The Top Easy Access Savings Discussion Area

Barkin

No, you can send a secure message to get old issues changed to the current one. 

But sometimes they do change the rate on old issues. 

A text I had from them recently:

---x---
We're pleased to let you know that we've increased the interest rate on your Easy Access account to 3.59% Gross/ 3.65% AER (variable/monthly). You don't need to take any action, as this was applied on 28 April 2023. Thank you.
---x---

I keep one open, just because it's then easier to open other accounts with them as they already "know" you. 

PhilFox1985

Zaul22 said:

I thought the fact that inflation finally went down would mean that's all folks no more base rate rises, but apparently lowering it was 'a disaster' and now there needs to be 2 more base rate increase. Either way a few banks are staying ahead of the tracker accounts anyway. 

The inflation level was expected to fall by more, that's the problem.

Within that the most long term elements of inflation 'core' actually went up. 

That combined is likely to make BoE think they need to do more to get back to 2% (relatively) soon.

EthicsGradient

Expotter said:

Barkin said:

Justsayit7 said:

£1.00 will keep Shawbrook open at lower interest rate 

Yup, a much lower interest rate. From their website:

---x---
Interest rate where the balance falls below the minimum account opening balance;

0.05% Gross/AER (Variable)

---x---

Wow, I didn't think it'd be that low. Maybe I should just close it and withdraw all funds, is there any benefit really in keeping it open? As far as I know, they (Shawbrook) don't tend to increase the rate on existing issues, so don't you have to open a new account every time anyway?

If the plan is to keep it open with £1, then the interest rate is pretty irrelevant - you'd just get 4p a year even if it was the best currently available. Presumably your idea was to be able to quickly open another account if they did launch one with a good rate.

Expotter

EthicsGradient said:

Expotter said:

Barkin said:

Justsayit7 said:

£1.00 will keep Shawbrook open at lower interest rate 

Yup, a much lower interest rate. From their website:

---x---
Interest rate where the balance falls below the minimum account opening balance;

0.05% Gross/AER (Variable)

---x---

Wow, I didn't think it'd be that low. Maybe I should just close it and withdraw all funds, is there any benefit really in keeping it open? As far as I know, they (Shawbrook) don't tend to increase the rate on existing issues, so don't you have to open a new account every time anyway?

If the plan is to keep it open with £1, then the interest rate is pretty irrelevant - you'd just get 4p a year even if it was the best currently available. Presumably your idea was to be able to quickly open another account if they did launch one with a good rate.

I don't know how long Shawbrook 'remember' you for, but when I opened this easy access account a few weeks ago, I was able to do it quickly using my existing login details even though my last account had been closed in November last year, so that wasn't a problem really. 

Gollygumdrops

For all the Cynergy easy access account holders out there, their rate has now increased to 3.71%, so don’t forget to do the closing and opening accounts act, to get the new increase!

UncleK

Gollygumdrops said:

For all the Cynergy easy access account holders out there, their rate has now increased to 3.71%, so don’t forget to do the closing and opening accounts act, to get the new increase!

Thanks for letting us all know - most appreciated.

Gollygumdrops

UncleK said:

Gollygumdrops said:

For all the Cynergy easy access account holders out there, their rate has now increased to 3.71%, so don’t forget to do the closing and opening accounts act, to get the new increase!

Thanks for letting us all know - most appreciated.

👍 my pleasure.

SJMALBA

Charter EA issue 38 - 3.68%

https://www.chartersavingsbank.co.uk/Products/EasyAccess

@soulsaver

ForumUser7

Principality Online Double Access Issue 2 -> 3.80% according to moneyfacts @soulsaver

ranciduk

Small increase today from Shawbrook 

Gross

3.75% Annually

3.69% Monthly