The Top Easy Access Savings Discussion Area

Aidanmc

masonic said:

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

Taken from Four Access Save 'At a Glance' document

allegro120

masonic said:

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.

Yeah, probably a 14-days thing. I'm not confident in this account being able to compete either, but will keep it open with £1 balance just in case.  Nothing is predictable in this competition.

soulsaver

ForumUser7 said:

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.'

Their interest example does show that - including that if you go above £500k the lower rate is paid on the whole balance!
So - Agreed - confirmed by their interest examples. They could have made it clearer, though. ToTP edited back to reflect.

ToastLady

Stargunner said:

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

Why don't you transfer half to Tandem? I always like to have a couple of choices for getting my dosh, should something go wrong with one, like app being down or whatever. Currently with both Chip and Tandem too now that Zopa's rates have fallen back, albeit still got some pots with the latter.

patpalloon

Marcus 3.75%

smithers1981

Tandem still showing 3.75% in my account this morning disappointed more patience needed.

1002299

Bit of feedback....
Given that MSE is impartial, I do wonder if you have something against Chip.
They are easy access and better rate than most. I find the app great.
In your current iteration of the guide they are not mentioned in the blurb despite having a higher deposit maximum than the lower % account that makes it to your blurb 

GalacticaActual

patpalloon said:

Marcus 3.75%

Good to know. Thanks 

jaceyboy

VNX said:

jaceyboy said:

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

It’s because the interest compounds. 

Can you explain please?

fotow

smithers1981 said:

Tandem still showing 3.75% in my account this morning disappointed more patience needed.

This came through yesterday. We'll apply this higher rate to your account automatically, so you don't need to do anything and you don't need to contact us. Your account will update and you'll see your new rate in the app by the end of the day tomorrow.