1 can stay there for now, wonder how much people actually keep there given the rate is a bit low?

The beauty of Marcus is true instant access 24/7/365 and does not need an app.

I moved most of my money out of Marcus precisely because this wasn't the case when I always thought it was. I was inconvenienced by a weekend withdrawal which wouldn't move until the following working day.

Swipe

I-LOV-MONEY said:

2010 said:

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

I remember that.  I had money in one of the Icelandic banks, but got it back (mopped a sweaty brow at the time!).   When was it?

Yes, I never want to go through that again. I could have kissed Alistair darling when he came out to say everyone's money was safe.

I-LOV-MONEY

nottsphil said:

I moved most of my money out of Marcus precisely because this wasn't the case when I always thought it was. I was inconvenienced by a weekend withdrawal which wouldn't move until the following working day.

I believe weekend withdrawals work now - but take longer to reach your linked account.

I-LOV-MONEY

Swipe said:

 I could have kissed Alistair darling when he came out to say everyone's money was safe.

I was grateful for that, but he just wasn't my type for kissing 

Eirambler

Honestly, the timing, just moved a chunk from Santander to Zopa this week. I suppose it's people doing that that forces their hand. Will probably end up moving it back next week now once this goes through.

Maybe Zopa will give me a reason not to...

mebu60

I-LOV-MONEY said:

Nick_C said:

You don't need to do anything. The interest rate increase will be automatically applied to your account within the next five working days. There are no other changes to how your account works.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay where no income tax has been deducted. Rates may change and we pay interest each month.

Does this mean people will get the increase over several days*?   Alternatively will we all get it on the same day, but it may not show on your account?

*can I have mine now, pretty please ?!

They could have just said will be effective from 31 March or some such. Was certainly unexpected! 

Much prefer it when institutions announce upcoming rises as Santander, Coventry and YBS have done. As long as the lead time isn't too far over the horizon. Saves moving money out then back again! 

I had kept my Santander eSaver with £1k in as they are also my main current account, otherwise it would have been £1. 

kaMelo

Middle_of_the_Road said:

2010 said poo:

If big banks can fail and need help such as the recent ones why is there a frenzy (on here)  to pile money into the obscurely named mobile app only banks.

Reminds me a lot when "asleep at the wheel" Ofgem, OK`ed all the minnow energy firms which went bust and now we are all paying for.

Icelandic banks that everyone piled into.
One day your money was there, next day it had disappeared.
UK government decided to refund all retail savers, hoping to get it back from Iceland.

Could not agree more. Although challenger bank depositors have the same protection as the big names, I think they are more likely to need it.
Who wants to have to rely on the FSCS protection process, for an extra 0.1- 0.2% 

Remind me again which UK banks were essentially insolvent and required bailing out in 2009.

I-LOV-MONEY

mebu60 said:

They(Santander) could have just said will be effective from 31 March or some such. Was certainly unexpected!

So we still don't know if everyone will get the increase on the same day?