The Top Easy Access Savings Discussion Area

PloughmansLunch

dingling68 said:

Black_Cat2 said:

Hi all.  I'm new to Tandem and opened the instant access account but can't see when interest gets added.  Is it on the anniversary of account opening? I opted for receiving it monthly - thanks in advance 🐈

Yes I have just checked on mine and it is the account opening anniversary 

Someone on this board confirmed it’s actually funding anniversary, so if you opened a Tandem account but paid in a day or so later then that recurring date would be when your interest is paid

jaypers

Investec Easy Access now 4.2% AER / 4.12% Gross. Well done Investec.

2010

With all these mobile only banking apps with obscure names, it was good to see a good old fashioned, bricks and mortar, building society shoot to the top with a good rate tracker at 4.3%.

All the rest scrambling to react and trying to keep up, bet they hated paying more.

badger09

Just catching up on this thread after a few days. Scrolled through dozens😳 of pages, mostly about the new Newcastle BS tracker, only to find it’s already NLA
Note to self - read the excellent ‘No chat’ thread 1st!

Sg28

ToastLady said:

Sg28 said:

poppystar said:

BooJewels said:

Yep, me too - 14% mortgage when we got married.  My son didn't believe me either when he took out a fix last year at less than 2%.

Me too too - my payments almost doubled between when I applied for the mortgage and when I completed on the property. Think it was at its height of 15% by then. Quite a shock to the budget and definitely a struggle for a while. It was a new build and hard enough to buy the required carpets and curtains -  and that was in the days of few coffees out and meals only on special occasions and certainly no expensive tech! Someone quoted the other day that housing cost is now over 28% of monthly budget, I think it was nearer 78% in those days, well, it felt like it. (Omg turning into a grumpy old person) 

But it was a lot easier to cope with back then as house prices were a lot lower compared to incomes. Im not saying for you personally but in general terms.

Plus at the time 70s/80s early 90s, interest rates were already bouncing around 10% so going up by around 6 bps although a lot is not quite the shock of 0.1% to 5%. 

Was it really easier to cope with? Were you there at the time? It doesn't sound like it to me, as it was really not easy back then, and sometimes living hand to mouth. 
House prices were certainly lower than they are now, but that is always the case through time. Back in the 80's, getting a mortgage was limited to your income, as am sure it is now. From memory you could only take a mortgage out on 3 times your joint income (if buying as a couple). If you were a female on your own, it was really difficult to take out a mortgage at all, and was 1.5 times your income, and was extremely difficult to get. Income was obviously way below what it is today.

What I think is different to back then, is the expectations. Young couples now seem to want a house with 3-4 bedrooms, we wanted a 2 bedroom house back in the 80's, then expand over time. It just seems to be nuts these days with getting the biggest house possible, and not needing it. 

Average house price in mid 1985 was roughly 28k average annual income was roughly 13k.

In 2013 I saved 3 times my annual income to use a deposit on a small 2 bed house. If I had saved 3 times my annual income in 1985 I could have bought the house outright with plenty of change. 

I was there, but too young to be buying houses. Also we lived in a council house on an estate so interest rates were not really something that affected us poor people. 

While googling for the data found this very old article from 2015. 

https://www.google.com/amp/s/amp.theguardian.com/uk-news/2015/sep/02/housing-market-gulf-salaries-house-prices

Its much worse today!

2010

"It`s much worse today".

Do you mean now mortgage rates are nearer 6% or just before Liz Trussless crashed the economy and they were below 1%.

At 15 year of rates below 1%, I can`t see how it was much worse than folk paying 17%

The main cause of property prices rocketing was/is government interfering.
Help to buy, stamp duty holidays, unrealistically low interest rates for donkey years.

ForumUser7

Chorley Building SocietyEasy Access Saver (2 Withdrawals) -> 4.20%

Source ~ MoneyFacts

TiVo_Lad

badger09 said:

Just catching up on this thread after a few days. Scrolled through dozens😳 of pages, mostly about the new Newcastle BS tracker, only to find it’s already NLA
Note to self - read the excellent ‘No chat’ thread 1st!

The easiest thing to do is just switch on notifications for that thread (the little red square thing to the left of the thread title on the summary page or to the right (!) of the thread title at the top of this page). Then, whenever @soulsaver et al posts something, you'll get an eMail notification. Much easier way of keeping up to date.

masonic

2010 said:

"It`s much worse today".

Do you mean now mortgage rates are nearer 6% or just before Liz Trussless crashed the economy and they were below 1%.

At 15 year of rates below 1%, I can`t see how it was much worse than folk paying 17%

The main cause of property prices rocketing was/is government interfering.
Help to buy, stamp duty holidays, unrealistically low interest rates for donkey years.

The comment was presumably made based on the data in the quoted article. i.e. debt:income ratio was 3.2-4.4x, now 6.1-12.2x, so some folk at the higher end of that range will have a higher proportion of their income swallowed by mortgage interest today, than when rates were 17% but debt:income was considerably lower. Though I can't really see any justification for "much".

ranciduk

Looks like NS&I are upping the direct saver and income bonds in a couple of weeks

3.40% gross/AER from 13 July 2023, variable