The Top Easy Access Savings Discussion Area

allegro120

SirHugo said:

Is anyone else still hanging onto their YBS Rainy Day Account? Still at 3.85% gross with no sign of an update. Think it might be time to pull the plug on this one.

I am still waiting for their announcement, I hope it will come soon.  If they match Chip - I will stay, if they don't I will empty it leaving £1 to keep it open.

Givens

financialbliss said:

Givens said:

Anyone have money in the Monument Bank? Just looking at opening an account.

No, but at 4.00% and a minimum of £25k deposit, why not look at better rate providers?

https://www.monument.co/savings/easy-access-savings/

Eg Chip at 4.21% with a £1 deposit?

Already at the maximum amount with chip and looking for something thats accessible via an app. 

grumbler

Givens said:

financialbliss said:

Givens said:

Anyone have money in the Monument Bank? Just looking at opening an account.

No, but at 4.00% and a minimum of £25k deposit, why not look at better rate providers?

https://www.monument.co/savings/easy-access-savings/

Eg Chip at 4.21% with a £1 deposit?

Already at the maximum amount with chip and looking for something thats accessible via an app. 

Tandem 4.1%? (app-only)

janusd

Givens said:

financialbliss said:

Givens said:

Anyone have money in the Monument Bank? Just looking at opening an account.

No, but at 4.00% and a minimum of £25k deposit, why not look at better rate providers?

https://www.monument.co/savings/easy-access-savings/

Eg Chip at 4.21% with a £1 deposit?

Already at the maximum amount with chip and looking for something thats accessible via an app. 

if you have an iPhone, then Oxbury @ 4.11% would beat Monument - though if you have an Android phone (like me), their app is only used for authentication when logging in.

if you need quicker withdrawals, then Tandem @ 4.10% would still beat Monument too.

soulsaver

Bigwheels1111 said:

financialbliss said:

Givens said:

Anyone have money in the Monument Bank? Just looking at opening an account.

No, but at 4.00% and a minimum of £25k deposit, why not look at better rate providers?

https://www.monument.co/savings/easy-access-savings/

Eg Chip at 4.21% with a £1 deposit?

Love Chip, they just need to put the rate up faster.

Cash goes from Chip to Coventery to Tandem and back to Chip.

What a game.

• All money deposited into a savings or investment account through Chip is eligible for cover by the Financial Services Compensation Scheme (FSCS) subject to the Scheme’s conditions.
• Whilst your transactions are pending, your money is safeguarded, but not covered by FSCS.

How we protect your money (getchip.uk)

masonic

soulsaver said:

Bigwheels1111 said:

financialbliss said:

Givens said:

Anyone have money in the Monument Bank? Just looking at opening an account.

No, but at 4.00% and a minimum of £25k deposit, why not look at better rate providers?

https://www.monument.co/savings/easy-access-savings/

Eg Chip at 4.21% with a £1 deposit?

Love Chip, they just need to put the rate up faster.

Cash goes from Chip to Coventery to Tandem and back to Chip.

What a game.

• All money deposited into a savings or investment account through Chip is eligible for cover by the Financial Services Compensation Scheme (FSCS) subject to the Scheme’s conditions.
• Whilst your transactions are pending, your money is safeguarded, but not covered by FSCS.

How we protect your money (getchip.uk)

Typical inward faster payments and OB transfers do not 'pend'. This seems to be of more relevant to debit card deposits, where transactions are pending for a couple of working days (but during most of that time the money remains at the source bank).

london21

Why does big banks like Santander not increase their interest rates, this big banks are greedy.

I have moved funds to Chip today but seems would have to open Tandem not to go over the £85k limit.

Sg28

london21 said:

Why does big banks like Santander not increase their interest rates, this big banks are greedy.

I have moved funds to Chip today but seems would have to open Tandem not to go over the £85k limit.

 Because they have a large amount of very loyal particularly older customers who only trust big high street names. So no need to keep competitive. 

Bridlington1

london21 said:

Why does big banks like Santander not increase their interest rates, this big banks are greedy.

I have moved funds to Chip today but seems would have to open Tandem not to go over the £85k limit.

They do increase their rates but not as frequently and not as broadly as many of the others do. There have been some good rates from them though, e.g. the Virgin M plus saver was very competitive in its day and remained competitive for a while. VM recently upped their exclusive cash ISA to 3.75% from 3% which was very high at its launch, so much so that even I used it as an EA account for a while. 

Santander have also upped their limited edition eSaver before from 2.75% (market leading at launch), to 3.25% after a while. These are often done as headline grabbing accounts to bring some good publicity and to draw in new customers who will take out their more profitable products later on. Most of the big banks's EA offerings are atrocious though.

Also as @Sg28 points out they have a large amount of loyal customers compared to the challenger banks so don't have to fight as hard to retain existing customers.

At the end of the day though I'm not too bothered if it's the big banks offering me a the top rates or the challengers, so long as I can get the top rates somewhere I don't care much who I'm banking with.

t33

Have been bogged down with other stuff, so not au fait at the moment.  What banks/BS have announced they are increasing rates following the last BofE increase but are yet to do so?

I can think of YBS, Charter Savings offhand.  Any others?

Thanks