The Top Easy Access Savings Discussion Area

Bridlington1

Sainsburys bank defined access saver 3.76% according to moneyfacts.

EDIT: Now on website. See:
https://www.sainsburysbank.co.uk/savings/sav_definedsaver_skip

georged123

Forgive my ignorance but what happens with an easy access account that pays interest annually if you withdrew a chunk before the year end or closed it after a few months?

refluxer

georged123 said:

Forgive my ignorance but what happens with an easy access account that pays interest annually if you withdrew a chunk before the year end or closed it after a few months?

Interest is calculated on the daily balance and either paid annually or when the account is closed.

mebu60

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 made that mistake the first time round! Withdrew all on 1/6 (why oh why didn't they announce rate hike before the start of the next month if they didn't want an outflow?) but will do something like £9.6k when I open new one on 8th or add to existing on 30 June if not possible to have two open.

Steve_xx

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%??

This isn't correct. In your example, in month 2 your account will earn earn the 4% rate on your balance upto 10k and 2.3% on any balance in excess of 10k.

PloughmansLunch

crumpet_man said:

PloughmansLunch said:

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. 

Are you sure it's not 4% interest on up to £4k and zero interest for any amount over £4k?  

You still earn 4% on the first £4k in the account, but no interest on anything above that.

I’m not sure to be honest, but at the very least it’s unclear. I thought I’d taken a screenshot last month as I thought it odd, but can’t seem to find it. I had £12.xx interest over the max balance and the rate shown definitely changed to 0% where it currently says 3.93%

ranciduk

Steve_xx said:

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%??

This isn't correct. In your example, in month 2 your account will earn earn the 4% rate on your balance upto 10k and 2.3% on any balance in excess of 10k.

Yes that’s what I meant 

but who wants 2.3% on that excess money when you could move that out and put it somewhere better

but if you do move it out - you get penalised for one month 

Swipe

ranciduk said:

Steve_xx said:

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%??

This isn't correct. In your example, in month 2 your account will earn earn the 4% rate on your balance upto 10k and 2.3% on any balance in excess of 10k.

Yes that’s what I meant 

but who wants 2.3% on that excess money when you could move that out and put it somewhere better

but if you do move it out - you get penalised for one month 

You only lose a day's interest if you wait until the 1st of the month to withdraw it

TiVo_Lad

Aldermore Double Access Account Issue 1 has increased its interest rate to 3.85%.

A maximum of two easy access withdrawals are allowed per year, additional withdrawals will result in the rate dropping to 1% for the remainder of that year. Interest is paid annually or monthly.

@soulsaver

Bridlington1

@soulsaver
Aldermore EA account has also risen and is now 3.7%.