The Top Easy Access Savings Discussion Area

jaceyboy

Can someone tell me the why you get less interest for monthly interest please?

masonic

4justice2 said:

masonic said:

Hmm, looks like the latest Coventry 4 access cannot be closed online.

I've got the option on mine:
Go into your four access account (you'll have to log in fully).
Select "payments" option
On the payment screen there's an option to "close online".

If you click that option, it tells you it can't be closed online (at least it does for me). I had no such issue with the older 6 access account.

SickGroove

I'm with both Chip & Tandem...with £12K currently sitting in Chip...nowt in Tandem

Don't know whether to just suck it up, hoping Chip will beat Tandem again imminently or transfer the lot into Tandem... 

VNX

jaceyboy said:

Can someone tell me the why you get less interest for monthly interest please?

It’s because the interest compounds. 

4justice2

masonic said:

4justice2 said:

masonic said:

Hmm, looks like the latest Coventry 4 access cannot be closed online.

I've got the option on mine:
Go into your four access account (you'll have to log in fully).
Select "payments" option
On the payment screen there's an option to "close online".

If you click that option, it tells you it can't be closed online (at least it does for me). I had no such issue with the older 6 access account.

Oh right! Haven't tried it on this account, but like you it worked for me on the previous six access!

allegro120

masonic said:

Hmm, looks like the latest Coventry 4 access cannot be closed online.

Really? Where does it say that?

Stargunner

SickGroove said:

I'm with both Chip & Tandem...with £12K currently sitting in Chip...nowt in Tandem

Don't know whether to just suck it up, hoping Chip will beat Tandem again imminently or transfer the lot into Tandem... 

depends how desperate you are for another £1 a month

masonic

allegro120 said:

masonic said:

Hmm, looks like the latest Coventry 4 access cannot be closed online.

Really? Where does it say that?

On the account closure page...

It's possible that it is "a penalty based account opened within the last 14 days" I suppose and I'll be able to close in a few days time, although there wouldn't be a penalty in this case. It's not a big deal, but I have very little confidence in the rate moving enough to compete with the Chip/Tandem rate war.

soulsaver

Correct me if I'm wrong - 'cos I've not seen this observation reported anywhere here and I didn't notice it on earlier issues, but:

Sainsbury's Bank aren't paying the headline 4.01% widely reported.

They pay tiered rates on balances - so the 1st £999 earns 1.15% pa THEN £1k to £500k earns the 4.01% pa.

So for £50k that actually works out at 3.95%.

And for even less for a lower balance - ie £10k would have a blended rate of only 3.75% 

Unless anyone can argue otherwise, it'll be relisted in the ToTP to show the blended rate and £50k to get it.

Defined Access Saver with Sainsbury's Bank (sainsburysbank.co.uk)

ForumUser7

soulsaver said:

Correct me if I'm wrong - 'cos I've not seen this observation reported anywhere here:

Sainsbury's Bank aren't paying the headline 4.01% widely reported.

They pay tiered rates on balances - so the 1st £999 earns 1.15% pa THEN £1k to £500k earns the 4.01% pa.

So for £50k that actually works out at 3.95%.

And for even less for a lower balance - ie £10k would have a blended rate of only 3.75% 

Unless anyone can argue otherwise, it'll be relisted in the ToTP to show the blended rate and £50k to get it.

I argue otherwise - https://www.sainsburysbank.co.uk/savings/defined-access-saver 'The interest rate earned will apply to the whole balance in your account.'