The Top Easy Access Savings Discussion Area

jaypers

Nova1307 said:

I note that quite a few accounts have increased by 0.3% recently. Are they baking in a 0.25 or 0.5% increase next week? Or are they hedging their bets and going in between? If the BoE go for 0.5% do we expect further increases of 0.2%?

Should be an interesting week and fully expecting some of the Easy Access accounts to hit 4%

masonic

Nova1307 said:

I note that quite a few accounts have increased by 0.3% recently. Are they baking in a 0.25 or 0.5% increase next week? Or are they hedging their bets and going in between? If the BoE go for 0.5% do we expect further increases of 0.2%?

They'll be doing what they think they need to jockey for position in the rate tables. They are competing with one another, not the BoE. Only those few products with an explicit objective to track the base rate will move lockstep with it.

MrFrugalFever

Nova1307 said:

I note that quite a few accounts have increased by 0.3% recently. Are they baking in a 0.25 or 0.5% increase next week? Or are they hedging their bets and going in between? If the BoE go for 0.5% do we expect further increases of 0.2%?

I don't think anyone here could answer your question as it is all speculation but one thing you can bank on is that your savings account providers will not pass on the total increase and it won't be immediate (unlike the creditors!).

wiseonesomeofthetime

smiley2085 said:

Gatehouse is showing 3.90% on their website but it's not currently on my app.

It has been showing in my android app since the day of the rise.

Are you on iPhone, and/or on the latest version?

Bridlington1

smiley2085 said:

Gatehouse is showing 3.90% on their website but it's not currently on my app.

Is yours showing as 3.83% gross by any chance? If so this is equivalent to 3.9% AER.

ForumUser7

@soulsaver

Kazza242

According to Moneyfacts, the Principality BS Online Double Access (issue 2) account rate is increasing to 4.01%.

https://www.principality.co.uk/en/savings-accounts/everyday-savings-accounts/Online-Double-Access

It allows two penalty-free withdrawals per account year.  Minimum opening amount is £1.

Kazza242

According to Moneyfacts, Sainsbury's Bank are launching Defined Access Saver (issue 45), paying 4.01%

https://www.sainsburysbank.co.uk/savings/defined-access-saver

It allows 3 penalty-free withdrawals.  

4.01% is paid on balances £1,000 - £500,000
1.15% £1 - £999.99
1.00% £500,001

housebuyer143

So the Sainsbury's one says after 4 withdrawals the rate drops to 1%, however it doesn't mention if you are allowed to make further withdrawals past this point?

Are you able to move all your money out if you made too many withdrawals and it ended up at 1% or is it stuck in there?

TheBanker

housebuyer143 said:

So the Sainsbury's one says after 4 withdrawals the rate drops to 1%, however it doesn't mention if you are allowed to make further withdrawals past this point?

Are you able to move all your money out if you made too many withdrawals and it ended up at 1% or is it stuck in there?

T&Cs say

You’re only allowed a maximum number of withdrawals within a specific period of time without loss of interest. Subsequent withdrawals are permitted, however, a lower rate of interest will then be applied to your account. Please see your account welcome letter for details of the maximum number of withdrawals, the time period this applies to, and the interest rates that will apply to your account. Alternatively, you can find this information through our Online Banking service, or by calling us.

So I think you can make as many withdrawals as you want, but if that's more than three your rate drops. So logically withdrawal number 4 would be for the remaining balance to move it to a different account which pays more than 1%.

Is it just my perception or are these limited access accounts becoming more common these days? They seem to be taking the place of 30/60 day notice accounts.