The Top Easy Access Savings Discussion Area

Rollinghome

allegro120 said:

Rollinghome said:

allegro120 said:

ChewyyBacca said:

Al Rayan Everyday Saver (Issue 3) Expected profit rate 3.3% AER
Min amount: £5000

3.3% EPR = 3.35% AER.  Getting very close to Chip's 3.4%.  I wish Al Rayan did weekend transactions.

Moneyfacts always shows the Al Rayan Expected Rate and AER as being the same.  Is that higher AER figure obtained from calculation of received interest, or does it appear on the AR website somewhere?

It doesn't appear on AR website, just calculation. As far as I know quoted expected profit rate (EPR) is equivalent to gross annual return, not AER, but I might be wrong.

Thanks. I've just checked an old statement myself, and the applied rate for the month is the same as the Expected Rate.  Oddly, the statement shows "Expected Profit Rate (gross p.a.) 2.81%" - which was the advertised EPR then and would imply an APY of 2.846%.

At the moment, I can still do as well or better elsewhere, but will definitely go back on my "maybe" list.

Rollinghome

2010 said:

TwiceNightly said:

Anyone heard what Nationwide's new rates might be on 1st April yet?

Whatever they change to they`ll be well below everyone else.
I don`t have any savings with them anymore because their rates are so bad.

They're a full service bank so in fairness shouldn't be compared to the various challenger banks that don't offer the same facilities.  Their competition are the likes of Lloyds Group, RBS and HSBC but unlike them currently don't have any ongoing eye-catching savings accounts for long-term customers, only the 5% on £1500 for 12 months for new FlexDirect customers.

They may be missing a trick.

d63

Rollinghome said:

allegro120 said:

Rollinghome said:

allegro120 said:

ChewyyBacca said:

Al Rayan Everyday Saver (Issue 3) Expected profit rate 3.3% AER
Min amount: £5000

3.3% EPR = 3.35% AER.  Getting very close to Chip's 3.4%.  I wish Al Rayan did weekend transactions.

Moneyfacts always shows the Al Rayan Expected Rate and AER as being the same.  Is that higher AER figure obtained from calculation of received interest, or does it appear on the AR website somewhere?

It doesn't appear on AR website, just calculation. As far as I know quoted expected profit rate (EPR) is equivalent to gross annual return, not AER, but I might be wrong.

Thanks. I've just checked an old statement myself, and the applied rate for the month is the same as the Expected Rate.  Oddly, the statement shows "Expected Profit Rate (gross p.a.) 2.81%" - which was the advertised EPR then and would imply an APY of 2.846%.

At the moment, I can still do as well or better elsewhere, but will definitely go back on my "maybe" list.

just to add that on their website, here —

 https://www.alrayanbank.co.uk/savings/everyday-saver-issue-3

about halfway down it goes on to say:

“If on account opening you deposited £5,000 into your Everyday Saver (Issue 3) and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £5,167.52” 

which i calculate is equivalent to 3.3504% AER

liamcov

Re skipton... what are the new rates for these accounts:

Base Rate Tracker Account Issue 4

Online Bonus Saver Issue 7 Can't see them on the PDF someone linked to.

janusdesign

liamcov said:

Re skipton... what are the new rates for these accounts:

Base Rate Tracker Account Issue 4

Online Bonus Saver Issue 7 Can't see them on the PDF someone linked to.

they're there...

Tracker Issue 4 - 3.15% AER

Online Bonus Saver Issue 7 - 2.60% AER without bonus

TiVo_Lad

Rollinghome said:

2010 said:

TwiceNightly said:

Anyone heard what Nationwide's new rates might be on 1st April yet?

Whatever they change to they`ll be well below everyone else.
I don`t have any savings with them anymore because their rates are so bad.

They're a full service bank so in fairness shouldn't be compared to the various challenger banks that don't offer the same facilities.  Their competition are the likes of Lloyds Group, RBS and HSBC but unlike them currently don't have any ongoing eye-catching savings accounts for long-term customers, only the 5% on £1500 for 12 months for new FlexDirect customers.

They may be missing a trick.

Strictly speaking they're a Building Society, not a bank, but they do indeed rank in the Top 10 Financial Institutions in the UK (alongside Coventry Building Society too). Simply put, they don't need our deposits. With total assets of over a quarter of a trillion pounds, they can borrow commercial money in the markets way cheaper than they can from members. Their vast size means they stopped operating for "all members" a long time ago. They're a mortgage lender and they fund their mortgages through the money markets. Don't bother holding your breath for anything from them on the savings side; they don't need or probably want us.

ColdIron

liamcov said:

Re skipton... what are the new rates for these accounts:

Base Rate Tracker Account Issue 4

Online Bonus Saver Issue 7 Can't see them on the PDF someone linked to.

The first is under Easy Access Non-ISAs

The second Non-ISAs with introductory bonus rate

https://www.skipton.co.uk/-/media/skipton-co-uk/pdf/savings/changes-to-variable-accounts.ashx

Krakkkers

Still waiting for Fordmoney to put their rates up.

2010

Rollinghome said:

2010 said:

TwiceNightly said:

Anyone heard what Nationwide's new rates might be on 1st April yet?

Whatever they change to they`ll be well below everyone else.
I don`t have any savings with them anymore because their rates are so bad.

They're a full service bank so in fairness shouldn't be compared to the various challenger banks that don't offer the same facilities.  Their competition are the likes of Lloyds Group, RBS and HSBC but unlike them currently don't have any ongoing eye-catching savings accounts for long-term customers, only the 5% on £1500 for 12 months for new FlexDirect customers.

They may be missing a trick.

Wrong.
They are a building society who have no shareholders to pay. (as they like to tell everyone at every opportunity)
Their rivals are the likes of Coventry,YBS, Skipton and other building societies who do compete for customer`s savings.
If they want to be and act like a full service bank, then they should float on the stock market and give their long suffering members free shares.

castle96

Still got a £10 IN THERE (PRE CHARITY GIVEAWAY). aLWAYS VOTE AGAINST everything at the AGM (directors salaries !!!). One day, they will 'go'.