The Top Easy Access Savings Discussion Area

RedImp_2

ranciduk said:

patpalloon said:

Moving my money out of shawbrook. No longer competitive and I don't like the slow transfers and convoluted log in process. Think I'll go for Atom 6 month fix 5.15%

Thats 2.57% for 6 months with atom 

opposed to 3.91% for 6 months with Shawbrook 

Hmm not sure that’s how it works 🤔

ranciduk

Yep

i had a 6 month with Shawbrook at 2%

So I got 1% interest at maturity after 6 months was up

artyboy

SaveTheEuro said:

poppystar said:

GalacticaActual said:

Nationwide Building Society are increasing instant access interest rates on the 14th July 2023 by 0.8% and again, for a few accounts by 0.2%, on the 1st August 2023:

PDF link: https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/savings/smd723-5-july-23.pdf?rev=6517061bf2694e52a025a2fba47f0e42

• From 14 July, all its instant access deals will rise by up to 0.8 percentage points
• On 1 August, its Triple Access and Loyalty deals will rise by 0.2 percentage points

https://www.thisismoney.co.uk/money/saving/article-12265995/

And once again Nationwide seem confused by the word ‘loyalty’ …. 0.2% as opposed to the non loyalty accounts 0.8% 

A shameful performance from the Nationwide. 

I think it's been established from the recent £100 payout that they are only interested in people with current accounts. Long term members that actually want to save with them can go and do one from their perspective...

refluxer

ranciduk said:

patpalloon said:

Moving my money out of shawbrook. No longer competitive and I don't like the slow transfers and convoluted log in process. Think I'll go for Atom 6 month fix 5.15%

Thats 2.57% for 6 months with atom 

opposed to 3.91% for 6 months with Shawbrook 

That's not right. 5.15% AER is greater than 3.91% AER so you're always going to earn more interest in the higher-paying account (the Atom fix in this case) over that same period.

Or to put it another way (and get away from AER for a minute) - if interest was paid monthly, you'd get 3.84% gross interest every month with Shawbrook and 5.03% with Atom. 

RedImp_2

Like couple of others losing patience with Shawbrook thought they would have responded by now.  Didn’t expect them to be No 1 but they’re probably not in the top 30 now, was just getting a bit tired of constantly opening new accounts but guess will have to move on now.

RedImp_2

ranciduk said:

Yep

i had a 6 month with Shawbrook at 2%

So I got 1% interest at maturity after 6 months was up

And in your example then you’d get 1.95% then with Shawbrook for 6 months 

jaceyboy

patpalloon said:

Moving my money out of shawbrook. No longer competitive and I don't like the slow transfers and convoluted log in process. Think I'll go for Atom 6 month fix 5.15%

I moved mine out and back to Chip on Monday, was sick of their slow log on's, slow rate increases, slow interest payments and finally their slow withdrawals

ranciduk

RedImp_2 said:

ranciduk said:

Yep

i had a 6 month with Shawbrook at 2%

So I got 1% interest at maturity after 6 months was up

And in your example then you’d get 1.95% then with Shawbrook for 6 months 

No I got 1%

It’s 6th months - so you get 2% / 2 = 1%

Believe me I messed up and did t realise until was too late

i was well annoyed when I realised I’d misunderstood!

Was expecting £500 interest, only ended up with £250

BestSeagull

patpalloon said:

Question for all - 

Would you leave more than 85k in any one institution?

Sometimes I'm over by the amount of this months interest for a day or two until I withdraw it but other than that limited exception, no.

oz0707

patpalloon said:

Question for all - 

Would you leave more than 85k in any one institution?

no, especially how easy it is with online banking to split