The Top Easy Access Savings Discussion Area

Bridlington1

southone said:

jaypers said:

phillw said:

jak22 said:
The comment was suggesting that as the PO account contains a large bonus element so the rate drops sharply after 12 months it was a trick. The Santander eSaver Limited Edition (Issue 1) will convert to an Everyday Saver currently 0.7% in around 6 months time https://www.santander.co.uk/assets/s3fs-public/documents/esaver_key_facts_document_oct_22h2.pdf - this has nothing to do with rate changes for the eSaver during its 12 months term. 

And I'm saying that Santander can make a business decision in 6 months time to not have them convert to an Everyday Saver paying 0.7%

In the same way we've seen rates increase on fixed rate accounts.

Whether they will is up to them.

Their loss as everyone with a modicum of common sense would move all their money out when this happens. Perhaps they just wanted some extra liquidity for a short term, although in the grand scheme of things it wouldn’t be a lot for a large Bank. They seem pretty switched off as their Reg E-Saver still only 2.75%. Virgin M Plus Saver also still pants at 2.52%. 

Are you saying Santander Reg E-Saver still only 2.75%? i would check again I can only see 1.50% or am i missing something?

I believe @jaypers is referring to the regular e-saver at 2.75%. See:
https://www.santander.co.uk/personal/savings-and-investments/savings/regular-esaver

Not to be confused with the e-saver at 1.5%. See:
https://www.santander.co.uk/personal/savings-and-investments/savings/esaver

Both rates are abysmal though IMHO.

Bridlington1

I-LOV-MONEY said:

Bridlington1 said:

I rather enjoyed doing a spot of time travelling.

Oh well if there's going to be a similar bug when the clocks go back then get set to travel back to 1953 in October. 

Anybody know what the interest rates were like in 1953 - before I build my time machine!!

I don't know about savings rates but according to Nationwide the average house price in Q4 of 1953 was £1872 so I'll be house hunting myself if YBS sends me back in time.

I-LOV-MONEY

Bridlington1 said:

I don't know about savings rates but according to Nationwide the average house price in Q4 of 1953 was £1872 so I'll be house hunting myself if YBS sends me back in time.

I'll go for a bit of luxury.  See  if you can find me a property c.£2k., while you are there!

chris_the_bee

BestSeagull said:

Kazza242 said:

Kent Reliance has launched Easy Access Savings Account (issue 56), paying 3.37%.

Minimum opening deposit £1,000.  Minimum operating balance £1.

To receive the 3.37% rate at least £1,000 must remain in the account.  If the total balance is between £1 - £999 then an interest rate of 0.10% is paid.   

Monthly and annual interest options available.

https://www.kentreliance.co.uk/savings/easy-access-savings-account

I opened Issue 55 yesterday!  It's not funded yet. If I don't it will close itself automatically in 7 days.

I'm going to open Issue 56 now but from previous experience, is there any reason to keep issue 55 too? I also have issue 52 but that is linked to my current account so keeping it for convenience.

It may be worth holding on to old Kent Reliance EA accounts. My issue 48 rises automatically to 3.5% on April 18th as per an email from them. The rate has frequently risen since launch and always remains higher than the latest currently available at the time.

Yellowman

ChewyyBacca said:

flobbalobbalob said:

Charter easy access accounts issue 29 and earlier up to 3.5% AER from 18th April. Later accounts up but lag behind.

https://www.chartersavingsbank.co.uk/Help/InterestRateSummary

IMP to note that 
Charter easy access Issue 36 product has a tiered interest rate
balance of £1-4999 = 0.1%
balance of £5000 onwards = 3.35%

I wonder who does not want to earn interest on the first 5K

Does Charter allow £1 deposits (for account holding purposes)?

A few months ago, I had to close my account with only £1.

gt94sss2

cricidmuslibale said:

jak22 said:

Post Office Savings Online Saver Issue 63

3.22% AER 3.17% monthly including a 12 month bonus element of 2.32%/2.27%

In other words, the underlying interest rate for this account is a much lower 0.90% monthly, 0.90% AER!

Imho when a savings provider has designed more than two thirds of the overall interest rate as a so-called ‘bonus’ when without this amount, as will be the case after 12 months, the interest rate will plummet to a much lower level, there is an element of trying to trick the prospective saver into saving his/her money within an account which appears to have a much more reasonable interest rate than over time it really does!

BEWARE!

That is indeed part of the reason why providers issue accounts where a bonus makes up a large element of an account.

Its also the reason why regulators now insist that account holders are contacted before the bonus rate expires to remind them.

BestSeagull

Yellowman said:

ChewyyBacca said:

flobbalobbalob said:

Charter easy access accounts issue 29 and earlier up to 3.5% AER from 18th April. Later accounts up but lag behind.

https://www.chartersavingsbank.co.uk/Help/InterestRateSummary

IMP to note that 
Charter easy access Issue 36 product has a tiered interest rate
balance of £1-4999 = 0.1%
balance of £5000 onwards = 3.35%

I wonder who does not want to earn interest on the first 5K

Does Charter allow £1 deposits (for account holding purposes)?

A few months ago, I had to close my account with only £1.

Minimum deposit of £5,000 to open but once you've done that you can withdraw the balance and leave £1. 

jaypers

Yellowman said:

ChewyyBacca said:

flobbalobbalob said:

Charter easy access accounts issue 29 and earlier up to 3.5% AER from 18th April. Later accounts up but lag behind.

https://www.chartersavingsbank.co.uk/Help/InterestRateSummary

IMP to note that 
Charter easy access Issue 36 product has a tiered interest rate
balance of £1-4999 = 0.1%
balance of £5000 onwards = 3.35%

I wonder who does not want to earn interest on the first 5K

Does Charter allow £1 deposits (for account holding purposes)?

A few months ago, I had to close my account with only £1.

I have a number of accounts with Charter, one of which is a 95 Day Notice a/c with a £0 balance. Account still open. 

pearl123

I note that Family Building Society is at 3.40% interest. Is the building society any good, as I'm tempted.

flobbalobbalob

pearl123 said:

I note that Family Building Society is at 3.40% interest. Is the building society any good, as I'm tempted.

If they ever require proof of id they only accept certified copies of documents.