The Top Easy Access Savings Discussion Area

ForumUser7

Kent Reliance re BOE BR rise. I'm unsure if this means that the rates on existing accounts that are still available are going up, or if they will be withdrawing and releasing issues on/around 18th or sooner:

Bridlington1

My community finance bank easy access account now pays 3.56% on balances over £20K. There are some restrictions with regards to eligibility though:

• To open a savings account, you will need to:

  • be aged 18 or over
  • have a UK address (excluding Northern Ireland, the Channel Islands and the Isle of Man)
  • have a personal UK current bank account
  • become a member of one of our partner Credit Unions by matching the criteria of the Common Bond of our partner Credit Unions which are:
    • If you are employed, you will be automatically approved and matched to one of our partner Credit Unions based on the industry you work in.
    • If you are not employed (retired, student, unemployed) you can open an account if you are member of an applicable Trade Union or Association (e.g. CO-OP, National Trust).
    • Sharing a household with, and being a relative of, an existing member of the Credit Union.

TiVo_Lad

Bridlington1 said:

My community finance bank easy access account now pays 3.56% on balances over £20K. There are some restrictions with regards to eligibility though:

• To open a savings account, you will need to:

  • be aged 18 or over
  • have a UK address (excluding Northern Ireland, the Channel Islands and the Isle of Man)
  • have a personal UK current bank account
  • become a member of one of our partner Credit Unions by matching the criteria of the Common Bond of our partner Credit Unions which are:
    • If you are employed, you will be automatically approved and matched to one of our partner Credit Unions based on the industry you work in.
    • If you are not employed (retired, student, unemployed) you can open an account if you are member of an applicable Trade Union or Association (e.g. CO-OP, National Trust).
    • Sharing a household with, and being a relative of, an existing member of the Credit Union.

Seems a bit of a no-brainer?

Band7

TiVo_Lad said:

Bridlington1 said:

My community finance bank easy access account now pays 3.56% on balances over £20K. There are some restrictions with regards to eligibility though:

• To open a savings account, you will need to:

  • be aged 18 or over
  • have a UK address (excluding Northern Ireland, the Channel Islands and the Isle of Man)
  • have a personal UK current bank account
  • become a member of one of our partner Credit Unions by matching the criteria of the Common Bond of our partner Credit Unions which are:
    • If you are employed, you will be automatically approved and matched to one of our partner Credit Unions based on the industry you work in.
    • If you are not employed (retired, student, unemployed) you can open an account if you are member of an applicable Trade Union or Association (e.g. CO-OP, National Trust).
    • Sharing a household with, and being a relative of, an existing member of the Credit Union.

Seems a bit of a no-brainer?

There has been previous discussion about them and their rather opaque information regarding FSCS protection. I haven't checked again today because I am quite happy to leave my easy access money at the significantly less opaque, and true instant access, 3.55% CHIP. If you are considering My Community Finance, please make sure you are completely happy about their FSCS protection. Anything that involves credit unions, as this one does, needs extra checks as credit unions fail in high numbers.

TiVo_Lad

The FSCS Protection is with the Credit Union rather than My Community Finance. I've been paired with Castle Community Bank who have full FSCS Protection (Castle Community Bank (FRN:213877)). I'd personally rather my money was doing some good in the community than allowing a FinTech to snoop through my current account.

S_uk

Shawbrook now 3.36% AER.

Band7

TiVo_Lad said:

The FSCS Protection is with the Credit Union rather than My Community Finance. I've been paired with Castle Community Bank who have full FSCS Protection (Castle Community Bank (FRN:213877)). I'd personally rather my money was doing some good in the community than allowing a FinTech to snoop through my current account.

Very off-topic but since you tried to criticise my choice of savings provider with unfounded assumptions: I don't need the help of a credit union to do something good in the community.  

jimexbox

Band7 said:

TiVo_Lad said:

The FSCS Protection is with the Credit Union rather than My Community Finance. I've been paired with Castle Community Bank who have full FSCS Protection (Castle Community Bank (FRN:213877)). I'd personally rather my money was doing some good in the community than allowing a FinTech to snoop through my current account.

Very off-topic but since you tried to criticise my choice of savings provider with unfounded assumptions: I don't need the help of a credit union to do something good in the community.  

£1k to £19,999 interest rate is only 2.50% anyway. I would go fixed bonds for amounts above 20k. 

pearl123

S_uk said:

Shawbrook now 3.36% AER.

Now this needs to nudge other savers like Cynergy and Al Rayan to make a move. 

ranciduk

pearl123 said:

S_uk said:

Shawbrook now 3.36% AER.

Now this needs to nudge other savers like Cynergy and Al Rayan to make a move. 

Just got the text now from Shawbrook

it’s an existing issue so they have upgraded automatically- no need to message them