The Top Easy Access Savings Discussion Area

dgpur

It’s an unfortunate reality that the rise and fall of interest rates benefit some but screw others. As someone without loans trying to get the best returns to live off, I sympathise with those who have/need loans - as we were there once.

ForumUser7

Moneyfacts Reports:

Saffron E-Saver Account (Issue 20) from 2.95% -> 3.45%
Saffron Enviro Saver Account (Issue 2) from 2.90% -> 3.40%
MySaver never seems to show on there, but I reckon it’ll also be 3.45% - EDIT: It has a max balance of £10,000, so is in fact on there, just not under the default £25,000 option

Rates not reflected on saffron website or app, but it’ll likely be tomorrow ~09:30. Not TOTP, but to let existing account holders know.

Eirambler

Looks like we're heading for a minimum of two more BoE rate rises now after the latest disastrous inflation numbers this morning - even with energy prices easing inflation is still running out of control.

This government really has destroyed the country's economy, so it's more important than ever to limit the damage by chasing the best rates wherever possible.

Eirambler

Yes, BoE forecasts were miles out yet again. Hopefully most haven't fixed their savings too long at recent rate offers, because they'll be going up again.

It won't be popular and the government won't want to do it a year out from an election, but now that it's clear that core inflation is the issue the only way to get it under control is through further and sharper interest rate rises. This, combined with more and more mortgage holders coming out of low rate fixes, will eventually lead to a reset.

ForumUser7

@SoulSaver

Skipton BS Double Access Saver Issue 2 (and Branch Double Access Saver Issue 2) paying 3.60%. £10,000 minimum balance though. 2 withdrawals plus closure.

Family BS Online Saver Issue 5 from 3.40% -> 3.55%

aaj123

Skipton has pulled all its tracker savings products (saver as well as ISA). I don't think there is now any BOE rate linked tracker out there either as ISA or normal saver. Above trackers weren't best buy rates but they did have spreads on BOE guaranteed for 24 months.

ForumUser7

aaj123 said:

Skipton has pulled all its tracker savings products (saver as well as ISA). I don't think there is now any BOE rate linked tracker out there either as ISA or normal saver.

Hanley EBS Branch Saver

Also Dudley BS Instant Tracker (albeit it is a pretty poor tracker IMO)

Band7

aaj123 said:

Skipton has pulled all its tracker savings products (saver as well as ISA). I don't think there is now any BOE rate linked tracker out there either as ISA or normal saver.

HEBS Branch Saver (the 4.25% one) tracks Base Rate. Though it is not marketed as a tracker

gussie5555

Stargunner 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!

Premium bonds are still attractive for higher rate tax payers that are not stupid or gamblers. They also allow you easy access to your money should you need it.

Even if you pay 45% tax you would still have to be very lucky to earn more than 2% on 50k in Premium Bonds whereas current best easy access rates match and will soon exceed that. I really believe many folks are loosing a lot by staying in Premium Bonds at the current elevated rates of interest - but there will always be corner cases like the million pound winners !

cwep2

gussie5555 said:

Even if you pay 45% tax you would still have to be very lucky to earn more than 2% on 50k in Premium Bonds whereas current best easy access rates match and will soon exceed that. I really believe many folks are loosing a lot by staying in Premium Bonds at the current elevated rates of interest - but there will always be corner cases like the million pound winners !

From the MSE's own analysis:
£50k of premium bonds has a median return of £1275 (2.55%, which for a 40% tax payer is equivalent to 4.25% gross).
You also have an 89.6% probability of winning £1000 or more - which would be 2%, so saying you would have to be very lucky to earn more than 2% is not really correct.

Certainly at current rates, for anyone except 40% or higher tax payers I don't think PBs are a good investment if you are happy with putting your money into places like Chip or Tandem, but for those that are in that bracket, which is an increasing number of people, then it is still something to consider.