The Top Easy Access Savings Discussion Area

mebu60

Kazza242 said:

Sainsbury's Bank will be launching Defined Access Saver (issue 43), paying 3.60%.

To qualify for the 3.60% rate, a minimum account balance of £1,000 is required.  The account permits 3 penalty-free withdrawals per year.

Once available, the account should appear, here.  

@soulsaver

Gave them feedback on a survey yesterday that their rates were totally uncompetitive. Good of them to react so promptly! 

Bridlington1

wiseonesomeofthetime said:

Bridlington1 said:

AmityNeon said:

t1redmonkey said:

Will be interesting to see if Chip up their rates now another genuinely easy access account has displaced them.

They should. When Chip were previously displaced by Tandem, then later by Shawbrook, on each occasion they immediately climbed back to the top. (They don’t care about Hanley though.)

Well I've just emptied Chip so hopefully that'll give them a bit of a nudge.

Curious.

Did you empty Chip for an extra 0.04%, or a different reason?

Yes I moved it for the extra 0.04%.

jimmynoton said:

Chip is going up to 3.82%

And now it's moving back to chip for the extra 0.07%.

EDIT:
And on 1st June it'll all be heading into a series of regular savers for a lot more than that.

SickGroove

Yep, good old Chip...

My app now showing at 3.82%

mebu60

gussie5555 said:

jak22 said:

With a lot of good options over 3.6% and ISAs not far behind that, plus fixes around 5%, Premium Bonds are looking poor now at maybe 2.8% effective

Yep - will wait for the June draw and unless I win a high value prize which I never have in the last 3 years, my 50k will find a home in a 5% fixed 12 month account - you have to be pretty stupid to let 50K languish in Premium Bonds now, unless you are of a gambling mind!

I'm pretty stupid enough to have done the calculations involving higher rate tax, require the funds to be accessible and have other investments generating sufficient income, thank you. 

fwdrew

Think I may give Tandem a go. So is the top up rate a bit like the old marcus top up ?

10_66

fwdrew said:

Think I may give Tandem a go. So is the top up rate a bit like the old marcus top up ?

Yes, it lasts for 12 months, they remind you 30 days before it expires and, if they have another top up rate on offer at the time, you can apply for that then.

gussie5555

mebu60 said:

gussie5555 said:

jak22 said:

With a lot of good options over 3.6% and ISAs not far behind that, plus fixes around 5%, Premium Bonds are looking poor now at maybe 2.8% effective

Yep - will wait for the June draw and unless I win a high value prize which I never have in the last 3 years, my 50k will find a home in a 5% fixed 12 month account - you have to be pretty stupid to let 50K languish in Premium Bonds now, unless you are of a gambling mind!

I'm pretty stupid enough to have done the calculations involving higher rate tax, require the funds to be accessible and have other investments generating sufficient income, thank you. 

You can do all the calculations you like but if you don't win enough to surpass current rates even accounting for tax, then yes one must be stupid to leave 50k sitting there AND also not everyone is a higher rate tax payer. Of course if you want to gamble or have sufficient funds elsewhere that is another matter!

EthicsGradient

gussie5555 said:

mebu60 said:

gussie5555 said:

jak22 said:

With a lot of good options over 3.6% and ISAs not far behind that, plus fixes around 5%, Premium Bonds are looking poor now at maybe 2.8% effective

Yep - will wait for the June draw and unless I win a high value prize which I never have in the last 3 years, my 50k will find a home in a 5% fixed 12 month account - you have to be pretty stupid to let 50K languish in Premium Bonds now, unless you are of a gambling mind!

I'm pretty stupid enough to have done the calculations involving higher rate tax, require the funds to be accessible and have other investments generating sufficient income, thank you. 

You can do all the calculations you like but if you don't win enough to surpass current rates even accounting for tax, then yes one must be stupid to leave 50k sitting there AND also not everyone is a higher rate tax payer. Of course if you want to gamble or have sufficient funds elsewhere that is another matter!

The bit about higher rate tax is pretty important, and wasn't in your earlier "you have to be pretty stupid..." remark. The effective rate of the prizes up to £100, which win often enough to give a reasonably regular return, is about 2.6%; for those on the higher rate, if they've used the £500 0% band elsewhere, that's the equivalent of 4.33% - which is still better than anything with a roughly equivalent access method (you might argue the once a month, via post Henley Economic BS account is sort of equivalent, I suppose). If you're an additional rate payer, it's the equivalent of 4.73%.

cymruchris

A small welcome rise from Chip just landed in the inbox.

dgpur

Does anybody know how to get money out of (or preferably close) the online easy access saver from Harpenden? The online portal gives no way to do so, and their faqs offer nothing useful.