The Top Easy Access Savings Discussion Area

allegro120

wiseonesomeofthetime said:

My Marcus account still has just a £1 in it because, despite the latest increase, my money is in accounts of the same or higher rate already 🤷‍♂️

My Marcus account stays at £0 balance for a number of years now. It was good in 2018/19 when it offered a leading rate.  I'm still keeping it opened just in case they will catch up with competition one day.

wiseonesomeofthetime

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

poppystar

wiseonesomeofthetime said:

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

That befuddled me at first!

RG2015

wiseonesomeofthetime said:

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

I believe the Marcus figures in my online account are incorrect.

Based on the formula for converting between AER and gross monthly, the underlying rate should be 3.11% gross not 3.09% gross,

This makes the AER 3.16% plus 0.34% equals 3.50%

Edit: Alternatively, the 3.50% is incorrect and should be 3.48%, but that would be misselling.

dcs34

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

AmityNeon

RG2015 said:

wiseonesomeofthetime said:

How can Marcus claim 3.50% anyway, when 3.14 + 0.34 equals 3.48% 🤷‍♂️

Semantics, I know, and one is AER , t'other is Gross, but still 🤔

I believe the Marcus figures in my online account are incorrect.

Based on the formula for converting between AER and gross monthly, the underlying rate should be 3.11% gross not 3.09% gross.

This makes the AER 3.16% plus 0.34% equals 3.50%

Edit: Alternatively, the 3.50% is incorrect and should be 3.48%, but that would be misselling.

Their rates are a mess.

3.14% AER / 3.09% gross

But 3.09% = 3.1341% AER, so it should be 3.10% gross. But wait...

If you hold an Online Savings Account or Cash ISA and you have already added the 0.34% gross/tax-free* bonus, your total rate will be 3.50% AER / 3.44% gross

3.09% (as published) + 0.34% (as published) = 3.43% (not published)

So the published total gross rate of 3.44% implicitly includes the correct(?) underlying gross rate of 3.10%, but is 3.44% gross correct?

3.44% results in a more precise AER of 3.4948%, which doesn't quite round to 3.50%, so either the total gross rate needs to be 3.45% or the total AER needs to be 3.49%.

They've chosen awful rates considering they skirt the very boundaries of 2 decimal point precision so it's difficult to determine which figures are supposed to correct, and the rates aren't even competitive to begin with.

SJMALBA

dcs34 said:

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

https://www.kentreliance.co.uk/interest-rates

It seems you have to go all the way back to Issue 51 (withdrawn 16th November 2022) to get the highest rate of 3.75%.

allegro120

dcs34 said:

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

It will be market leading. We'll see if Chip respond on this tomorrow afternoon, if not I might open Kent Reliance on Monday if the product is not withdrawn by then. It's not for existing customers only. 

wiseonesomeofthetime

allegro120 said:

dcs34 said:

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

It will be market leading. We'll see if Chip respond on this tomorrow afternoon, if not I might open Kent Reliance on Monday if the product is not withdrawn by then. It's not for existing customers only. 

That 3.75% rate may well be for existing customers only, if it is only applied to Issue 51, as the interest rates link suggests.

"Following the recent Bank of England Base Rate increase, the rates on a range of our existing variable savings accounts will increase on 19 May 2023."

You cannot open Issue 51 as a new customer, or as an existing customer of a different issue.

That link - https://www.kentreliance.co.uk/interest-rates - has quite the array of different rates for different issues.

SJMALBA

wiseonesomeofthetime said:

allegro120 said:

dcs34 said:

Posted on the non-chat thread that Kent Reliance Easy Access will be 3.75% from tomorrow (which I believe is market leading?).

Any ideas if this is for existing customers only, or will it apply to the current Issue 57: https://www.kentreliance.co.uk/savings/easy-access-savings-account

It will be market leading. We'll see if Chip respond on this tomorrow afternoon, if not I might open Kent Reliance on Monday if the product is not withdrawn by then. It's not for existing customers only. 

That 3.75% rate may well be for existing customers only, if it is only applied to Issue 51, as the interest rates link suggests.

"Following the recent Bank of England Base Rate increase, the rates on a range of our existing variable savings accounts will increase on 19 May 2023."

You cannot open Issue 51 as a new customer, or as an existing customer of a different issue.

That link - https://www.kentreliance.co.uk/interest-rates - has quite the array of different rates for different issues.

It seems Issue 51 and earlier @ 3.75% - I didn't bother checking all the way back, but got as far as issue 31...