The Top Easy Access Savings Discussion Area

Eirambler

Sg28 said:

Eirambler said:

Swipe said:

I'm not fixing just yet

Saw a report yesterday that the interest rate rises have had no real impact at all yet as they have actually benefitted savers more than mortgage holders so far, because so many mortgage holders are still on fixed rates under 2.5%.

Longer term I think rates will probably settle somewhere around where they are now, but there's definitely a chance of a sharp spike in the short term to deal with inflation as the increases so far do not seem to be having the desired impact.

Mortgage holders aren't the target of interest rates rises. Its to make new borrowing more expensive to put people off buying new stuff. 

It's both.

Thumbs_Up

Sg28 said:

Eirambler said:

Swipe said:

I'm not fixing just yet

Saw a report yesterday that the interest rate rises have had no real impact at all yet as they have actually benefitted savers more than mortgage holders so far, because so many mortgage holders are still on fixed rates under 2.5%.

Longer term I think rates will probably settle somewhere around where they are now, but there's definitely a chance of a sharp spike in the short term to deal with inflation as the increases so far do not seem to be having the desired impact.

Mortgage holders aren't the target of interest rates rises. Its to make new borrowing more expensive to put people off buying new stuff. 

Then comes the boogie man called recession. People won’t buy new homes, cars, white goods, drink down the pub, buy premium TV channels, fancy mobile phones. What would the economist call this, a vicious cycle?

soulsaver

Gatehouse new EA rate of 4.15%, supposedly wef 04/07, hasn't been added to the ranks in ToTP because, whilst I can confirm the rate has been applied to existing accounts, it is still shown on their web as 'under review' - there is no facility to apply as a new customer.


I can confirm that the facility is visible there whilst logged in, so maybe available for existing customers for now.

pecunianonolet

Thumbs_Up said:

Sg28 said:

Eirambler said:

Swipe said:

I'm not fixing just yet

Saw a report yesterday that the interest rate rises have had no real impact at all yet as they have actually benefitted savers more than mortgage holders so far, because so many mortgage holders are still on fixed rates under 2.5%.

Longer term I think rates will probably settle somewhere around where they are now, but there's definitely a chance of a sharp spike in the short term to deal with inflation as the increases so far do not seem to be having the desired impact.

Mortgage holders aren't the target of interest rates rises. Its to make new borrowing more expensive to put people off buying new stuff. 

Then comes the boogie man called recession. People won’t buy new homes, cars, white goods, drink down the pub, buy premium TV channels, fancy mobile phones. What would the economist call this, a vicious cycle?

That's why the BOE does monetary policy and the government is responsible for fiscal policy. The latter has been a big fail in recent years, or decades even.

CheekyMikey

simoncorkswill1 said:

Chip has been on 4.21 for a while , is there any reason it’s excluded from the produced tables/lists ?

Chip is 4.26

pecunianonolet

CheekyMikey said:

simoncorkswill1 said:

Chip has been on 4.21 for a while , is there any reason it’s excluded from the produced tables/lists ?

Chip is 4.26

Welcome move by Chip to increase rates by 0.05%. Seriously? Is Chip moving into Smartsave territory or is the air getting thinner of what they can offer?

simoncorkswill1

CheekyMikey said:

simoncorkswill1 said:

Chip has been on 4.21 for a while , is there any reason it’s excluded from the produced tables/lists ?

Chip is 4.26

As of today , not yesterday.

soulsaver

pecunianonolet said:

CheekyMikey said:

simoncorkswill1 said:

Chip has been on 4.21 for a while , is there any reason it’s excluded from the produced tables/lists ?

Chip is 4.26

Welcome move by Chip to increase rates by 0.05%. Seriously? Is Chip moving into Smartsave territory or is the air getting thinner of what they can offer?

They've always previously gone to the top EA rate, haven't they?
They were also slow to respond last time.

soulsaver

4.20% is now qualifying rate for ToTP 10.

So 'The Drop Zone' - current ToTP 'Cull' candidates:

The Drop Zone...

Gatehouse even if 4.15% becomes available.

12 Secure Trust Bank Access Ac £1k min op bal. (& ongoing deposits min £1k) 4.15% (04/07) Access Account (securetrustbank.com) 

13 Cynergy O/L EA iss 62  4.12% (23/06) Cynergy Bank

14 Oxbury EA 4.11% £1k min (22/06) Savings Accounts | Oxbury | The Agricultural Bank 

15 Tandem 4.10% inc top up bonus. app only (20/06) Tandem Instant Access Savers

16 Kroo C/A 4.10% App only (01/07) Kroo Current Account - Kroo: Award-winning free accounts

17 Al Rayan, Everyday Saver  4.07% AER (4.00% EPR) (23/06)     https://www.alrayanbank.co.uk/savings/everyday-saver-issue-3 

18 Close Bros 4.02% £10k min for rate (29/06) Easy Access Account | Close Brothers - Savings (closesavings.co.uk)                                                 

pecunianonolet

soulsaver said:

pecunianonolet said:

CheekyMikey said:

simoncorkswill1 said:

Chip has been on 4.21 for a while , is there any reason it’s excluded from the produced tables/lists ?

Chip is 4.26

Welcome move by Chip to increase rates by 0.05%. Seriously? Is Chip moving into Smartsave territory or is the air getting thinner of what they can offer?

They've always previously gone to the top EA rate, haven't they?
They were also slow to respond last time.

Yes, they have pretty much always claimed the top spot, especially as this is what their marketing message claims

Better returns,
faster than the banks.

Starting with a highly competitive 4.26% AER on your deposits paid by Chip. We give you more for your money, effortlessly.

Forget waiting for annual payouts from high street banks rewarding you less than 1% -  forget endlessly signing up to multiple banks, or trying to catch the latest flash deal that’s gone tomorrow.

Leave it to us - one savings app, one instant access savings account, no fuss.

How many "flash deals" did we have recently with the most recent NBS deal causing 30 or so pages discussion and now FBS leading. Maybe the 0.09% to match FBS is the price to pay for "no fuss" and 24/7 instant access?

The spread between 5% BOE and 4.26% AER of 0.74% should be enough to cover overhead and operational cost and leave room for profit. I know it took a while for Chip to actually report profit. Very different story for high street giants having to operate branches, a lot more staff but in turn they make big profits with lending and turn over trillions globally

Imho, easy access should be at least at 4.5% now and promotional accounts above that. Anyhow, should not complain, my Euro easy access with Renault Bank gives me 2.3% when ECB base rate is at 4%