The Top Easy Access Savings Discussion Area

I-LOV-MONEY

Hi guys.   Firstly thank you all for the work you do for this forum.  Some of you seem to work 24/7!  

My 'problem' is there is too much information and often it changes day by day (if not hour by hour!). I dread when there is a Bank Rate change as I know that is going to start another chain of "this one...that one"!!    I don't have a lot of free time to keep moving my money from one account to another.  At present I am with Marcus and Santander (e-saver).    I am a person of simple needs.  I just need somewhere to park money at a 'reasonable' rate of interest and can access it as and when I need it (normally to pay bills).

Maybe I should unsubscribe from receiving e-mails from this forum, and just look in when I have some time available and see what is going, knowing this could change within 24 hours.

Thank you for reading my 'moan'.   I love you all !!!!!

AmityNeon

susanann_2 said:

Secure Trust Bank paying 3.88% not used them before. For a joint account they send an email to the second account holder with a link for them to fill out their details. Was concerned with this as never had this before with any bank does not feel very secure. Has anyone had the same thing happen. 

What security concerns do you have?
(Are you sure it's 3.88%?)

refluxer

jaypers said:

This is going to sound like a really stupid question but why would anyone consider a limited access account that pays less interest than an unlimited easy access account? Paragon 3.75% for 3 withdrawals. Investec EA pays 3.82%. 

Do these Banks think we are stupid? They make an increase in what like seems a hope that people won’t shop around. Or perhaps people don’t. 

It’s a bit like Zopa increasing their 95 day pot to a level way below the completion. 

Sorry but it’s my current bug bear around savings interest rates at the moment. 

It all depends on what your easy access needs are, I guess. Some people want regular access to their funds whereas others don't, in which case a limited access account will suffice and yes - ideally it would pay more than an easy access account with unrestricted access but, with rates rising on an almost daily basis, that is unlikely to be the case 100% of the time at the moment.

I don't personally have the account but I do have others with Paragon whom I've found excellent to deal with so, if I wanted a temporary home for some cash that I didn't need regular access to, then I'd definitely consider opening this one vs becoming a new customer of another bank for the sake of such a tiny difference. 

Paragon are a popular bank and 3.75% takes them to joint 5th in the 'Top of the pots / no chat' easy access list so I thought it was worth a mention and those who already have the more recent issues will obviously be pleased to see an increase, too. It also might prompt those with older issues to upgrade.

ForumUser7

AmityNeon said:

susanann_2 said:

Secure Trust Bank paying 3.88% not used them before. For a joint account they send an email to the second account holder with a link for them to fill out their details. Was concerned with this as never had this before with any bank does not feel very secure. Has anyone had the same thing happen. 

What security concerns do you have?
(Are you sure it's 3.88%?)

Both MoneyFacts and Secure Trust Bank's website show 3.85% still, but 3.78% gross - perhaps this was misread as 3.88%

BooJewels

AmityNeon said:

BooJewels said:

For me personally, it's not just about the bottom line number on the interest rate - there are other criteria that are important to me - like withdrawal limits, how many nominated accounts you can have, monthly interest etc.  There are many accounts I've disregarded because they don't meet my personal requirements.   So what might feel like a restriction to you, might be a useful feature to someone else.

Those features are certainly important like-for-like, but the comparison was between limited access vs unlimited access, i.e. why someone would choose limited access at a lower rate compared to unlimited access at a higher rate.

Because that might be a feature someone requires for their own self-discipline, or it's with an organisation they already have accounts with.  As I said, it's down to personal criteria - not everyone who has money they want to save is a rate tart - I think posters in this thread are less typical savers than most.   I would suspect that most savers wouldn't consider opening an account with a new company just to gain 0.07%.  In fact, I'd wager that most wouldn't look much further than their own bank or the BS they have their mortgage with.

susanann_2

AmityNeon said:

susanann_2 said:

Secure Trust Bank paying 3.88% not used them before. For a joint account they send an email to the second account holder with a link for them to fill out their details. Was concerned with this as never had this before with any bank does not feel very secure. Has anyone had the same thing happen. 

What security concerns do you have?
(Are you sure it's 3.88%?)

Apologies typing too quick 3.85% must have been wishful thinking. 

Security concern is link for second applicant on the account a link is sent to their email to click and fill it in. Never had this with any other saving account clicking links in emails just sounds a little insecure. 

