The Top Easy Access Savings Discussion Area

uzubairu

Freedommm said:

Any word from Tandem? I've opened and account and transferred some from Santander earlier this month, now BOE increased the rate and Santander increased theirs. How likely is Tandem to increase the rate above 3.20%? 

I did the same too (move money from Santander Esaver to Tandem) and wondering the same.

Band7

cwep2 said:

Band7 said:

cwep2 said:

And for those who want a high street banking name without an app required to access it.

It's also worth pointing out that although almost every bank recommended here has the £85k FSCS compensation limit, Santander is also a GSIB (see https://www.fsb.org/wp-content/uploads/P211122.pdf) a Globally Systemically Important Bank it's seen as basically too big to fail and is much more likely to be backstopped by the (Spanish) government than a random challenger savings bank. Chase (=JPMorgan) amongst the leading pack of savings rates would also qualify, and HSBC and Barclays are there too, but not Natwest/RBS or Lloyds/Halifax/BoS.

Really bad idea to suggest there’s another safety net over and beyond FSCS 😡

I really wasn't suggesting this. This was more for people's peace of mind, that it's an institution that would be less likely to disappear.

A lot of people are suspicious of banks they've never heard of, or having to use a new App to do their banking, so the reassurance of both a high street name with physical branches and a bank that is seen as globally too important to fail would make it more attractive for up to £85k.

There is no reason to suggest that the FSCS cover is any different or better with a bank that has been around for years, or has global reach, or branches or other characteristics. FSCS is the same for all. There is also no evidence that smaller banks fold more often than larger ones. Credit Unions, yes, but not banks. And even Credit Unions have some of their products covered by FSCS.

I do appreciate, though, that sometimes people make emotional rather than rational decisions about their money.

2010

Back in the banking crisis 2009 the government had to step in and save the "too big to fail banks".
Can`t see it happening if a mobile app bank disappears overnight.

Makes you wonder if a bank went to the wall and everyone had to claim their "up to £85k". if there would even be enough money to cover the £85k per person commitment.
Let`s hope we never have to find out.

Band7

2010 said:

Back in the banking crisis 2009 the government had to step in and save the "too big to fail banks".
Can`t see it happening if a mobile app bank disappears overnight.

Makes you wonder if a bank went to the wall and everyone had to claim their "up to £85k". if there would even be enough money to cover the £85k per person commitment.
Let`s hope we never have to find out.

Yes I also hope we will never have to find out BUT if the industry-funded FSCS kitty runs out, the Treasury will step in to satisfy the existing FSCS commitments.  So the guarantee holds good whatever the circumstances

kaMelo

2010 said:

Back in the banking crisis 2009 the government had to step in and save the "too big to fail banks".
Can`t see it happening if a mobile app bank disappears overnight.

Makes you wonder if a bank went to the wall and everyone had to claim their "up to £85k". if there would even be enough money to cover the £85k per person commitment.
Let`s hope we never have to find out.

Leaving aside credit unions, can you or anyone give an example where the FSCS has been required to reimburse retail depositors in a UK regulated bank/building society?

mebu60

kaMelo said:

2010 said:

Back in the banking crisis 2009 the government had to step in and save the "too big to fail banks".
Can`t see it happening if a mobile app bank disappears overnight.

Makes you wonder if a bank went to the wall and everyone had to claim their "up to £85k". if there would even be enough money to cover the £85k per person commitment.
Let`s hope we never have to find out.

Leaving aside credit unions, can you or anyone give an example where the FSCS has been required to reimburse retail depositors in a UK regulated bank/building society?

Not a bank or BS but I was caught up in the fallout around this:
FSCS pays out £31.6mn on failed wealth manager - FTAdviser

alternate

This thread has gone a bit InfoWars.

2010

Nothing worse than checking your bank account one day and the next day there`s nothing there and you`ve only got an app that suddenly doesn`t work.
At least at the N Rock debacle they could queue up and demand their money.

https://www.bbc.co.uk/news/uk-england-tyne-41172945

NameWithheld

aaj123 said:

I find the 'Skipton Base rate tracker (guaranteed BOE - 1.25% for 24 months) Flexible ISA' to be a very good candidate as the account to use all through the year as your saver. It will move along with BOE for 2 years (not to be sniffed at) and allow withdrawals and replacement all through the year due to being Flexible and you get the current 3.0% rate tax free. And add to this the perk of being able to deposit using a debit card so acts as a solution for your Halifax reward saver criteria too.

I'm using that for my instant access funds. But an earlier version with a better rate. BOE - 0.9%

The_Green_Hornet

2010 said:

Nothing worse than checking your bank account one day and the next day there`s nothing there and you`ve only got an app that suddenly doesn`t work.
At least at the N Rock debacle they could queue up and demand their money.

https://www.bbc.co.uk/news/uk-england-tyne-41172945

With all the bank branch closures good luck in finding one to queue up to.