The Top Easy Access Savings Discussion Area

VNX

allegro120 said:

RG2015 said:

allegro120 said:

Saver73 said:

Strombidae said:

Ford Money Flexible Saver increased to 3.45% from today.

My Ford Flexible Saver is now the same rate as my Ford Fixed 2 Year Saver! 

My Al Rayan 1 year fixed is now 1.29% lower than my Al Rayan Everyday Saver.

Same with my 2.15% 1 year Ford Money saver maturing at the end of May.

1.30% less than the Ford Money Flexible saver.

This puts me off engaging with anything locked for more than 3 months.

Remember though the comments above people would have fixed before rates really started to tick up quickly so not really a fair comparison of fixing now as I know no one knows or can predict the future but if one were to fix now at 4.8/4.9 I don’t think over the coming two / three years there would be many regrets.

sure you may find you could have got a little more but (obviously Crystal ball stuff) I can’t see fixes keeping going up and up to 5.5/6 onwards and the longer one waits to fix you lose out in the immediate term 

the moment inflation starts to fall or at least the lenders get wind of this / or wind of rate increases pausing or plateauing the best deals will be pulled quickly.

as is always the case it’s all an individual decision we all have to make, based on gut feeling, comments and opinions of those in the know and data.

and of course it’s individual on what one thinks is acceptable.

also the earlier you fix the earlier the fix ends so if rates stay at this level for quite some time it may allow one to fix again next year at an ok rate that may not be available if one waits and waits to fix now 

for me personally I have a range of fixes (some ISA some not) that range in length a with rates between 4.25 and 4.8 I have some money in instant access I am waiting to fix on a one and a two year bond and I’ll need to decide at what point I’m happy to but the bullet with those I’ll see how this month goes with the next rate rise and the comments that accompany that and the April inflation data at end of May but if I have a range of fixes of between 4.25 and say 4.9/5pc whatever happens I’m pretty happy.

OceanSound

VNX said:

allegro120 said:

RG2015 said:

allegro120 said:

Saver73 said:

Strombidae said:

Ford Money Flexible Saver increased to 3.45% from today.

My Ford Flexible Saver is now the same rate as my Ford Fixed 2 Year Saver! 

My Al Rayan 1 year fixed is now 1.29% lower than my Al Rayan Everyday Saver.

Same with my 2.15% 1 year Ford Money saver maturing at the end of May.

1.30% less than the Ford Money Flexible saver.

This puts me off engaging with anything locked for more than 3 months.

Remember though the comments above people would have fixed before rates really started to tick up quickly so not really a fair comparison of fixing now as I know no one knows or can predict the future but if one were to fix now at 4.8/4.9 I don’t think over the coming two / three years there would be many regrets.

sure you may find you could have got a little more but (obviously Crystal ball stuff) I can’t see fixes keeping going up and up to 5.5/6 onwards and the longer one waits to fix you lose out in the immediate term 

the moment inflation starts to fall or at least the lenders get wind of this / or wind of rate increases pausing or plateauing the best deals will be pulled quickly.

as is always the case it’s all an individual decision we all have to make, based on gut feeling, comments and opinions of those in the know and data.

and of course it’s individual on what one thinks is acceptable.

also the earlier you fix the earlier the fix ends so if rates stay at this level for quite some time it may allow one to fix again next year at an ok rate that may not be available if one waits and waits to fix now 

for me personally I have a range of fixes (some ISA some not) that range in length a with rates between 4.25 and 4.8 I have some money in instant access I am waiting to fix on a one and a two year bond and I’ll need to decide at what point I’m happy to but the bullet with those I’ll see how this month goes with the next rate rise and the comments that accompany that and the April inflation data at end of May but if I have a range of fixes of between 4.25 and say 4.9/5pc whatever happens I’m pretty happy.

Where do you'll usually go for this data. Are there specific websites etc that make such predictions? I.e." inflation may rise, in which case the best option is for you save the money in an EA account' and such like.  MSe website and App? 

Maybe include the quotes from these sources from x months ago. I will also search and post if I find anything. Figured I put the question out there..

edit: Maybe something like this: 
https://www.reuters.com/markets/the-worst-is-yet-come-curse-high-inflation-2022-12-08/

Strombidae

Saver73 said:

Strombidae said:

Ford Money Flexible Saver increased to 3.45% from today.

My Ford Flexible Saver is now the same rate as my Ford Fixed 2 Year Saver! 

The last fix I had seemed to average out at not far from the average instant access rate during the period it was held.

Like many others I've been chasing interest rates recently, but for me it has become too time consuming and too much hassle. I was 'tidying up' a few older accounts last week with the aim of putting my savings with just two providers. One provider decided to block my account because I wanted to transfer not much more than a grand to my current account, also held with them. When I rang nobody seemed to know what the problem was and it took almost a week of aggravation, speaking to at least half a dozen different staff (and having to explain the problem afresh to four) before I finally managed to get it resolved. Not the first time either - First Direct stopped me from buying some Premium Bonds last year, reversed the transaction and didn't even let me know.

It all feels like a bit too much hassle these days.

Saver73

Strombidae said:

Saver73 said:

Strombidae said:

Ford Money Flexible Saver increased to 3.45% from today.

My Ford Flexible Saver is now the same rate as my Ford Fixed 2 Year Saver! 

