The Top Easy Access Savings Discussion Area

allegro120

Marmaduke123 said:

Justsayit7 said:

Cynergy Bank NOW 3.71%

Thanks. Just transferred a load of money there from Santander. Now to open a new account and transfer it all over to the latest edition! I shall then have 3 closed accounts, and I've only been with them a short while. I wish they wouldn't do it this way!

I've only been there once for a couple of months and the next issue they introduced was way below the leading.  I closed the account and I don't think I want to do it again unless they offer something very competitive. I don't understand why instead of raising the rate on the existing account they introduce new issues, what's the benefit for them doing this? And they have this peculiar authentication system when you have to put your phone in front of computer screen - it's not a difficult process, but I find it a bit unusual when you need both, online and app, to login. Normally it is just one or another.

Bridlington1

allegro120 said:

Marmaduke123 said:

Justsayit7 said:

Cynergy Bank NOW 3.71%

Thanks. Just transferred a load of money there from Santander. Now to open a new account and transfer it all over to the latest edition! I shall then have 3 closed accounts, and I've only been with them a short while. I wish they wouldn't do it this way!

I've only been there once for a couple of months and the next issue they introduced was way below the leading.  I closed the account and I don't think I want to do it again unless they offer something very competitive. I don't understand why instead of raising the rate on the existing account they introduce new issues, what's the benefit for them doing this? And they have this peculiar authentication system when you have to put your phone in front of computer screen - it's not a difficult process, but I find it a bit unusual when you need both, online and app, to login. Normally it is just one or another.

I think the benefit for them is that many people don't bother to upgrade to the new issues so they don't have to pay as much out in interest. I agree it's a pain for us but from a business point of view it makes sense to me.

allegro120

Bridlington1 said:

allegro120 said:

Marmaduke123 said:

Justsayit7 said:

Cynergy Bank NOW 3.71%

Thanks. Just transferred a load of money there from Santander. Now to open a new account and transfer it all over to the latest edition! I shall then have 3 closed accounts, and I've only been with them a short while. I wish they wouldn't do it this way!

I've only been there once for a couple of months and the next issue they introduced was way below the leading.  I closed the account and I don't think I want to do it again unless they offer something very competitive. I don't understand why instead of raising the rate on the existing account they introduce new issues, what's the benefit for them doing this? And they have this peculiar authentication system when you have to put your phone in front of computer screen - it's not a difficult process, but I find it a bit unusual when you need both, online and app, to login. Normally it is just one or another.

I think the benefit for them is that many people don't bother to upgrade to the new issues so they don't have to pay as much out in interest. I agree it's a pain for us but from a business point of view it makes sense to me.

Yes, makes sense. Most people fire and forget, that's also the reason for banks offering attractive RSs which after 12 months turn into low interest accounts.

Expotter

Could anyone tell me if Shawbrook allows you to keep their easy access account open with just £1?
I know it says the minimum opening balance is £1000, but does this mean you also have to maintain a minimum £1000  in the account in order to keep it open or do you just not get the advertised interest rate with any lower amount?

Justsayit7

£1.00 will keep Shawbrook open at lower interest rate 

Barkin

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---

Zaul22

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. 

Expotter

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?

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.