The Top Easy Access Savings Discussion Area

dgpur

ircE said:

So I've been meaning to look at this for a while, and I figured it might be of interest to others based on @refluxer's tip off on Tesco Bank today but also earlier discussions around "what do we actually mean by easy access accounts" (@Hattie627 etc).

The first section shows soulsaver's top pots as they currently stand. 

The second section shows the top rates for what I've referred to as "True EA": easy access savings accounts that have no minimum balances and offer unlimited withdrawals. 

The third section shows the top "True EA" accounts that also allow instant access, by which I mean the providers advertise deposit and withdrawal times as taking up to 2 hours but usually less, 24/7.

Some observations that jumped out to me: 

* competition is cut-throat to be the top rate, but more segmented for the rest

* Chip is likely to remain popular even not being in the top spot

* recent decisions from Tandem, Tesco and Kroo make much more sense considering their access

* the new digital banks that attracted savers (and current account holders!) with their erstwhile high interest rates might have decided they are comfortable enough where they are now, relatively speaking

Anyway, would be interested to see what others think and if I've missed anything obvious.

I’m only interested in instant access. I have no time for accounts with limited withdrawals or minimum balances, and week day only next day access/deposit is positively antediluvian. That’s why my money is shared between only Chip and Tandem right now, even if technically higher rates are available.

Bridlington1

@soulsaver
Oaknorth Limited Edition Issue 2 now 4.52% (£20k min)

CooperSF

Hopefully some movement from Chip soon.

jaceyboy

CooperSF said:

Hopefully some movement from Chip soon.

Lets hope for at least 4.75%?

FindingBBob

refluxer said:

linz said:

Thanks for the Ford Money info, opened an account last night as want a separate pot from Chip - funded with an initial £10 from linked account last night and transferred a bit more about an hour ago and it's not showing yet - for those who already have an account with Ford; how long do the incoming bank transfers usually take?

Faster payments between my Ford Flexible Saver and current account take between 1 and 4 hours when made on a working day during working hours, although I haven't made one for a few months and I believe this may have got quicker recently. IIRC, payments made late evening may not be processed until the following day and I don't think payments are processed over the weekend - at least this used to be the case.

They operate on 4 hourly deposit slots - 4am, 8am, 12pm, 4pm, 8pm and 11.59..cant remember the timings for weekend deposits, they may be same but they do process deposits over the weekend.  withdrawal requests before 1pm same day, after that next working day.. 

jaypers

Charter Issue 42 4.55% AER, 4.46% Gross/Monthly.

Doesn’t look like they are increasing earlier issues either looking at their rates PDF.

Bridlington1

@soulsaver
Paragon Double Access Issue 1 to be launched at 4.6% tomorrow (£1k min). Source: moneyfacts.
EDIT: Rate drops to 1.5% if 3+ withdrawals are made.

bertsilver

linz said:

Thanks for the Ford Money info, opened an account last night as want a separate pot from Chip - funded with an initial £10 from linked account last night and transferred a bit more about an hour ago and it's not showing yet - for those who already have an account with Ford; how long do the incoming bank transfers usually take? I'm used to instant payments like Chase, Chip  Thanks!

linz said:

Thanks for the Ford Money info, opened an account last night as want a separate pot from Chip - funded with an initial £10 from linked account last night and transferred a bit more about an hour ago and it's not showing yet - for those who already have an account with Ford; how long do the incoming bank transfers usually take? I'm used to instant payments like Chase, Chip  Thanks!

Mine took about 4 hours, that's from Chase to Ford.

TiVo_Lad

I'm rather loathed to participate in the "Easy Access Hokey Cokey" this time around and rather wait until the dust settles after the next MPC decision. I've just closed a bunch of accounts that were ahead of the pack last time and then quickly fell behind.

PixelPound

ircE said:

So I've been meaning to look at this for a while, and I figured it might be of interest to others based on @refluxer's tip off on Tesco Bank today but also earlier discussions around "what do we actually mean by easy access accounts" (@Hattie627 etc).

The first section shows soulsaver's top pots as they currently stand. 

The second section shows the top rates for what I've referred to as "True EA": easy access savings accounts that have no minimum balances and allow unlimited withdrawals. 

The third section shows the top "True EA" accounts that also allow instant access, by which I mean the providers advertise deposit and withdrawal times as being up to 2 hours but usually less than this, 24/7.

Some observations that jumped out to me: 

* competition is cut-throat to be the top rate, but more segmented for the rest, and at the cost of access/minimum balances

* Chip is likely to remain popular even not being in the top spot

* recent decisions from Tandem, Tesco and Kroo make much more sense considering their access and their part of the market

* the new digital banks that attracted savers (and current account holders!) with their erstwhile high interest rates might have decided they are comfortable enough where they are now, relatively speaking

Anyway, would be interested to see what others think and if I've missed anything obvious.

Why top 11 for each?
What might be useful also is Web/App/Offline because this can be a factor. Some don't like App only accounts, etc.

So really you have 3 factors that could mean they are plotted on a scatter chart or similar
Interest rate (self explanatory)
Min Balance (you have the EA as £0 or £1, but for some people a £500 or £1000 min balance but unlimited withdrawals might be fine)
Notice (the Instant accounts have no notice, but the building socs etc could well be viewed as 1-working-day notice accounts)