The Top Easy Access Savings Discussion Area

A._Badger

Just in case anyone is hovering unsure whether Secure Trust are worth a try, I signed up with them yesterday for thoir easy access account and am happy to report that it's a very professional slick process that seems to work well. 

CheekyMikey

wiseonesomeofthetime said:

pecunianonolet said:

Bridlington1 said:

Gatehouse EA account will be rising to 3.83% (monthly interest). Source: email.

JimLad said:

Very surprised Chip havent upped their rate yet

Got the email as well. Will wait until late afternoon if Chip is going to make a move but if not cash is going to be parked with Gatehouse, at least over the weekend.

Interesting that you'd consider moving funds for 0.01% extra 🤔

I agree…although it’s slightly better than 0.01%, even if you could move £80k (and I doubt you could in a day) you’d only get 17p a day more interest until moving it again. So chances are most people doing this are moving much less and getting peanuts but I guess to some it’s important to feel they’re getting every last peanut they can…

pearl123

BestSeagull said:

Gatehouse bank increasing their rate from 3.49% to 3.83% from today, June 9th.

It can't be long now, until Al Rayan ups their interest rates. 

wiseonesomeofthetime

pecunianonolet said:

Bridlington1 said:

wiseonesomeofthetime said:

pecunianonolet said:

Bridlington1 said:

Gatehouse EA account will be rising to 3.83% (monthly interest). Source: email.

JimLad said:

Very surprised Chip havent upped their rate yet

Got the email as well. Will wait until late afternoon if Chip is going to make a move but if not cash is going to be parked with Gatehouse, at least over the weekend.

Interesting that you'd consider moving funds for 0.01% extra 🤔

Why not? I would (and have done in the past for less than 0.1% as evidenced by my posts earlier in this thread). It takes very little effort to move the money if you have the account already.

If I had any money that wasn't in regular savers/tracker accounts I'd be shifting some money to Gatehouse once again but at the moment the whole lot is at 4.25% or above barring a few accounts with minimum balances so Gatehouse will remain at £1 for now.

Exactly, why not. Have the account so it's a matter of seconds to move it.

Also, why 0.01%? Chip is 3.82% AER and Gatehouse 3.9% AER. That works out as 3.75% gross for Chip and 3.83% gross for Gatehouse. If I am not mistaken, that's 0.08% difference gross

I was comparing it on a like for like basis, ie monthly interest.

You've compared monthly with annual.

In any event, for me, not worth the bother as not got five figures of cash to move.

AmityNeon

wiseonesomeofthetime said:

pecunianonolet said:

Also, why 0.01%? Chip is 3.82% AER and Gatehouse 3.9% AER. That works out as 3.75% gross for Chip and 3.83% gross for Gatehouse. If I am not mistaken, that's 0.08% difference gross

I was comparing it on a like for like basis, ie monthly interest.

You've compared monthly with annual.

If you've compared monthly vs monthly, how have you done so to result in a difference of 0.01%?

• 3.75% gross (Chip) vs 3.83% gross (Gatehouse), a difference of 0.08%, is gross monthly interest.
• 3.82% AER (Chip) vs 3.90% AER (Gatehouse), also a difference of 0.08%, is AER.
• 3.82% AER (Chip) vs 3.83% gross (Gatehouse), a difference of 0.01%, is AER vs gross monthly, which is indeed an incorrect comparison.

jak22

Not everyone has their savings in Chip so it's not a benchmark and it's not that interesting to hear about whether people are thinking about moving etc. This rate is closer to where rates should be given the BoE rate and it's better than other recent leaders and especially some of those once popular accounts that no doubt many have funds in after resisting moving. 'Gross' applies equally to monthly interest/profit and the AER rate as its just reflecting no tax paid so it isnt really a good shorthand for the monthly option.

pecunianonolet

jak22 said:

Not everyone has their savings in Chip so it's not a benchmark and it's not that interesting to hear about whether people are thinking about moving etc. This rate is closer to where rates should be given the BoE rate and it's better than other recent leaders and especially some of those once popular accounts that no doubt many have funds in after resisting moving. 'Gross' applies equally to monthly interest/profit and the AER rate as its just reflecting no tax paid so it isnt really a good shorthand for the monthly option.

Sorry, but if you're not interested in why people moving, just don't read it. Chip has usually been very quick in reacting to movements and banks know what their average in and outs are on a banking day. If that suddenly changes drastically it means that they might look a bit quicker closer if they need to make any changes. They are all not charities, they want to maximise profits and if I can with my action support that decision making process, perhaps, why not? As a matter of principle, 0.08% is a very little less inflation damage 

Futuristic

I have started putting large proportion of my liquid funds in Wise instead of moving around for every 0.1-2% everyone is scheming off, exception being my emergency fund in a normal bank. 

It's been mentioned here before probably so people need to understand the risks. Rate is now 4.11% and is technically easy access. (https://wise.com/gb/interest/)

ircE

By no means is this a top rate, but this may interest those who are in my situation of keeping a quid in Monmouthshire BS' Easy Saver to maintain membership: the interest rate has increased from 1% to 3.2% at some point in the past week.

Bridlington1

ircE said:

By no means is this a top rate, but this may interest those who are in my situation of keeping a quid in Monmouthshire BS' Easy Saver to maintain membership: the interest rate has increased from 1% to 3.2% at some point in the past week.

Well I'm now getting about 2p extra interest each year for doing very little so that'll do me.