The Top Easy Access Savings Discussion Area

Bridlington1

@soulsaver
Kent Reliance EA Issue 62 now pays 4.53% (£1k min).

flobbalobbalob

boingy said:

jaypers said:

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? 

All banks rely on customers' laziness/apathy so they can continue to pay poor rates on legacy accounts, thus making more profit

Not quite so simple with Charter. Issue 28 has, up to launching issue 41, been updated to match the top rate. Other random issue numbers missed out. 

jimexbox

2010 said:

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.

Exactly why I persevered with the NBS tracker. Currently has a quid in it, but may change. 

Bridlington1

Nottingham BS Double Access Saver now pays 4.55% (£1k min). It's branch only but may be of interest to some.

uptdale

nic_c said:

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)

Another factor is whether a "1 working day notice" account pays you interest during the notice period (which could be over a weekend).  Coventry does, Shawbrook does not, not sure about the others.

phillw

boingy said:
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?

If large numbers of people didn't move their money to chase the highest, then none of them would ever raise their rates. Are you trying to justify your own choices, or dissuade others from the ones they made?

boingy

phillw said:

boingy said:
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?

If large numbers of people didn't move their money to chase the highest, then none of them would ever raise their rates. Are you trying to justify your own choices, or dissuade others from the ones they made?

Hehe. neither. Why would I want to dissuade others from doing whatever they want? What a strange question.

I'm simply wondering whether that extra effort is worth it unless you have a huge amount stashed away. I've switched accounts in the past and the difference has been less than a tenner per year, so it's a gain but not going to have me shouting from the rooftops. And if the money gets held up for a day or so due to fraud checks you can easily lose more than you gain. 

So I'm just curious about the extra amount a really active switcher makes compared to a lazy switcher who just stays in one of those top names.

FindingBBob

boingy said:

phillw said:

boingy said:
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?

If large numbers of people didn't move their money to chase the highest, then none of them would ever raise their rates. Are you trying to justify your own choices, or dissuade others from the ones they made?

Hehe. neither. Why would I want to dissuade others from doing whatever they want? What a strange question.

I'm simply wondering whether that extra effort is worth it unless you have a huge amount stashed away. I've switched accounts in the past and the difference has been less than a tenner per year, so it's a gain but not going to have me shouting from the rooftops. And if the money gets held up for a day or so due to fraud checks you can easily lose more than you gain. 

So I'm just curious about the extra amount a really active switcher makes compared to a lazy switcher who just stays in one of those top names.

If you take an example of someone with 85k with Chip at 4.51% who today in considering opening a new account with Paragon for example the difference is c21p per day (this is a crude calc) but if you assume that Chip are highly likely to increase their rate in the next 7 days you would missing out on £1.47 approx.. personally I would not move. But if you have a dormant with Paragon and dont have to go through tedious opening process then, you may consider it. Personally, I wouldn't. I like Chip and Ford because they dont do issues and are always keeping pace and they apply the increases to all. Makes my life simple.. 

pearl123

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.

The at a glace chart is excellent. Thank you

2010

All this switching for the top rate, I can see a lot of people getting P800 in Oct this year and next.

All through the years when ISA were out of fashion and people were ditching them because of the PSA, they might regret that now.