The Top Easy Access Savings Discussion Area

OceanSound

Bigwheels1111 said:

7k from Tandem to FD took 10 minutes.
Requested 7k from FD to Chip, using Chip’s open banking, instant.
Sent it back to FD from Chip insanity.
Then back again.

I prefer instantly over insanity 😜

Freebird53

I have to say I'm a little dissapointed with Coventry. Only rising to 3.6 in 3 weeks time (1st June) when others were already at 3.85 BEFORE boe rise.

Looks like another tedious move on the cards...

RG2015

Freebird53 said:

I have to say I'm a little dissapointed with Coventry. Only rising to 3.6 in 3 weeks time (1st June) when others were already at 3.85 BEFORE boe rise.

Looks like another tedious move on the cards...

Which ones are currently at 3.85%?

Bridlington1

RG2015 said:

Freebird53 said:

I have to say I'm a little dissapointed with Coventry. Only rising to 3.6 in 3 weeks time (1st June) when others were already at 3.85 BEFORE boe rise.

Looks like another tedious move on the cards...

Which ones are currently at 3.85%?

I suspect @Freebird53 was referring to the YBS rainy day account, which will be at 3.85% (up to £5k) from 17/5/23.

Thumbs_Up

I’m going to withdraw £25,000 from Tandem this morning, betcha they uplift their rates this afternoon. You read it here first.

 

PloughmansLunch

Thumbs_Up said:

I’m going to withdraw £25,000 from Tandem this morning, betcha they uplift their rates this afternoon. You read it here first.

 

I did that yesterday, my inverse-Midas touch hasn’t worked so far

muffinhead

Paragon Bank - Triple Access Savings Account (Issue 13) - 3.51% (3.45% monthly)

4 or more withrawals - 0.75%

https://www.paragonbank.co.uk/savings/triple-access-account

cwep2

Will flag Virgin Money Private savings account again - never seems to get a mention on here but since it's linked to BoE rate the change is usually the next day = earning the higher rate from Friday. For mere mortals, with 0-500k it pays Bank rate -0.25% Gross, so currently 4.25%, which equates to 4.32% AER.

There is a £25 fee per month to have the private current account, but you do get travel insurance with that.

On £85k this works out at an AER of 3.96% if I've done my maths right, so Chip would need to move up by 0.25% to match it. 
Obviously for lower amounts it is less good as the £25 fee is fixed and interest is proportional to the amount you have saved.

The breakeven is around £50k to be better return than Chip (£50,560 for a 30 day month, just under £49k for a 31 day month because the fee is per month regardless of #days). Of course if the leading rate is higher, e.g. if you are lucky enough to have snagged a prior issue of the YBS Rainy day account paying 3.85% there is less difference.

On £85K under previous Bank rate (i.e. from  23March - 11th May) the effective AER was 3.70% which beat any other best buy rates available to new accounts until 28th April when Chip went to 3.71%.

Worth noting that interest is calculated and earned daily, but only paid quarterly.

RG2015

RG2015 said:

cheesemason said:

Ford Money just tweeted that they are going up to 3.6% on Tuesday at 9am

The transfer time into Ford Money have improved significantly in the last few months. Earlier this year it was a few hours now it is much quicker.

I have just transferred some money from NatWest this morning and it was there within an hour.

I recognise that this is poor compared with many others but in my opinion it is now quite acceptable.

3.60% is also a decent rate for the smallish amounts I hold in easy access accounts. 

I also see that transfers out to the nominated account up to 1:00 pm will arrive on same day. Not sure when this changed but it used to be next day, although the transfer was also dated the next day in Ford Money.

BreakingGlass

muffinhead said:

Paragon Bank - Triple Access Savings Account (Issue 13) - 3.51% (3.45% monthly)

4 or more withrawals - 0.75%

https://www.paragonbank.co.uk/savings/triple-access-account

Thanks for this - I just applied and transferred the balance from my Issue 12.  All sorted in a matter of minutes.