The Top Easy Access Savings Discussion Area

poppystar

BreakingGlass said:

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.

So the system with Paragon is opening a new account and transferring? I thought the T&Cs were that you could only have one TA account. Thanks for the info. Did you close the 12 or keep it open in case future interest rises only apply to older accounts? 

aaj123

cwep2 said:

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.

Good for parking lumpsums for retired folks but not necessarily good for high income folks who have such savings. The latter should always first look at utilizing their ISA wrapper.

ColdIron

poppystar said:

BreakingGlass said:

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.

I thought the T&Cs were that you could only have one TA account.

• You can have one open Triple Access Account per issue

https://www.paragonbank.co.uk/resources/paragonbank/documents/savings/triple-access-savings-terms-and-conditions

jaypers

Binned Atom this morning. Ridiculous that they are still at only 3.2%. Probably up rates later and be market leaders again no I’ve moved money out! 

Pompeydave1967

Me too , have stayed loyal for weeks waiting for rate rise but considering emptying to Shawbrook.

intalex

I think Atom moved earlier than the rest in raising fixed rates, so may have attracted enough funds then for them not to act now...

GalacticaActual

Skipton Building Society are increasing their rates on Monday 22nd May 2023:

On Monday 22 May 2023, we will be increasing all of our variable savings rates by 0.25% AER, with no variable rate savings account paying less than 2.55% AER. Further details of these changes will be released in due course.

https://www.skipton.co.uk/base-rate-change

Thumbs_Up

intalex said:

I think Atom moved earlier than the rest in raising fixed rates, so may have attracted enough funds then for them not to act now...

They got me at 3.45% @ 100k 6 months fix. Needless to say I’m counting down the long slow weeks for release of capital.

jaypers

Thumbs_Up said:

intalex said:

I think Atom moved earlier than the rest in raising fixed rates, so may have attracted enough funds then for them not to act now...

They got me at 3.45% @ 100k 6 months fix. Needless to say I’m counting down the long slow weeks for release of capital.

Ha, I’ve still got a 1 year fixed from last August, strangely at 3.2%.  No great shakes as was good at the time. 

Thumbs_Up

jaypers said:

Thumbs_Up said:

intalex said:

I think Atom moved earlier than the rest in raising fixed rates, so may have attracted enough funds then for them not to act now...

They got me at 3.45% @ 100k 6 months fix. Needless to say I’m counting down the long slow weeks for release of capital.

Ha, I’ve still got a 1 year fixed from last August, strangely at 3.2%.  No great shakes as was good at the time. 

And this is how people should look at it. Not that long ago ( ok, 14 months ago) I was getting 0.01% I kid you not!