The Top Easy Access Savings Discussion Area

PixelPound

FindingBBob said:

2010 said:

nic_c said:

2010 said:

The providers should be reacting to BoE increases within hours/days not up to five weeks later.

If it was decreases it would be a different matter, I`m sure.

Think you have it wrong. The recent spate of increases are not based on last times 50bp but likely that this Thursday will see 25bp to 5.25%. eg Cynergy going from 4.30% to 4.55% and others a bit less (Ford Money 4.35-4.5%)

I haven`t got time to check, but I doubt that most providers have raised their rates twice since the 22nd June.
If the two above have they are probably the exception.

I would think that a few have  - Ford definitely have, this is taken from the historic rates on their site.. 

Cynergy's last five including their current one.

Issue	Effective date	Total rate	Underlying rate	Bonus rate
Issue 60	04/05/2023	3.55%	3.21%	0.34%
Issue 61	24/05/2023	3.71%	3.21%	0.50%
Issue 62	23/06/2023	4.12%	3.21%	0.91%
Issue 63	06/07/2023	4.30%	3.21%	1.09%
Issue 64	28/07/2023	4.55%	3.21%	1.34%

It's making me wonder how competitive the BoE trackers are?
Newcastle BS is BoE -0.7%, so a 25bp won't propel them to the top of the chart now. I suppose if you don't want to mess around with new issues it would be good (or use one that doesn't do issues) 

2010

Cynergy may have increased it three times since the last BoE rate increase on 22nd June but they still didn`t reach the 50bp, only 43bp.
If their last one was in anticipation of a 25bp this Thursday NBS will be matching at 4.55% automatically.
I`m sticking with NBS because I can`t be bothered chasing.

Marcus will probably do it`s usual trick of increasing the day before.

jaceyboy

Wonder if we will see 5% before the end of the year?

PixelPound

jaceyboy said:

Wonder if we will see 5% before the end of the year?

Do you think we will?

TisMeBill

jaceyboy said:

Wonder if we will see 5% before the end of the year?

>5% is already out there with Virgin Money Private Savings tracker account, for people with over a million it's base rate +0.25%, 500k to 1m is base rate, and less that 500k base rate -0.25%, but that should be a leat 5% after next BOE rate meeting.

jaceyboy

nic_c said:

jaceyboy said:

Wonder if we will see 5% before the end of the year?

Do you think we will?

Hope so....

friolento

TisMeBill said:

jaceyboy said:

Wonder if we will see 5% before the end of the year?

>5% is already out there with Virgin Money Private Savings tracker account, for people with over a million it's base rate +0.25%, 500k to 1m is base rate, and less that 500k base rate -0.25%, but that should be a leat 5% after next BOE rate meeting.

How much does this account cost per month? What is the minimum deposit amount for breaking even after the fees?

soulsaver

lcooper said:

TisMeBill said:

jaceyboy said:

Wonder if we will see 5% before the end of the year?

>5% is already out there with Virgin Money Private Savings tracker account, for people with over a million it's base rate +0.25%, 500k to 1m is base rate, and less that 500k base rate -0.25%, but that should be a leat 5% after next BOE rate meeting.

How much does this account cost per month? What is the minimum deposit amount for breaking even after the fees?

Tariff for your Private Current Accounts and Private Savings Account (virginmoney.com)

grumbler

lcooper said:

TisMeBill said:

jaceyboy said:

Wonder if we will see 5% before the end of the year?

>5% is already out there with Virgin Money Private Savings tracker account, for people with over a million it's base rate +0.25%, 500k to 1m is base rate, and less that 500k base rate -0.25%, but that should be a leat 5% after next BOE rate meeting.

How much does this account cost per month? What is the minimum deposit amount for breaking even after the fees?

£25 and £100K minimum balance - do your maths.
Not worthwhile for me.

friolento

Even if there was a good reason for keeping £85k in cash, and assuming I had this amount floating about, I'd never put more than £85k into a single bank, so just alone on those grounds it's not an option I would choose.£100k min is just a complete no-no for me, and I suspect for most people.