The Top Easy Access Savings Discussion Area

boingy

I'm amused at what I perceive as the "limited access" wars. I always take a look at any new account that hits the charts. Recently I've looked at one that allows only two accesses (including closure!), then one with three and now one with four. I guess they are trying to stop us all bouncing our money around to chase the best deal each week

r6mile

phillw said:

Stargunner said:

If that suits you, then go for it. Others will prefer Chip, because it allows unlimited withdrawals, unlike CBS, which only allows 4 withdrawals per year. 

If you have all your outgoings at the start of the month and withdraw enough money to cover them all, it will last for four months. At which point another account might be better anyway.

I assume CBS will let you close the account open another four access saver, to reset the number?

Certainly my 4.5% regular savers are kinda pointless now.

The four-saver accounts are limited issue and will likely be withdrawn soon (if the previous Issue is anything to go by). They also have another limited access account at 4.3% which allows 6 withdrawals. (Plus an ISA version at 4.1%). 

Coventry clearly looking to be very competitive here - maybe not always chart topping but not far behind.

TiVo_Lad

boingy said:

I guess they are trying to stop us all bouncing our money around to chase the best deal each week

Precisely that.

dlevene

TiVo_Lad said:

boingy said:

I guess they are trying to stop us all bouncing our money around to chase the best deal each week

Precisely that.

I'm not sure it is that, because when people do that, they make one big withdrawal (which is still allowed) rather than multiple smaller withdrawals (which aren't).

I suspect it's more trying to bring stability to their total deposits and stopping people frequently shifting money in and out of their current accounts as needed.

I think I've mentioned before - I rather like limited access accounts as perfect for emergency/rainy day funds. Much better than notice accounts

jpsman

I have a CBS issue 1. As @pecunianonolet said, the NLA earlier issue rates tend to go higher. So I'm curious as to why some of you are opening an issue 2? Just wondering what your experience is?

TiVo_Lad

dlevene said:

TiVo_Lad said:

boingy said:

I guess they are trying to stop us all bouncing our money around to chase the best deal each week

Precisely that.

I suspect it's more trying to bring stability to their total deposits and stopping people frequently shifting money in and out of their current accounts as needed.

Which was the point that I was making. Markets are moving so fast financial institutions are struggling with wildly varying deposit balances so they're trying to come up with strategies beyond TOTP rates to keep hold of deposits.

hjghg5

I've opened issue 2 because I missed issue 1, and have shifted money over from my 6 access. I'm now earning double the interest rate I'm paying Coventry on my mortgage 

SJMALBA

jpsman said:

I have a CBS issue 1. As @pecunianonolet said, the NLA earlier issue rates tend to go higher. So I'm curious as to why some of you are opening an issue 2? Just wondering what your experience is?

At the moment, they have the same rate, so you can have 8 access; also, it is not uncommon with CBS to put an account NLA when they increase the rate, so it would not be unexpected for them to increase the original NLA account and this current one (at the same time making it NLA (assuming it even remains open long enough for that to happen!)) at the next increase (if there was to be one) - no guarantee, of course, but better to have the accounts now, and have all options available, IMO.

Snapdragon

jpsman said:

I have a CBS issue 1. As @pecunianonolet said, the NLA earlier issue rates tend to go higher. So I'm curious as to why some of you are opening an issue 2? Just wondering what your experience is?

I've just opened the 4 Access 2nd edition, so that I can split my 'pot' that pays my regular savers (all at higher rates) between version 1 & 2 and have all the money earning 4.5% with 8 withdrawals possible. As Phillw mentions you can withdraw once a month everything you need for the month and this just gives me the option of extra withdrawals. If a better account comes along as it probably will, I can jump ship later but for now its the best rate for monthly access for the coming months.

infoadict

Just called Coventry and as expected, if you want to transfer from issue 1 to 2, this transfer counts as 1 withdrawal. So only 7 withdrawals left.