The Top Easy Access Savings Discussion Area

cwep2

Worth re-upping for those who are lucky enough to save closer to the max FSCS amount or can save more due to selling house or some other protected lifestyle event:

The Virgin Money Private Savings account pays 4.00% gross (4.06% APR). There is a £25/month fee to have a private banking account. The breakeven to be better than Chip at 3.55% is about £60k. On £85k the effective APR is 3.70%, obviously this goes up the more you save as the fee is fixed but interest is proportional to amount saved.

https://uk.virginmoney.com/private/savings/private-savings-account/#what-is-the-interest-rate

Another potential benefit is that it is locked to the Bank of England rate (Bank Rate -0.25%) and applies rate changes within a business day, so it has been that rate since 24th March. So when Chip was top of the charts at 3.40% the breakeven for Virgin to be better was around £47k.

Dietofsoup

soulsaver said:

Bridlington1 said:

May be worth noting that YBS's rainy day saver rises to 3.6% today, though it is limited to 2 withdrawals per year so just about beats Chip by 0.05%.

The 3.6% is up to £5k, then 3.1% on balances over. So 3.15% blended @ £50k

YBS

Isn't their Loyalty 6 up to 3.75% on the full balance (6 withdrawals allowed)?

Back to the Rainy Day I've already made the 2 withdrawals and my balance is sat at £1.

I assume I can push £5000 into it and ony next withdrawal (closure) the balance will have still have accrued the 3.6%?

Steve_xx

Dietofsoup said:

soulsaver said:

Bridlington1 said:

May be worth noting that YBS's rainy day saver rises to 3.6% today, though it is limited to 2 withdrawals per year so just about beats Chip by 0.05%.

The 3.6% is up to £5k, then 3.1% on balances over. So 3.15% blended @ £50k

YBS

Isn't their Loyalty 6 up to 3.75% on the full balance (6 withdrawals allowed)?

Back to the Rainy Day I've already made the 2 withdrawals and my balance is sat at £1.

I assume I can push £5000 into it and ony next withdrawal (closure) the balance will have still have accrued the 3.6%?

Yes, that's right. You can close it, effectively making a third and final withdrawal and retaining the accumulation of interest. Note that the two withdrawals allowance will reset anyway 12 months from when you opened the account. I can't see anything there that would prevent you from closing it, and then immediately opening a new one! Thus returning you to the position of having two further withdrawals available. 

pecunianonolet

Steve_xx said:

Dietofsoup said:

soulsaver said:

Bridlington1 said:

May be worth noting that YBS's rainy day saver rises to 3.6% today, though it is limited to 2 withdrawals per year so just about beats Chip by 0.05%.

The 3.6% is up to £5k, then 3.1% on balances over. So 3.15% blended @ £50k

YBS

Isn't their Loyalty 6 up to 3.75% on the full balance (6 withdrawals allowed)?

Back to the Rainy Day I've already made the 2 withdrawals and my balance is sat at £1.

I assume I can push £5000 into it and ony next withdrawal (closure) the balance will have still have accrued the 3.6%?

Yes, that's right. You can close it, effectively making a third and final withdrawal and retaining the accumulation of interest. Note that the two withdrawals allowance will reset anyway 12 months from when you opened the account. I can't see anything there that would prevent you from closing it, and then immediately opening a new one! Thus returning you to the position of having two further withdrawals available. 

If closed today interest is also part of this tax year should that be of importance maxing out PSA

Bridlington1

Steve_xx said:

Dietofsoup said:

soulsaver said:

Bridlington1 said:

May be worth noting that YBS's rainy day saver rises to 3.6% today, though it is limited to 2 withdrawals per year so just about beats Chip by 0.05%.

The 3.6% is up to £5k, then 3.1% on balances over. So 3.15% blended @ £50k

YBS

Isn't their Loyalty 6 up to 3.75% on the full balance (6 withdrawals allowed)?

Back to the Rainy Day I've already made the 2 withdrawals and my balance is sat at £1.

I assume I can push £5000 into it and ony next withdrawal (closure) the balance will have still have accrued the 3.6%?

Yes, that's right. You can close it, effectively making a third and final withdrawal and retaining the accumulation of interest. Note that the two withdrawals allowance will reset anyway 12 months from when you opened the account. I can't see anything there that would prevent you from closing it, and then immediately opening a new one! Thus returning you to the position of having two further withdrawals available. 

Well I did this a month ago and it worked fine.

SeriousHoax

Good afternoon everyone.

Just thought I would mention make sure you have the latest App updates.

I've noticed over the last couple of weeks there has been one or two updates to chip & zopa banking Apps.

Jmc85

Anyone have a Zopa email with wrong rates? Assuming they are planning an increase, just forgot to change the email content!

Futuristic

Jmc85 said:

Anyone have a Zopa email with wrong rates? Assuming they are planning an increase, just forgot to change the email content!

Got email, don't think it's wrong. They simply didn't email when they raised it so did it now. 

jimexbox

Jmc85 said:

Anyone have a Zopa email with wrong rates? Assuming they are planning an increase, just forgot to change the email content!

I thought it was odd, I had the same email for the last increase. Hopefully they'll increase rates soon. 

Mr_blibby

Jmc85 said:

Anyone have a Zopa email with wrong rates? Assuming they are planning an increase, just forgot to change the email content!

had the email...thought the rates were wrong, then checked on my app and what I thought was a 7 day notice account is a 31 day notice...not sure what is going on.. prob my error on applying the notice period.... the email does tie up with what is on their web site...