AmityNeon

BooJewels said:

AmityNeon said:

BooJewels said:

For me personally, it's not just about the bottom line number on the interest rate - there are other criteria that are important to me - like withdrawal limits, how many nominated accounts you can have, monthly interest etc.  There are many accounts I've disregarded because they don't meet my personal requirements.   So what might feel like a restriction to you, might be a useful feature to someone else.

Those features are certainly important like-for-like, but the comparison was between limited access vs unlimited access, i.e. why someone would choose limited access at a lower rate compared to unlimited access at a higher rate.

Because that might be a feature someone requires for their own self-discipline, or it's with an organisation they already have accounts with.  As I said, it's down to personal criteria - not everyone who has money they want to save is a rate tart - I think posters in this thread are less typical savers than most.   I would suspect that most savers wouldn't consider opening an account with a new company just to gain 0.07%.  In fact, I'd wager that most wouldn't look much further than their own bank or the BS they have their mortgage with.

Indeed, convenience is certainly a major factor, when you're already a customer of a provider so it's easier to stick with their offerings. Brand familiarity/loyalty is another, which can apply to anyone shopping around. Most providers rely on and take advantage of both reasons, and this applies to most industries as very few people are 'enthusiasts' in every area of life.

BooJewels

AmityNeon said:

BooJewels said:

AmityNeon said:

BooJewels said:

For me personally, it's not just about the bottom line number on the interest rate - there are other criteria that are important to me - like withdrawal limits, how many nominated accounts you can have, monthly interest etc.  There are many accounts I've disregarded because they don't meet my personal requirements.   So what might feel like a restriction to you, might be a useful feature to someone else.

Those features are certainly important like-for-like, but the comparison was between limited access vs unlimited access, i.e. why someone would choose limited access at a lower rate compared to unlimited access at a higher rate.

Because that might be a feature someone requires for their own self-discipline, or it's with an organisation they already have accounts with.  As I said, it's down to personal criteria - not everyone who has money they want to save is a rate tart - I think posters in this thread are less typical savers than most.   I would suspect that most savers wouldn't consider opening an account with a new company just to gain 0.07%.  In fact, I'd wager that most wouldn't look much further than their own bank or the BS they have their mortgage with.

Indeed, convenience is certainly a major factor, when you're already a customer of a provider so it's easier to stick with their offerings. Brand familiarity/loyalty is another, which can apply to anyone shopping around. Most providers rely on and take advantage of both reasons, and this applies to most industries as very few people are 'enthusiasts' in every area of life.

I'm going to be in the market shortly for some more fixed accounts, so I'm looking at organisations that have fixes that meet my personal [slightly limiting] criteria and also an EA account with them too - just because, for practical reasons, I'd like to minimise the number of organisations I do business with overall.  Having executed several estates recently, I'm mindful of what a mess I'm making for my poor son to unravel already.  Hopefully it won't be for a long while, but it's in my mind at the moment.

AmityNeon

susanann_2 said:

AmityNeon said:

susanann_2 said:

Secure Trust Bank paying 3.88% not used them before. For a joint account they send an email to the second account holder with a link for them to fill out their details. Was concerned with this as never had this before with any bank does not feel very secure. Has anyone had the same thing happen. 

What security concerns do you have?
(Are you sure it's 3.88%?)

Apologies typing too quick 3.85% must have been wishful thinking.

Security concern is link for second applicant on the account a link is sent to their email to click and fill it in. Never had this with any other saving account clicking links in emails just sounds a little insecure.

The NatWest Group does this when adding a person to a current account; the second applicant is sent a genuine email from NatWest/RBS, which contains a link to 'Get started' directing them to a genuine website to complete the process. Monzo's login process from new devices requires clicking on a link sent in an email.

Clicking links in emails isn't inherently dangerous. If you're ever concerned about a link, you can always use https://urlscan.io/ to perform a deep scan of the link first.

FishInGlass

jaypers said:

This is going to sound like a really stupid question but why would anyone consider a limited access account that pays less interest than an unlimited easy access account? Paragon 3.75% for 3 withdrawals. Investec EA pays 3.82%. 

Do these Banks think we are stupid? They make an increase in what like seems a hope that people won’t shop around. Or perhaps people don’t. 

It’s a bit like Zopa increasing their 95 day pot to a level way below the completion. 

Sorry but it’s my current bug bear around savings interest rates at the moment. 

Maybe someone doesn't have a spare £5000 to hand. Ford might suit them better if they don't want a limited access account.