The Top Easy Access Savings Discussion Area

FindingBBob

cheesemason said:

Ford Money up to 4.05% on Tuesday, via Twitter. 

Not a huge jump, but recently when rates have been rising they tend to do two or more rises a month, moving up slowly, so reckon there will be another in a couple of weeks 

seems some one over at FM got overexcited  - now showing 29th.. Think this rise is pretty good, by my reckoning they have raised rates 5 times since May, this would be the 6th. And you dont have to keep moving your money about, hope they remain competitive. 

flobbalobbalob

Sg28 said:

Freedommm said:

Oxbury declined. They did those checks that they "don't do for savings accounts", or "shouldn't do" ie soft credit checks. Once again, its because my address has been used by someone else with bad rating.

Ps. I can be ok with that, since I never heard of Oxbury until two days ago. 

How do you know what was actually done?

And who told it was due the address? As this its completely false. 

Savings accounts will do an ID check. Not a credit check. 

For me (with no credit rating) it's quite often for banks to require 2 hard copies of documents, 1 for ID and another for proof of address.

jak22

Ford is a good EA option, even if they dont get the volume of posts here that other account do, they have both web and app access, they've increased rates 17 times over the last 12 months (without any new issues), and they seem to have improved transfer times too.

Unfortunately this new rate, along with Atom's first increase in 3 months, and Chase's next month, and Marcus the day before BoE, are really just catching up with existing leading rates that havent yet responded to that new BoE rate - how can new EA rates be below 4% with a 5% BoE. Perhaps banks find that many accept a lower rate to avoid the few minutes of effort to transfer - but do people really still keep savings in accounts like Santander that's still at 3.2% for example?

TiVo_Lad

jak22 said:

Ford is a good EA option, even if they dont get the volume of posts here that other account do, they have both web and app access, they've increased rates 17 times over the last 12 months (without any new issues), and they seem to have improved transfer times too.

Unfortunately this new rate, along with Atom's first increase in 3 months, and Chase's next month, and Marcus the day before BoE, are really just catching up with existing leading rates that havent yet responded to that new BoE rate - how can new EA rates be below 4% with a 5% BoE. Perhaps banks find that many accept a lower rate to avoid the few minutes of effort to transfer - but do people really still keep savings in accounts like Santander that's still at 3.2% for example?

More likely it's first mover disadvantage. No one wants to put their head seriously above the parapet due to the tsunami of money that they'll attract. The whole "seeing what the BoE increase means for our customers" actually means "seeing what everyone else does". Apart from Atom (who clearly thought they'd better do something), most others will slowly increase the rates to try and control the inbound cash unless someone needs a lot of cash very quickly.

Krakkkers

Have transferred money to Fordmoney 3 times in the last few days and the transfer times are very quick now.

ForumUser7

Re Mon BS Limited Access shared on the other thread,

‘Additional deposits can be made as often as you like up to the maximum amount, while the product is on sale’

Does this means if they are swamped with applications (which may be unlikely as not highest paying), they’ll withdraw the account and account holders cannot make further deposits? I think this is possibly the case - unless they chose to waive the clause

TheBanker

financialbliss said:

Black_Cat2 said:

Is there a minimum amount you have to leave in the Santander account?  It's time for me to move my money 😺

Is that the Santander ESaver?

Mine has happily been sitting with a balance of zero since April. 

The Santander Special Edition ESaver is a funny one. When it launched last year it was market leading. But it didn't see any increases, and started to lag far behind the best accounts. Then they upped the rate to 3.2% (in March I think) which put the account back at the top of the tables but new customers couldn't open one. Now they've fallen behind again. I wonder if we'll see another increase, or if they'll do something around September when the original accounts start to lose their bonus rate?

They seem to have been really pushing fixed rate ISAs this year, with the £50 vouchers. So maybe if they've attracted loads of fixed rate cash they don't need the ESaver balances any more. 

Swipe

I'm hoping for another Santander Esaver increase

AmityNeon

Freedommm said:

Oxbury declined. They did those checks that they "don't do for savings accounts", or "shouldn't do" ie soft credit checks. Once again, its because my address has been used by someone else with bad rating.

Ps. I can be ok with that, since I never heard of Oxbury until two days ago. 

A soft search for a savings account verifies your identity, so your credit history is irrelevant.

Why do you believe a completely different person’s credit ‘rating’ has any influence on your application for a savings account? What, specifically, have you been told by Oxbury?

You should not spread misinformation like this.

TheBanker

AmityNeon said:

Freedommm said:

Oxbury declined. They did those checks that they "don't do for savings accounts", or "shouldn't do" ie soft credit checks. Once again, its because my address has been used by someone else with bad rating.

Ps. I can be ok with that, since I never heard of Oxbury until two days ago. 

A soft search for a savings account verifies your identity, so your credit history is irrelevant.

Why do you believe a completely different person’s credit ‘rating’ has any influence on your application for a savings account? What, specifically, have you been told by Oxbury?

You should not spread misinformation like this.

The bit in bold is not completely true. There has to be a credit history for the soft search to verify the identity. It shouldn't matter what the credit history is - but if there is none then the ID check will fail. So someone who's got accounts with missed payments/arrears should still pass, but someone who's never had credit accounts (or other things like certain utility bills/mobile providers that report to the credit reference agencies) won't pass. 

I agree however that another person's credit history will have no impact unless you are financially associated e.g. through holding joint accounts. The fact someone who used to live at your address has a poor credit history will make no difference what so ever to your applications.