The Top Easy Access Savings Discussion Area

OceanSound

Ignore the daily mail claptrap. Go to original source. The fca links. 

New rules to protect those who were attracted by the bonus rate then sat on their hands with their savings earning a measly 0.01% interest (just an example) after bonus rate expired.

mebu60

ForumUser7 said:

This may be of interest to some:

The Chief Executive of the FCA has apparently said they remain open to revisiting the idea of a single easy-access rate, among other interventions, if it continues to see savers being penalised for loyalty:

https://www.thisismoney.co.uk/money/saving/article-11994691/Banks-FORCED-pay-savers-new-rules.html

This seems really odd to me - maybe a minimum easy access rate, but a single easy-access rate feels unlikely to benefit us forumites if all of a sudden, everyone had to pay the same rate. I imagine it'd be lower than some of the top Easy Access Rates just now.

*This is a daily mail subsidiary article*

EDIT: https://www.fca.org.uk/publications/consultation-papers/cp20-1-introducing-single-easy-access-rate-cash-savings

https://www.fca.org.uk/publication/consultation/cp20-01.pdf

https://www.fca.org.uk/news/press-releases/fca-acts-help-customers-get-better-rates-cash-savings

Single EA rate hardly promotes competition! 

Is also in The Guardian:
Regulator warns UK banks over miserly savings rates for loyal customers | Savings rates | The Guardian

Penultimate para:
The regulator has previously looked into the idea of a “single easy access rate” across all UK instant access savings accounts, and Rathi said the FCA was open to revisiting this “or considering other more onerous interventions” if it later concluded the potential ‘loyalty penalty’ harms it identified had “not been adequately mitigated”.

datz

mebu60 said:

Penultimate para:
The regulator has previously looked into the idea of a “single easy access rate” across all UK instant access savings accounts, and Rathi said the FCA was open to revisiting this “or considering other more onerous interventions” if it later concluded the potential ‘loyalty penalty’ harms it identified had “not been adequately mitigated”.

Translation: They will regulate to force up rates at the low end - and this will probably come at the cost of a reduction at the high end.

And again, as with most recent financial regulation, those that pay attention and keep on top of their financial affairs end up (ultimately) compensating the lazy/reckless/negligent.

grumbler

mebu60 said:

ForumUser7 said:

This may be of interest to some:

The Chief Executive of the FCA has apparently said they remain open to revisiting the idea of a single easy-access rate, among other interventions, if it continues to see savers being penalised for loyalty:

https://www.thisismoney.co.uk/money/saving/article-11994691/Banks-FORCED-pay-savers-new-rules.html

This seems really odd to me - maybe a minimum easy access rate, but a single easy-access rate feels unlikely to benefit us forumites if all of a sudden, everyone had to pay the same rate. I imagine it'd be lower than some of the top Easy Access Rates just now.

*This is a daily mail subsidiary article*

EDIT: https://www.fca.org.uk/publications/consultation-papers/cp20-1-introducing-single-easy-access-rate-cash-savings

https://www.fca.org.uk/publication/consultation/cp20-01.pdf

https://www.fca.org.uk/news/press-releases/fca-acts-help-customers-get-better-rates-cash-savings

Single EA rate hardly promotes competition! 

Is also in The Guardian:
Regulator warns UK banks over miserly savings rates for loyal customers | Savings rates | The Guardian

Penultimate para:
The regulator has previously looked into the idea of a “single easy access rate” across all UK instant access savings accounts, and Rathi said the FCA was open to revisiting this “or considering other more onerous interventions” if it later concluded the potential ‘loyalty penalty’ harms it identified had “not been adequately mitigated”.

I think "across all UK instant access savings accounts" is either simply incorrect or some abandoned crazy idea.
In fact they want the same rate within the same financial institution for new and 'loyal' customers - similarly to car insurance prices.

We propose to allow firms to introduce a maximum of two SEARs for each of their brands: one for easy-access cash savings products, and one for easy access cash ISA products.

wiseonesomeofthetime

Gatehouse Easy Access expected profit rate now 3.35%

Notified by email 

soulsaver

wiseonesomeofthetime said:

Gatehouse Easy Access expected profit rate now 3.35%

Notified by email 

Easy access account | Gatehouse Bank | Gatehouse Bank plc

TiVo_Lad

Aldermore have launched Issue 1 of their Double Access Account at 3.55%

A maximum of two easy access withdrawals are allowed per year, additional withdrawals will result in the rate dropping to 0.10% for the remainder of that year. Interest is paid annually or monthly.

https://www.aldermore.co.uk/personal/personal-savings-accounts/double-access-account/

@soulsaver

mebu60

TiVo_Lad said:

Aldermore have launched Issue 1 of their Double Access Account at 3.55%

A maximum of two easy access withdrawals are allowed per year, additional withdrawals will result in the rate dropping to 0.10% for the remainder of that year. Interest is paid annually or monthly.

https://www.aldermore.co.uk/personal/personal-savings-accounts/double-access-account/

@soulsaver

Existing Issue 1 showing at 3.55% online.

This is a time when I would have preferred it being a new issue as I have no withdrawals remaining until 31 August! Currently only a modest balance left in there.

pecunianonolet

Getting fed up with Zopa a bit as they don't seem to be able to properly calculate interest. My balance was 0, got 0.26 in interest and balance is now 0.27

TiVo_Lad

pecunianonolet said:

Getting fed up with Zopa a bit as they don't seem to be able to properly calculate interest. My balance was 0, got 0.26 in interest and balance is now 0.27

I contacted Zopa about this last year. It's because they calulate interest daily to six decimal places so even though you only got 26p this month, there was probably less than 1p owing from last month so this month's (which might have been slightly more than 26p) plus last month's takes it over to the next penny. They're actually being super honest.