The Top Easy Access Savings Discussion Area

Bridlington1

This probably won't be of much use to most at the moment but if I'm not mistaken it would just scrape into the "drop zone". Ulster have upped their Loyalty Saver to 4.41% on balances over £50k. Since there doesn't seem to be any minimum balance requirements I think I'll open it on the off chance it becomes competitive later on.

boingy

TiVo_Lad said:

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.

I'd be really interested to see a table of the total interest that, say, £1000 would have earned in the last twelve months in each of the institutions that keep hopping to the top of the table then dropping off again and on that same table I'd like to see the total interest that someone who hopped onto the highest rate once per week would have earned. 

In other words, how much extra would £1000 have made if you had chased the best rates compared with just staying put in one of those institutions?
There is currently just 0.03% separating the top 5. That's 30 pence difference on your £1000 across a year. If you consistently manage to stay within 0.5% of the top you are within £5 of the top per £1000 of savings. Obviously the difference is greater the larger the sum deposited, but so is the hassle of moving it.

Matt17

jaypers said:

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.

Will they upgrade an earlier issue to Issue 42 with a secure message like Shawbrook do or will you have to open a new account? 

ircE

nic_c said:

ircE said:

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)

soulsaver's list at the time had 11 so that's simply what I went with to maintain symmetry. I agree those things would be interesting to look at, but clearly everyone has different needs and requirements. My intention was just to show how different the top end of the market looks for people who have different definitions of easy access i.e. would like more flexibility and access.

intalex

Bridlington1 said:

@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.

So that's 2 withdrawals + emptying/closure, pretty good!

Assuming a 0.25% BR increase next week, that would raise the Newcastle BR tracker (-0.70%) to 4.55% AER at some point after, whereas this account (despite its limited withdrawals) may deflect savvy funds away from Newcastle... I wonder if the current state of competition in the EA space requires a BR tracker (-0.50%) from someone in order to attract and retain funds...

TiVo_Lad

intalex said:

Assuming a 0.25% BR increase next week, that would raise the Newcastle BR tracker (-0.70%) to 4.55% AER at some point after, whereas this account (despite its limited withdrawals) may deflect savvy funds away from Newcastle... I wonder if the current state of competition in the EA space requires a BR tracker (-0.50%) from someone in order to attract and retain funds...

This was one of the reasons why I dumped the Skipton BRT. At BR-0.9% it was never going to beat the Newcastle, so made more sense (to me at least) to keep the Newcastle BRT as a "just in case) for when rates start turning south.

schiff

TiVo_Lad said:

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.

Nobody loathes you TivoLad. You contribute 

Zaul22

It became obvious after a while that the -.9 tracker would never be competitive, but at release -.7 really did sound enough to be good. But, indeed it looks like a tracker would have to be -.5 or even -.4 to be truly competitive. 

2010

With the NBS tracker -7 , at least you know you`ll be getting the full increase if and when it happens.
The current EA hokey cokey seems to anticipate what the BoE is going to do next week.
Marcus must be due to join it about next Wed.

jaypers

Just opened my Charter Issue 42 and will transfer everything across from my old Issue 28 as soon as it appears (usually an hour or two). What a faff……why can’t these companies just adjust rates on existing accounts?