The Top Easy Access Savings Discussion Area

allegro120

SeriousHoax said:

I think it's time to say goodbye to Marcus today.

Yes I'm going to proceed with a divorce & withdraw my £1.

My relationship with chip + others is very good indeed.😜

I've just checked in. I had £0 balance there for a number of years.  After receiving the email I've deposited £1 and withdrew it back to my nominated current account. I prefer to let it run - it costs nothing. 

SeriousHoax

allegro120 said:

SeriousHoax said:

I think it's time to say goodbye to Marcus today.

Yes I'm going to proceed with a divorce & withdraw my £1.

My relationship with chip + others is very good indeed.😜

I've just checked in. I had £0 balance there for a number of years.  After receiving the email I've deposited £1 and withdrew it back to my nominated current account. I prefer to let it run - it costs nothing. 

Think I'll do that cheers.  🍻 

patpalloon

Santander E-Saver just gone up from 3.2 to 3.69% monthly interest. I'll keep my balance at zero

mebu60

Received an SMS from Newcastle BS this morning to rate my recent experience. Gave lowest ratings of not at all likely for would I recommend and very dissatisfied for rating my recent experience. 
There was then a text field to explain why. Like at least one other on here I was a recent Cash ISA customer which makes it all the more ridiculous being subject to id and residency checks when I am eminently identifiable electronically. The use of snail mail is ridiculous too adding time and even the risk of identity theft.
I only persevered because unless Skipton do something proactive the Newcastle BR tracker at -0.7% will always beat their -0.9% account. 

ranciduk

HSBC online saver 

You will soon get 4% on balances upto £50k, instead of £10k

ForumUser7

ranciduk said:

HSBC online saver 

You will soon get 4% on balances upto £50k, instead of £10k

Source ~ https://uk.news.yahoo.com/banks-unveil-plans-boost-savings-114649627.html

Kazza242

Kazza242 said:

I logged into YBS online banking and I can't see any interest rate change applied to their Loyalty Six Access E-Saver account (NLA).  It is still displaying a rate of 4.00%

The YBS Loyalty Six Access E-Saver interest rate will be increasing from 4.00% to 4.50% on the 6th July 2023, as per the following document:

https://www.ybs.co.uk/documents/productdata/YBM1607RC.pdf

Well done YBS.  It saves me moving.  

Futuristic

ranciduk said:

HSBC online saver 

You will soon get 4% on balances upto £50k, instead of £10k

Basically copying changes to FD as well: https://www.firstdirect.com/savings-and-investments/savings/

FD:
Bonus Savings Account is increasing on 30 June to 4.00% AER (3.93% gross) from 3.50% AER (3.47% gross) (including bonus) on balances up to £50,000 (previously up to £25,000)

Just saw the yahoo link mentioned in there. 

grumbler

uptdale said:

grumbler said:

uptdale said:

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. 

I think you are mistaken. Both monthly and yearly interests are calculated daily.

Yes, monthly interest is calculated daily at 4.22%, and annual interest is calculated daily at 4.30%.  But monthly interest is compounded monthly, annual interest is compounded annually.  That's the difference.  It takes 12 months for the interest on monthly interest to catch up with the annual interest rate.

No, I don't think so. Annual interest is calculated daily at 4.22%. After compounding it makes 4.3%:

(1+0.0422/365)^365-1 = 0.043

As simple as that.

cwep2

grumbler said:

No, I don't think so. Annual interest is calculated daily at 4.22%. After compounding it makes 4.3%:

(1+0.0422/365)^365-1 = 0.043

As simple as that.

You don't earn interest on the interest until it's paid (monthly). So if you deposit £1000, you are earning the 4.22% / 365 daily on £1000 for about a month, and after the 1st month's interest payment (approx £3.50) you will be earning 4.22% / 365 daily on approx £1003.50, then after next interest payment earning interest on approx £1007.00 etc.

Calculated daily means that if you deposit an extra £1000 just one day before next interest payment, then (assuming 31 day month) your interest will be 30days x £1000 + 1day x £2000. Basically the interest paid is the rate/365 x balance at end of day, and balance will only increase when interest is paid, it doesn't accumulate and compound until payment.

The calculation is (1+0.0422/12)^12-1 = 0.0430, you will find if interest is paid daily (as per above calculation) it's 4.31% to 2 decimal places. Note that some places do pay interest daily, and you can see the difference in the gross/AER rates. Similarly VM pay interest quarterly which works out slightly worse again.