The Top Easy Access Savings Discussion Area

ranciduk

Exactly ! 🙂

throughtheblue

Anyone expecting to Chip to retake their title at the top of the board?

allegro120

ranciduk said:

allegro120 said:

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. 

Not a stupid question. People have different needs, different attitudes to savings, different banking styles/preferences, different budgets etc.

It has been very hectic since spring last year.  New better offers come monthly, weekly, daily and sometimes hourly. Can't complain, but I'm getting a bit tired moving money around and for now decided to avoid opening any new EAs with caveats unless they offer the rate that I believe won't be beaten in the next few months. I don't want any more accounts with limited access, minimum operating balances, restricted withdrawals, posting letters, receiving cheques, next working day deliveries and so on for a sake of 0.1% more interest that I already getting from my EA pot.  For example, I can open Principality double access (3.88%), move money there and then Chip will raise to 3.9% tomorrow so I will be closing it or withdrawing leaving £1 there for a chance that it will go up one day - too much hassle for me.  I might put £10k in HSBC OBS on the 8th if nobody offers any better, but that's only because I already have it opened.

If you put £10k in the HSBC OBS - once you get your first interest payment it will take you over £10k - so from month two , you won’t get 4%??

Yes, I know. I didn't mean £10k precisely, £10k minus few months interest. Last time I put money in there it was something around £9850.  Emptied it before it reached £10k, it became uncompetitive earlier than I thought.

allegro120

throughtheblue said:

Anyone expecting to Chip to retake their title at the top of the board?

Not expecting, but hoping they will react soon.

Zaul22

Chip probably know STB usually withdraw their accounts/have annoying conditions and double access isn't really competition either. They probably weren't expecting to have to go to 3.9 until the next base rate. 

intalex

ranciduk said:

If you put £10k in the HSBC OBS - once you get your first interest payment it will take you over £10k - so from month two , you won’t get 4%??

Interesting, no option to pay the interest out (e.g. into an HSBC current account)?

allegro120

intalex said:

ranciduk said:

If you put £10k in the HSBC OBS - once you get your first interest payment it will take you over £10k - so from month two , you won’t get 4%??

Interesting, no option to pay the interest out (e.g. into an HSBC current account)?

I don't think so, it's not that kind of account.  I guess it's aimed at savers who will fire and forget, not at savvy lot. 

ranciduk

No you can move the interest out to your hsbc current account - I’ve done it myself

but you will then get like just 1.3% only for that month 

So if you go over £10k , moving the excess out to the current account means you get a massive hit interest wise on the remaining £10k - for that month 

allegro120

ranciduk said:

No you can move the interest out to your hsbc current account - I’ve done it myself

but you will then get like just 1.3% only for that month 

So if you go over £10k , moving the excess out to the current account means you get a massive hit interest wise on the remaining £10k - for that month 

Two warnings about this account. Don't put the maximum allowance in and if you want to withdraw do it on the day when the interest is paid (i.e. first of the month).

PloughmansLunch

allegro120 said:

ranciduk said:

No you can move the interest out to your hsbc current account - I’ve done it myself

but you will then get like just 1.3% only for that month 

So if you go over £10k , moving the excess out to the current account means you get a massive hit interest wise on the remaining £10k - for that month 

Two warnings about this account. Don't put the maximum allowance in and if you want to withdraw do it on the day when the interest is paid (i.e. first of the month).

I found out that the Santander edge saver also needs a wealth warning - it drops to 0% as soon as you squeak over £4k, so if topped up then you’ll only effectively get a single month’s interest and that’s your lot, unless you keep skimming the surplus.