The Top Easy Access Savings Discussion Area

jak22

It's common to see gross used for monthly but it does only mean paid without deduction of tax.

They should clearly show the rates they apply - for example one figure for annual interest and one for monthly - so you get 1/365 of those figures each day depending on the option chosen. 

Then they have to quote an APR regardless of the frequency of interest payment - this should match the rate quoted for annual interest and the compounded monthly rate after 12 months.

Those figures are shown here https://www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-savings-accounts/easy-access/ - many others are more confusing.

surreysaver

loko2468 said:

spider42 said:You can choose whether you want monthly or annual when you open the account.

Thanks - in that case why would anyone chose annual over monthly? Doesn't seem there are any benefits?

You might want all the interest paid next tax year 

2010

Wonder how long before NCB pull this issue 1 tracker.
With most providers not passing on the full BoE increase, this account is a good one to have.

ChilliBob

Never really 'got' this Virgin private banking business.. Yes great rates if you have the cash, but really, who would drop £1mn into that account eith only 85k FSCS protection?

Yes, higher rates but surely you'd prefer to spread it around, at lower rates, to reduce the risk of Virgin going pop? 

Plus, if my quick calcs are right, 85k into it, minus the fee, is roughly equivalent to a 4.4% account, which the Newcastle (and probably soon go be others) aren't far off. 

Now, if NS&I did something similar.. Yeah, that'd be interesting!! 

Side note, still can't believe they had t upped rates from 2.85!

Futuristic

ChilliBob said:

Never really 'got' this Virgin private banking business.. Yes great rates if you have the cash, but really, who would drop £1mn into that account eith only 85k FSCS protection?

Yes, higher rates but surely you'd prefer to spread it around, at lower rates, to reduce the risk of Virgin going pop? 

Plus, if my quick calcs are right, 85k into it, minus the fee, is roughly equivalent to a 4.4% account, which the Newcastle (and probably soon go be others) aren't far off. 

Now, if NS&I did something similar.. Yeah, that'd be interesting!! 

Side note, still can't believe they had t upped rates from 2.85!

If you travel a lot the lounge pass is worth £25 x6 alone + you could use it as main bank and the saving acc all in one. Ofc only worth it for people who travel / have close to the FSCS amount. 

karlie88

Futuristic said:

ChilliBob said:

Never really 'got' this Virgin private banking business.. Yes great rates if you have the cash, but really, who would drop £1mn into that account eith only 85k FSCS protection?

Yes, higher rates but surely you'd prefer to spread it around, at lower rates, to reduce the risk of Virgin going pop? 

Plus, if my quick calcs are right, 85k into it, minus the fee, is roughly equivalent to a 4.4% account, which the Newcastle (and probably soon go be others) aren't far off. 

Now, if NS&I did something similar.. Yeah, that'd be interesting!! 

Side note, still can't believe they had t upped rates from 2.85!

If you travel a lot the lounge pass is worth £25 x6 alone + you could use it as main bank and the saving acc all in one. Ofc only worth it for people who travel / have close to the FSCS amount. 

Can the 6 passes/year be used by other family members or is it the account holder only? Also, mentions a £5 charge per lounge or am I wrong?

Apologies for slight off topic post, feel free to PM answer. TIA

uptdale

grumbler said:

loko2468 said:

spider42 said:You can choose whether you want monthly or annual when you open the account.

Thanks - in that case why would anyone chose annual over monthly? Doesn't seem there are any benefits?

If it's monthly and you don't withdraw interest the annual result is the same as if it's annual interest.

Some people prefer to see or withdraw interest monthly.

The result is the same if you keep the account open for 12 months and the annual interest is paid in 12 months time.  If you close earlier, you'd get a bit more interest opting for annual interest because you'd get the annual interest rate on closure.  The AER is the equivalent rate on the hypothesis that you keep the account open for a year, and may not be the actual equivalent rate if you close early.  Which you might do if the account becomes uncompetitive.

BreakingGlass

I was just logged in to Shawbrook's site (to withdraw approx £80k ready for tfr to Newcastle BS new account) and Shawbrook's 'Apply Online' link is broken.  Perhaps they are changing the link in preparation to launch Easy Access Account Issue 36 with a higher rate, or is that just wishful thinking?  It is currently lagging far behind at 3.91% AER.

pecunianonolet

Right, opened this morning NCB and was facing the annoying verfication stuff and wasn't impressed to use snailmail for verification as was sure not to proceed. At the same time, was thinking that I might get annoyed in the future by not putting the effort in. Intrigued by the process, OH just opened the account and it's the same address and no verification nonsense. 

Second time round we noticed that at the end where you put down your nominated bank details they specifically ask to only initial your first name in the account holder field. I was probably just not fully awake this morning and put the full name down. Maybe this tripped up the system asking for snailmail as it's not an exact match? 

Just a thought as so many faced the same issues, having openend probably many accounts before without the need for such stuff. 

refluxer

BreakingGlass said:

I was just logged in to Shawbrook's site (to withdraw approx £80k ready for tfr to Newcastle BS new account) and Shawbrook's 'Apply Online' link is broken. 

If you mean the 'apply' button for their easy access account, it seems to be working fine for me.