The Top Easy Access Savings Discussion Area

allegro120

george4064 said:

I do wonder how long Chip will remain at the #1 spot.

Nobody knows this, but it is worth using the offering whilst it's there.

pecunianonolet

We have agents on each side. We have banks offering assets such as bank accounts, cards, savings accounts, mortgages etc and customers who demand them. Customers can freely decide which offers are suitable to their needs and therefore decide where they keep their money, at what rates, for how long. Banks have the opportunity not to do business with you as well, as many, including myself, have experienced. That's called a market.

Why do so many call for regulations, government interventions or make absurd proposals e.g. banks should send out emails of what their competitors offer. I simply don't understand that.

The key regulation we require is from an independent regulatory body to make sure their are no monopolies, price fixings, there is sufficient level of competition, securing a base level of banking accessibility such as branches, hubs, cash machines so all parts of society (elderly, people with disabilities, etc.) have access to the same level of service. 

The only intervention by the government I would very much welcome is to educate people in school about these things in more detail. Sadly, too many know very well who was last on Big Brother, can talk for hours about LoveIsland but not understand the very basics about life as this is all they consume.

Everyone can go onto a comparison website like moneyfacts, read on MSE or contact their bank asking for a better deal. The independent regulatory body could run a site like moneyfacts to gurantee independence and no commercial interest. 

I would compare that with your local farmers market, you go and check out who has the best looking apples, you compare prices and if the offer is comparable buy the cheapest deal. You make a rational decission. (Economic theory used to claim every individual acts fully rational)

Maybe you also compare more soft factors like who uses a lot of fungicide vs growing organic, maybe the farmer is your neighbour and you knowm him/her very well for years or you always bought from one specific farm because your family just simply always bought there and you feel loyal, even if the apples are more expensive, you maybe never wanted to speak with each farmer on the market about their apples because that is too time consuming for you. You are happy with your choice. 

You can apply the farmers market example now to the finance world and deem us as a very minority group, (perhaps the ones waiting well ahead of the market opening to snap up the best apple deal as soon as possible) discussing in a specific forum.

Now, imagine the farmers would need to communicate all their deals to the council ahead and the council would do a post box drop with a biased opinion that you should only by from farmer A, because B is much more expensive and always shows up late. 

Above is not perfect, but maybe illustrates why some of these things are just not relevant.

My money = my responsibility

Reading recommendation: https://en.wikipedia.org/wiki/Homo_economicus

Mr_blibby

ForumUser7 said:

t33 said:

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

• Hanley Economic BS 01/07/2023
• Earl Shilton BS 01/07/2023
• Skipton BS 03/07/2023
• Hinckley and Rugby BS 03/07/2023
• Kent Reliance 11/07/2023
• West Brom BS 12/07/2023
• Yorkshire BS Date TBC, but they will be increasing rates
• Coventry BS Date TBC, but they will be increasing rates
• Leek BS Considering impact, reviewing rates
• Principality Considering impact, reviewing rates
• Darlington Considering impact, reviewing rates
• Ecology Considering impact, reviewing rates
• Leeds BS Considering impact, reviewing rates
• Nationwide BS Considering impact, reviewing rates
• Scottish BS Considering impact, reviewing rates
• Buckinghamshire BS Considering impact, reviewing rates
• Newbury BS Considering impact, reviewing rates
• Furness BS Considering impact, reviewing rates
• Chorley BS Considering impact, reviewing rates

Investec told me today they review on 1st July

ircE

Newbury BS:

Our savings interest rates will increase across our product range by up to 0.50% on average, depending on the account. This will be effective from 14 July 2023.  The exact amount of the increase will vary according to account type, and we will update interest rate notices in our branches and on our website. A list of these changes will be available on this page in the coming days.

Welcome potentially up to 4.05%, EMA potentially up to 4.25% wef 14th July. Do I dare race @ForumUser7 to see who relays the new rates back here first?

Kazza242

According to Moneyfacts, Newcastle Building Society are launching Newcastle Base Rate Tracker (issue 1) account, paying 4.30%

Minimum opening deposit is £1.  Maximum investment is £250,000.  

The account can be opened online or in branch.  

Account matures on the 31/12/2025 into an easy access account.  

https://www.newcastle.co.uk/savings/easy-access-accounts/newcastle-base-rate-tracker-issue-1

wiseonesomeofthetime

Kazza242 said:

According to Moneyfacts, Newcastle Building Society are launching Newcastle Base Rate Tracker (issue 1) account, paying 4.30%

Minimum opening deposit is £1.  Maximum investment is £250,000.  

The account can be opened online or in branch.  

Account matures on the 31/12/2025 into an easy access account.  

That is way above any of their current rates and, if truly BoE minus 0.70% as clip suggests, would beat by Skipton Tracker of BoE -0.90%

Expect high demand and slow web server when it actually launches then, I guess.

Notice that annual and monthly interest options will be available.

wiseonesomeofthetime

Kazza242 said:

According to Moneyfacts, Newcastle Building Society are launching Newcastle Base Rate Tracker (issue 1) account, paying 4.30%

Minimum opening deposit is £1.  Maximum investment is £250,000.  

The account can be opened online or in branch.  

Account matures on the 31/12/2025 into an easy access account.  

That is way above any of their current rates and, if truly BoE minus 0.70% as clip suggests, would beat by Skipton Tracker of BoE -0.90%

Expect high demand and slow web server when it actually launches then, I guess.

Notice that annual and monthly interest options will be available.

Surely Chip wouldn't respond with a third increase in 9 days, would they???

AndyTh_2

wiseonesomeofthetime said:

Kazza242 said:

According to Moneyfacts, Newcastle Building Society are launching Newcastle Base Rate Tracker (issue 1) account, paying 4.30%

Minimum opening deposit is £1.  Maximum investment is £250,000.  

The account can be opened online or in branch.  

Account matures on the 31/12/2025 into an easy access account.  

That is way above any of their current rates and, if truly BoE minus 0.70% as clip suggests, would beat by Skipton Tracker of BoE -0.90%

Expect high demand and slow web server when it actually launches then, I guess.

Notice that annual and monthly interest options will be available.

Surely Chip wouldn't respond with a third increase in 9 days, would they???

I expect it'll be a short issue and revoked after a few days, maybe in favour of a larger negative on the base rate issue 2, which might make Chip ignore it

wiseonesomeofthetime

AndyTh_2 said:

wiseonesomeofthetime said:

Kazza242 said:

According to Moneyfacts, Newcastle Building Society are launching Newcastle Base Rate Tracker (issue 1) account, paying 4.30%

Minimum opening deposit is £1.  Maximum investment is £250,000.  

The account can be opened online or in branch.  

Account matures on the 31/12/2025 into an easy access account.  

That is way above any of their current rates and, if truly BoE minus 0.70% as clip suggests, would beat by Skipton Tracker of BoE -0.90%

Expect high demand and slow web server when it actually launches then, I guess.

Notice that annual and monthly interest options will be available.

Surely Chip wouldn't respond with a third increase in 9 days, would they???

I expect it'll be a short issue and revoked after a few days, maybe in favour of a larger negative on the base rate issue 2, which might make Chip ignore it

A la Skipton with their -0.90% first issue, then -1.10% follow up

BooJewels

Indeed, I opened the Skipton BRT issue 1 at -0.9% one evening and by the morning it was issue 2 at -1.1%.  Only just squeaked in.  I think issue 1 was only on sale for a few days.