The Top Easy Access Savings Discussion Area

allegro120

OceanSound said:

jaypers said:

Loving Zopa more and more each month

Sold. I will try Zopa. Already with Atom. Once Zopa account is open I m gonna deposit £2000 and keep equal amount in atom. 

Monitor both for a couple of months then decide where to keep most of it. Probably end up keeping a few pounds in the account that 'didnt win', in case there is a change of interest rate on that account. Then it'll be a case of moving money to that account rather than opening new account and moving funds.

If you intend to keep it for a couple of months you may as well consider boosting it. 31-days boost pays 3.45%. 

jaypers

Zopa can be a little frustrating after Atom if you expect immediate payment transfers. No great shakes but can take up to an hour either way from my experience, whereas Atom is pretty much immediate. 

allegro120

jaypers said:

Zopa can be a little frustrating after Atom if you expect immediate payment transfers. No great shakes but can take up to an hour either way from my experience, whereas Atom is pretty much immediate. 

My Zopa withdrawals always arrive within 10-20 minutes.

Zaul22

S_uk said:

Zaul22 said:

That's a pretty disappointing update from Zopa. The difference between instant and 7 days is smaller than usual 

The difference in rate between instant access and the 7 day pot is the same as before today's rate changes.

It must have closed the gap with the previous rise then. Either way 7 day used to be 0.05 gross higher than instant. 

wiseonesomeofthetime

Zaul22 said:

S_uk said:

Zaul22 said:

That's a pretty disappointing update from Zopa. The difference between instant and 7 days is smaller than usual 

The difference in rate between instant access and the 7 day pot is the same as before today's rate changes.

It must have closed the gap with the previous rise then. Either way 7 day used to be 0.5% gross higher than instant. 

More like 0.05%

jimexbox

Zopa 95 day isn't worth it IMHO, sweet spot is 31 day @ 3.45%. Easy enough to open a rolling ladder, obviously can't add as before, but not really required on a 31 day notice account. 

jak22

The Zopa rate isnt disappointing - what's disappointing is the Coventry limited access which until recently had kept up fairly well with BoE changes but has only gone up 0.5% since December with the BoE going up 1.25% and now was nearly matched by Zopa EA

dgpur

Zaul22 said:

That's a pretty disappointing update from Zopa. The difference between instant and 7 days is smaller than usual and it's still below the -0.9 tracker. 

Skipton haven’t actually applied the effects of the recent BoE base rate change though. Should be at 3.35%, but is still at 3.10% (AER). Even when they do, Zopa just has more flexibility.

allegro120

jak22 said:

The Zopa rate isnt disappointing - what's disappointing is the Coventry limited access which until recently had kept up fairly well with BoE changes but has only gone up 0.5% since December with the BoE going up 1.25% and now was nearly matched by Zopa EA

My issue 6 is going up by 0.1% from Tuesday next week.  And looking at their pattern of response to BoE rates we are not likely to see any further rises within next 6 weeks or so. Today's 3.25% is already uncompetitive, coming Tuesday 3.35% is ok but might not be Tuesday after. I'll wait and see what happens in the next couple of weeks, but it looks like I will be withdrawing soon (leaving the minimum operating £1 there just in case the account will become good again in future). The first on my 'tidy up' list for next week  is "welcome to Newbury", 3.30% is no longer acceptable. 

Beddie

allegro120 said:

cricidmuslibale said:

savethepandas said:

Apologies, very off-topic.

The likely reason Nationwide can't offer the top savings rates is due to the high cost of keeping those branches open and staffed. Higher rates for savers need higher rates for borrowers.  I'm fine with using branchless online banks, but others aren't.

It's a choice, and I'm in favour of choice.

When I last visited them, I queried the lack of savings rate increase and I got a united front of 'We are prioritising keeping mortgage rates low'. Pointed out I didn't have a mortgage, the response was basically 'Tough'.

When Nationwide releases its next set of adverts for TV, radio etc, I wonder if they will be honest enough to say “We’re here for you, we’re on your side, but only if you take out a mortgage with us, and certainly not if you save with us!”

Well, if they don't need us - we don't need them (plenty of good offers on savings market at the moment

They don't need us - from their 2022 accounts:

Member deposit balance growth of £7.7 billion (2021: £10.6 billion) to £178.0 billion (2021: £170.3 billion). 9.4% market share.

I think the high street presence makes a big difference to many people, helps them feel safer.