The Top Easy Access Savings Discussion Area

RobinhoodSavings

intalex said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

My existing four access saver wasn't uprated, so opened the new one and then closed the old one. I seem to recall Coventry being previously better with capturing previous issues onto new rates, but maybe a change in strategy now...

Your existing Four Access Saver is not an ‘Online’ version so it’s going to be lower. 

Eirambler

More bad news - or good news depending on your perspective - this morning regarding interest rates. High wage growth figures point to a sustained period of higher inflation in the UK. A genuine possibility of a 0.5% rate rise next week (badly needed imo - the successive 0.25% rises clearly aren't having the desired effect) and the peak interest rate may well now go north of 5.5%.

So possibly not the time to lock into anything fixed just yet.

tr7phil

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

Just opened this but I paid into it from an account that wasn't my "Named Bank Account", does this mean that the payment might be delayed?  Should I have transferred via my "Named Bank Account"?  I only ask as the money is still not showing half an hour later and my transfer in from another Coventry account was instant...

RobinhoodSavings

tr7phil said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

Just opened this but I paid into it from an account that wasn't my "Named Bank Account", does this mean that the payment might be delayed?  Should I have transferred via my "Named Bank Account"?  I only ask as the money is still not showing half an hour later and my transfer in from another Coventry account was instant...

Coventry’s systems are slow. If you pay in from another bank/building Society, it can take up to 2 hours to arrive. 

k_man

Lyncroft said:

intalex said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

My existing four access saver wasn't uprated, so opened the new one and then closed the old one. I seem to recall Coventry being previously better with capturing previous issues onto new rates, but maybe a change in strategy now...

Yes, they usually upgrade the existing account. I'd already done 4 withdrawals and opened up the new one today. It would cost me £1.20 to close the old one and transfer to the new one. Bit annoying. You also have to set up a new payment from your nominated bank.

I use an EA account to transfer through.
Easier than new payee each time.

TiVo_Lad

I couldn't see a way to do an "Internal Transfer and Close"? I have £1 in the old Six Access and just wanted to move it over. Is this possible?

soulsaver

tr7phil said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

Just opened this but I paid into it from an account that wasn't my "Named Bank Account", does this mean that the payment might be delayed?  Should I have transferred via my "Named Bank Account"?  I only ask as the money is still not showing half an hour later and my transfer in from another Coventry account was instant...

Unlike some institutions, Cov BS ac deposits don't have to be from your linked ac. 

Sg28

Expotter said:

From The telegraph this morning:

"The Bank of England will raise interest rates to 5.75pc by the end of the year, traders are betting, as wages surged at their fastest pace on record outside of the pandemic.

Markets have fully priced in interest rates to rise over the Monetary Policy Committee’s next three meetings by 0.25 percentage points from their current level of 4.5pc.

Now traders are also increasing bets on the Bank raising rates by the same amount at the following two meetings in November and December, delivering a blow to mortgage payers.

If the rises come to pass, that would take borrowing costs to their highest level since November 2007."

https://www.telegraph.co.uk/business/2023/06/13/ftse-100-markets-news-live-ons-employment-figures-inflation/

There's an interesting bar chart in this article with rate predictions for anyone trying to use a crystal ball, but it might be just as accurate though.

I wonder if we will see 5%+ instant access by the end of the year?

allegro120

TiVo_Lad said:

I couldn't see a way to do an "Internal Transfer and Close"? I have £1 in the old Six Access and just wanted to move it over. Is this possible?

I don't think so. I've tried the same yesterday - can only withdraw from 6-access to the nominated bank account.  So I closed the account, had only £4 there and I couldn't see any point keeping it (this closure won't break my membership).

I've opened 4-access with £1, but not sure if I want funding it any further at this stage.  4% might soon be not very competitive, I'll probably wait and see how Coventry will react on the next BoE raise.  I'm quite happy with combination of Gatehouse and Chip for EA at the moment. 

tr7phil

RobinhoodSavings said:

tr7phil said:

RobinhoodSavings said:

Coventry BS are launching tomorrow a Four Access Saver (ONLINE) at 4% annual or 3.93% monthly. It can only be opened and operated online. 

Just opened this but I paid into it from an account that wasn't my "Named Bank Account", does this mean that the payment might be delayed?  Should I have transferred via my "Named Bank Account"?  I only ask as the money is still not showing half an hour later and my transfer in from another Coventry account was instant...

Coventry’s systems are slow. If you pay in from another bank/building Society, it can take up to 2 hours to arrive. 

The money appeared after an hour and a quarter, so all good now.  I probably should have only sent a small amount first for my own peace of mind but there's no logical reason as I knew I had the details correct and the account check was also fine!