The Top Easy Access Savings Discussion Area

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.

flobbalobbalob

pearl123 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.

The at a glace chart is excellent. Thank you

Missing Investec !

InvesterJones

2010 said:

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

Which years were they? ISAs have increased in value.

2010

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

jak22

Disappointing that Kent Reliance have a new issue but havent increased their previous issues which theyve done up until now. Also Tandem starting to noticeably lag behind others. Ford Money remains consistent with 20 increases over the last year without needing a new issue. It might only be a difference of £2 for each £10000 on a 0.25% gap over a month but sticking with accounts that consistently lag that will add up.

smithers1981

Tandem awfully quiet I’m getting itchy feet 

InvesterJones

2010 said:

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

2016? The data doesn't show people ditched ISAs then.

2010

InvesterJones said:

2010 said:

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

2016? The data doesn't show people ditched ISAs then.

https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/

fotow

smithers1981 said:

Tandem awfully quiet I’m getting itchy feet 

Yes I am too. Will they go early with a rise or hold off..