The Top Easy Access Savings Discussion Area

TisMeBill

cwep2 said:

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 / month.
No minimum balance, but you have to satisfy their criteria - this was a self-assertion for me fwiw.

Some breakevens - note the interest is BOE rate -0.25% gross - paid quarterly, so current rate for 0-500k is 4.75% gross = 4.84% AER. Depending on deposit amount - but clearly for low balances it is not worth it but:
£50k equivalent to 4.22% AER and £85k equivalent to 4.48% AER.
Now this is beaten by current rates, but remember this has been the rate since the last BoE meeting on 22nd June and best EA rates were below 4.22% even a week after that and only beat the rate on 85k in the last couple of weeks.

If BoE raises rates on Thursday by the expected 0.25% (to 5.25% Bank rate) these equivalents will go to:
£50k equivalent to 4.48% AER and £85k equivalent to 4.74% AER.
Bearing in mind most banks know the bank rate will go up Thursday I reckon that 4.74% will be unbeaten for a few weeks at least.

The fee of £25 a month = £300 a year, but we have a joint account so for that we get worldwide travel insurance cover for us both and 12 free airport lounge visits, to us that is worth more than £300, so I don’t even think of it as a fee.

Also as it’s a joint account we get 2 x FSCS cover, so we have £170k in the account, which even if you include the £25 a fee in the equation (which I don’t for the reason above) you would currently need an account paying an AER > 4.67%  to better it. As it is a tracker, if the  BOE base rate goes up by .25 this week, the AER on this account will rise to 5.09% that day or the next, if the rate goes up .5 AER will be 5.35%.

I realise it’s not for everyone, but if like us you have that amount of money and want to keep it easy access, I believe it is the best option.

subjecttocontract

I have to agree it's very tempting but then I return to reality and remember that we are talking about Virgin with whom I have no confidence and I wouldn't dream of opening another account with them. 

2010

Everyone knows the limit is £85k.
You go over at your own risk.
That`s it.

NS&I being the exception.

mebu60

You can thank me later when Gatehouse increase their rate. Have been away a couple of weeks but have just cleared down to £1.

Have also had to message Cynergy. Think I've hit the 20 account limit someone else mentioned a while back! Have had email confirming Issue 64 set up but it is not visible.

Bridlington1

@soulsaver
Beehive Bonus Saver now 4.6% (includes 2.1% bonus until 31/8/24) £1k min.

wiseonesomeofthetime

Bridlington1 said:

@soulsaver
Beehive Bonus Saver now 4.6% (includes 2.1% bonus until 31/8/24) £1k min.

A good rate, today, however, likely to be beaten in next few days/week imo.

From their product info, this is one of those accounts that it appears you cannot leave with a £1 in, should you move your funds elsewhere.

You can make unlimited withdrawals without notice or loss of interest, providing you keep at least £1,000 in your account at all times.

Bridlington1

@soulsaver
HTB Online EA Issue 13 now 4.55% (£1 min)

PlatinumChaos

mebu60 said:

You can thank me later when Gatehouse increase their rate. Have been away a couple of weeks but have just cleared down to £1.

Have also had to message Cynergy. Think I've hit the 20 account limit someone else mentioned a while back! Have had email confirming Issue 64 set up but it is not visible.

I switched to the new issue this morning and it took about half an hour for the new account to appear. What's this about a limit of 20 accounts though? I must have missed that.

Shedman

PlatinumChaos said:

mebu60 said:

You can thank me later when Gatehouse increase their rate. Have been away a couple of weeks but have just cleared down to £1.

Have also had to message Cynergy. Think I've hit the 20 account limit someone else mentioned a while back! Have had email confirming Issue 64 set up but it is not visible.

I switched to the new issue this morning and it took about half an hour for the new account to appear. What's this about a limit of 20 accounts though? I must have missed that.

See this thread.

https://forums.moneysavingexpert.com/discussion/comment/80161010#Comment_80161010

Think I've now been caught by it as opened new account on Friday evening but still no sign.  Will be moving from Cynergy if I have to go through the rigamorale described in the link

PlatinumChaos

Thanks, I missed that.