The Top Easy Access Savings Discussion Area

Malchester

PloughmansLunch said:

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%

I have the Edge Saver. The interest rate of 4% (including a bonus for 12 months is paid on the first £4000. Anything above that does not accrue interest but the £4000 still does. Quote from Santander website:

• 4.00% AER/3.93% gross (variable) interest on balances up to £4,000 (includes 0.50% AER (variable) bonus rate for the first 12 months from opening)​​​

BigBlueSky

I'm looking at the National Bank of Egypt 1 year fixed @ 5.25% via Raisin.

I used Raisin a few years ago and was wondering if they still worked the same way.  You transferred funds to a holding account which were then transferred over to the 1 year fixed a few days later (during which time you didn't earn any interest), and the same again at maturity - resulting in a few days either side earning no interest ? - Or have things improved ?

Thanks in advance

VNX

BigBlueSky said:

I'm looking at the National Bank of Egypt 1 year fixed @ 5.25% via Raisin.

I used Raisin a few years ago and was wondering if they still worked the same way.  You transferred funds to a holding account which were then transferred over to the 1 year fixed a few days later (during which time you didn't earn any interest), and the same again at maturity - resulting in a few days either side earning no interest ? - Or have things improved ?

Thanks in advance

You can get 5.26 now with smartsave directly if you are unsure about raisin 

PloughmansLunch

Malchester said:

PloughmansLunch said:

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%

I have the Edge Saver. The interest rate of 4% (including a bonus for 12 months is paid on the first £4000. Anything above that does not accrue interest but the £4000 still does. Quote from Santander website:

• 4.00% AER/3.93% gross (variable) interest on balances up to £4,000 (includes 0.50% AER (variable) bonus rate for the first 12 months from opening)​​​

If that's the case then great, I'll leave it as it is. I just got a bit spooked when I saw the rate drop.

BigBlueSky

VNX said:

BigBlueSky said:

I'm looking at the National Bank of Egypt 1 year fixed @ 5.25% via Raisin.

I used Raisin a few years ago and was wondering if they still worked the same way.  You transferred funds to a holding account which were then transferred over to the 1 year fixed a few days later (during which time you didn't earn any interest), and the same again at maturity - resulting in a few days either side earning no interest ? - Or have things improved ?

Thanks in advance

You can get 5.26 now with smartsave directly if you are unsure about raisin 

Already got a Smartsave fixed from a few months ago so unfortunately can't get another one.

Doctor_Who

BigBlueSky said:

I'm looking at the National Bank of Egypt 1 year fixed @ 5.25% via Raisin.

I used Raisin a few years ago and was wondering if they still worked the same way.  You transferred funds to a holding account which were then transferred over to the 1 year fixed a few days later (during which time you didn't earn any interest), and the same again at maturity - resulting in a few days either side earning no interest ? - Or have things improved ?

Thanks in advance

I use Raisin quite a lot and opened a National Bank of Egypt 1 year fixed @ 5.25% about a week ago. Transfers to the holding account are quicker now (mine are there within an hour, normally quicker). It still takes a day or so (outside of weekends/bank holidays) for the money to transfer to/from the partner bank. Overall I'm happy with the service and it avoids having to sign up directly with many different providers.

allegro120

Swipe said:

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

You won't loose any interest if you withdraw on the 1st and put this money into a different interest-bearing account on the same day.  I assume that there will be a few EAs paying something approaching 4%, if not over 4%, on 1st July. The next BoE meeting is on 22nd June.

ranciduk

To anyone with TSB savings pots

i just checked mine and they have increased the rate to 2.89%

(Still 2.52% on website)

pecunianonolet

Paragon Bank Rate increase from 3.51% AER to 3.75% AER, effective from 5th June. Received email just now for my Triple Access Issue 13 Account. 

Zerforax

My Zopa at 3.52% is looking pretty weak. I think moving to somewhere like Investec might only be worth like £40-50 a year though. Debating if I can be bothered.

EDIT: realised I was being lazy for no reason and applications dont take 10 minutes.