The Top Easy Access Savings Discussion Area

Mr._H_2

Bigwheels1111 said:

Zerforax said:

Doctor_Who said:

It uses the debit card to link to your bank account rather than the sort code and account number, but the end result is the same.

So there isn't an alternative to use sort code/account number? Such a pain.

When I set up Chip, I did not use a debit card.

I went into the account and went with open banking like Tandem.

But there is an option to make payments with sort code etc in there.

Add money, manual deposit

That option is only available after you have registered with open banking and made a successful deposit with it.

jak22

Although this is the highest rate, overall EA rates on offer seem quite poor relative to BoE with surprisingly little response to the 0.5% increase beyond just catching up with existing top rates. Perhaps they set rates just high enough to retain those releucant to switch and mostly just match competitor's rates - meanwhile a 6 month fix is nearly 1% higher than EA and 12 month fixes nearing 6% with PBs still with an effective rate almost half that.

barafear799

I know this isn't easy access - but does anyone have any experience of the RCI 95 day notice account (or in fact of using RCI?).
To me - it seems it could be used as a 3 month (and a few days) fix at 4.75% - but it seems a bit cheeky to open it and immediately give 95 days notice. I don't think I've had a notice account since my childhood - which was many moons ago! 

allegro120

jak22 said:

Although this is the highest rate, overall EA rates on offer seem quite poor relative to BoE with surprisingly little response to the 0.5% increase beyond just catching up with existing top rates. Perhaps they set rates just high enough to retain those releucant to switch and mostly just match competitor's rates - meanwhile a 6 month fix is nearly 1% higher than EA and 12 month fixes nearing 6% with PBs still with an effective rate almost half that.

That's right, they are following competition as well as addressing their need for cash.  If their target already reached they don't increase rates. Targets can be reached not only through EAs, but through fixed and other products.  I think that's why Zopa smart saver stopped offering competitive rates, for example.

PhilFox1985

barafear799 said:

I know this isn't easy access - but does anyone have any experience of the RCI 95 day notice account (or in fact of using RCI?).
To me - it seems it could be used as a 3 month (and a few days) fix at 4.75% - but it seems a bit cheeky to open it and immediately give 95 days notice. I don't think I've had a notice account since my childhood - which was many moons ago! 

Some info here, ask on that thread if you need to know more.

https://forums.moneysavingexpert.com/discussion/6370428/notice-accounts/p67

mayweather

So moved money from shawbrook at 1:00am this morning, still nothing  received , balance debited immediately at the time though.

VNX

Couldn’t be happier with Tandem 

4.1% quick when monies are moved, no restrictions and can’t fault the app and customer service.

dealyboy

The Independent are reporting this evening "Hunt 'working on solution' to ensure banks pass on interest rate rises to savers".

In the Commons Jeremy Hunt said " ... it is taking too long for the increases in interest rates to be passed on to savers, particularly with instant access accounts – the rates are more frequently being passed on to people who have fixed-term, fixed-notice accounts. ... there is an issue there. I raised that issue in no uncertain terms with the banks when I met them and I’m working on a solution because I think it is an issue that needs resolving.” 

kaMelo

The problem only exisrs if you don't believe in a free market economy. Hunt's comments sums up the problem with the current Government, they are interventionists not Conservatives.

Quite frankly the last thing I want is a political solution to a non problem as it will no doubt be half arsed and full of unintended consequences.

RogerPensionGuy

The government is going on about savings rates rise too slowly and by not enough. 

Why don't they increase NS&I rates?

If indeed savings interest was generally increased like mortgage and other loan rates it would sure help achieve the plan of government and reduce spending helping inflation flatten and fall sooner.