The Top Easy Access Savings Discussion Area

13zero8

Yep, Shawbrook is a bit weird when it comes to new accounts with higher rates. The last rate increase was applied automatically to my account.... the one before that I had to send them a message requesting my account be "upgraded" to the higher rate.... and the times before that it's been a mix of the two.

cloud_dog

Mr_Kim said:

Shawbrook bank was once recommended by MSE for having an easy access savings account with an interest rate second only to Chip/Clearbank. So I opened an account with Shawbrook bank at the start of the year (2023) and at first all was fine. As the BOE increased rates so Shawbrook passed these increases on to existing customers. Then suddenly the rate increases stopped. I recently discovered that Shawbrook are now employing an old dodge of passing on the higher rates to new customers only. They do this by introducing new savings accounts with higher rates whilst leaving existing customers on the old rates. This was a practice that banks such as the Halifax introduced in the 1990’s and annoys me today as much as it did then. So I have closed my account with Shawbrook and have opened a secondary account with Ford Money instead. I should add that Chip remains my primary savings account and is perfect in almost every regard (apart from not supporting joint accounts).

Just to balance this.... I've been with SB for many years and am very happy to hold my money with them, even including their little quirks.

Just as a comment... We have an account with Ford (and similarly like them), but you'll need to keep an eye on Ford, as prior to the more recent interest rate changes (last 6 months???) they were very slow with any increases in interest rates.  More recently they have been relatively quick to respond to rate changes.

ranciduk

13zero8 said:

Yep, Shawbrook is a bit weird when it comes to new accounts with higher rates. The last rate increase was applied automatically to my account.... the one before that I had to send them a message requesting my account be "upgraded" to the higher rate.... and the times before that it's been a mix of the two.

I think it’s dependant on if they are increasing the rate on the current issue , or if they are introducing a completely new replacement issue

ChewyyBacca

where_are_we said:

Skipton Bonus Saver Issue 8 has a good rate at 4.45% variable and allows unlimited withdrawals and £1 minimum balance. It is useful for those that want to benefit from the Halifax Reward Current Account monthly £5 reward,in that you can make deposits using a debit card. A downside of this account is deposits made on a non banking day show up online almost immediately but are not accredited for earning interest until the next working day - "Please note payment transactions made to this account on a non-working day will start earning interest from the next working day"

Withdrawals on a non banking day suffer the same fate and do not take place until the next working day.

A benefit for new Skipton customers is after a years membership you might qualify for a similar product to their current Loyalty Regular Saver @7.5%.

Skipton Bonus Saver Issue 8 shows my interest rate as 3.83%. I have transferred £20 in there as token payment
Do you have to activate the 0.62% bonus online or by calling them?

Rudyson

ChewyyBacca said:

where_are_we said:

Skipton Bonus Saver Issue 8 has a good rate at 4.45% variable and allows unlimited withdrawals and £1 minimum balance. It is useful for those that want to benefit from the Halifax Reward Current Account monthly £5 reward,in that you can make deposits using a debit card. A downside of this account is deposits made on a non banking day show up online almost immediately but are not accredited for earning interest until the next working day - "Please note payment transactions made to this account on a non-working day will start earning interest from the next working day"

Withdrawals on a non banking day suffer the same fate and do not take place until the next working day.

A benefit for new Skipton customers is after a years membership you might qualify for a similar product to their current Loyalty Regular Saver @7.5%.

Skipton Bonus Saver Issue 8 shows my interest rate as 3.83%. I have transferred £20 in there as token payment
Do you have to activate the 0.62% bonus online or by calling them?

I've just checked mine, and it shows 4.45%. I didn't have to do anything to activate the bonus, so I'd suggest giving them a ring to make sure everything's ok.

pecunianonolet

Same for me, only showing 3.83% gross and I put £1.01 in via Debit Card and payment isn't fully cleared yet.

pokemaster

pecunianonolet said:

Same for me, only showing 3.83% gross and I put £1.01 in via Debit Card and payment isn't fully cleared yet.

I think it just took a day or 2 for them to activate the bonus when I opened mine earlier this month

Mr_Kim

Having to contact them to up the rate is unprofessional. I didn’t know this, so they have now lost my custom. Point made.

Mr_Kim

Regarding Skipton, their higher rate includes a bonus and I believe it only pays out annually (correct me if I’m wrong). Personally I need a savings accounts that pays out monthly without any wrinkles like loyalty bonuses. Maybe I’m just spoilt by Chip that have one of the highest rates, pays out monthly, has no restrictions, instant transfers and passes on rate hikes to existing customers very quickly. IMO the perfect model for an instant access savings account, the likes of which we haven’t seen for decades. Of course, all this interest rate loveliness is going to come to a crashing end once central banks revert to their old ways. Nonetheless, we can still make hay while the sun shines. 

liamcov

ForumUser7 said:

housebuyer143 said:

Why can't I find the Skipton bonus saver 4.35% on the app?

It seems to be 4.45%. Apply online ~ https://www.skipton.co.uk/savings/easy-access/bonus-saver

Is that issue 7? when did the rate rise?