The last fix I had seemed to average out at not far from the average instant access rate during the period it was held.

Like many others I've been chasing interest rates recently, but for me it has become too time consuming and too much hassle. I was 'tidying up' a few older accounts last week with the aim of putting my savings with just two providers. One provider decided to block my account because I wanted to transfer not much more than a grand to my current account, also held with them. When I rang nobody seemed to know what the problem was and it took almost a week of aggravation, speaking to at least half a dozen different staff (and having to explain the problem afresh to four) before I finally managed to get it resolved. Not the first time either - First Direct stopped me from buying some Premium Bonds last year, reversed the transaction and didn't even let me know.

It all feels like a bit too much hassle these days.

I've been chasing the rates too but I'm at a point where I'm going to close down accounts and just have one of each EA, RS and ISA, that's more manageable, less time consuming and still earning interest.  As an early retiree wannabe I'm a few years away from the end of saving in a structured way... 

Strombidae

Saver73 said:

Strombidae said:

Saver73 said:

Strombidae said:

Ford Money Flexible Saver increased to 3.45% from today.

My Ford Flexible Saver is now the same rate as my Ford Fixed 2 Year Saver! 

The last fix I had seemed to average out at not far from the average instant access rate during the period it was held.

Like many others I've been chasing interest rates recently, but for me it has become too time consuming and too much hassle. I was 'tidying up' a few older accounts last week with the aim of putting my savings with just two providers. One provider decided to block my account because I wanted to transfer not much more than a grand to my current account, also held with them. When I rang nobody seemed to know what the problem was and it took almost a week of aggravation, speaking to at least half a dozen different staff (and having to explain the problem afresh to four) before I finally managed to get it resolved. Not the first time either - First Direct stopped me from buying some Premium Bonds last year, reversed the transaction and didn't even let me know.

It all feels like a bit too much hassle these days.

I've been chasing the rates too but I'm at a point where I'm going to close down accounts and just have one of each EA, RS and ISA, that's more manageable, less time consuming and still earning interest.  As an early retiree wannabe I'm a few years away from the end of saving in a structured way... 

Yes, my plan is something similar. I've chosen a couple of providers who, whilst not providing the top rates, do offer a relatively competitive rates. My experience is that they are consistent, have reliable websites and have been hassle-free - and for me, these days, that too has a 'value'.

poppystar

Strombidae said:

Saver73 said:

Strombidae said:

Saver73 said:

Strombidae said:

Ford Money Flexible Saver increased to 3.45% from today.

My Ford Flexible Saver is now the same rate as my Ford Fixed 2 Year Saver! 

The last fix I had seemed to average out at not far from the average instant access rate during the period it was held.

Like many others I've been chasing interest rates recently, but for me it has become too time consuming and too much hassle. I was 'tidying up' a few older accounts last week with the aim of putting my savings with just two providers. One provider decided to block my account because I wanted to transfer not much more than a grand to my current account, also held with them. When I rang nobody seemed to know what the problem was and it took almost a week of aggravation, speaking to at least half a dozen different staff (and having to explain the problem afresh to four) before I finally managed to get it resolved. Not the first time either - First Direct stopped me from buying some Premium Bonds last year, reversed the transaction and didn't even let me know.

It all feels like a bit too much hassle these days.

I've been chasing the rates too but I'm at a point where I'm going to close down accounts and just have one of each EA, RS and ISA, that's more manageable, less time consuming and still earning interest.  As an early retiree wannabe I'm a few years away from the end of saving in a structured way... 

Yes, my plan is something similar. I've chosen a couple of providers who, whilst not providing the top rates, do offer a relatively competitive rates. My experience is that they are consistent, have reliable websites and have been hassle-free - and for me, these days, that too has a 'value'.

Much the same here - I’ve felt like I was turning into some sort of digital Scrooge at times this year! 

smiley2085

Hi all - I was just wondering how often do you change easy access accounts? I have recently changed (March 2023) but now I have seen a better rate with a new provider. 

TheBanker

smiley2085 said:

Hi all - I was just wondering how often do you change easy access accounts? I have recently changed (March 2023) but now I have seen a better rate with a new provider. 

I tend to move when the new rate is worth moving for, and when it looks like the current round of rate rises has finished. I'll generally move for 0.3% or more. But the % that makes it worth moving depends on your total balances and how much you value your time. Because I have to declare my interest on my self-assessment return, there is a minor 'administrative' benefit to me not opening and closing lots of accounts. 

At the moment I am not moving even though there are slightly better rates available. It's widely expected that there will be another interest rate rise next week, then we'll have a couple of weeks of providers increasing their rates. So I'll probably wait until the end of May when things should have stabilised, and review my options then. 

Bridlington1

smiley2085 said:

Hi all - I was just wondering how often do you change easy access accounts? I have recently changed (March 2023) but now I have seen a better rate with a new provider. 

Whenever an EA rate appears that's better than the ones I've got already. Though having said that my EA account activity has reduced of late due to all my savings being absorbed by my various regular savers.

allegro120

smiley2085 said:

Hi all - I was just wondering how often do you change easy access accounts? I have recently changed (March 2023) but now I have seen a better rate with a new provider. 

Countless times in the past 12 months.  Good practice is to avoid closing them and move funds from one to another when appropriate, that's what easy access accounts are for.