The Top Easy Access Savings Discussion Area

Bridlington1

@soulsaver
Shawbrook EA Issue 36 now 4.63% (£1k min)
Saffron e-saver Issue 20 now 4.6% (£10 min)
Saffron My Saver now 4.6% (£1 min)
Saffron enviro saver now 4.55% (£10 min)

Rollinghome

RedImp_2 said:

Rollinghome said:

lcooper said:

Rollinghome said:

InvesterJones said:

2010 said:

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/

So no ditching in or after 2016 when PSA was introduced. Data hasn't come out for 2022-23 yet though so we'll have to wait and see if that blog post made any impact (I doubt it).

From your chart there’s no “ditching” shown as such, but the trend of increasing values held in cash ISAs, as might be expected, ends in 2016-17, then contracts, and doesn’t rise above 2015-16 levels until 2019-20 before falling back again.  

The reason for that isn’t clear from the chart, so make of it what you will.

Telling people they should "probably ditch" cash ISAs without qualification was dumb advice from Mr Lewis.  But then he's a journalist, not a financial adviser. It's a "use it or lose it" tax break and those whose circumstance change, perhaps due to a substantial inheritance or just due to increased rates, could well regret it should they become liable for more tax. 

Always worth doing the numbers before turning down a tax break.

For the average person, and for at least 34% and possibly for the majority of the adult population, Martin's advice would have been spot on if you look at  these numbers. I agree though that an unqualified "ditch your ISA now" wasn't good advice - did he actually do that?

He did, and 2010 included a link in his post on the previous page to an example at https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/  He's repeated similar advice on various occasions without, as far as I'm aware, making clear the circumstances when it could result in paying unnecessary tax. It's just not that simple.

He does have a liking for slick headlines; as with his advice that savers could get 5% by investing in NS&I IL bonds: without mentioning that was due to high inflation in the previous 12 months, so not likely to be the return for those investing for the next 12 months. Inflation then tumbled.  

I know he has his fans, but for me, his articles and TV performances are best treated as just that.

Not sure what caused this pile on but I’ve looked at that post and there’s plenty about whether you would be due to pay tax or not but of course that was written when 1.5% was a top rate so he tells you how much in savings you would need to pay tax. 

But even if you are, you still have to work out for you if interest even with tax would be still better return than an ISA.

A "pile on"?  Comments from just two posters hardly meet any definition of a "pile on"  that I know. And you still appear to not understand the points being made. There'll be many people paying tax on their savings for the first time this year, because they didn't consider what would happen when rates rose or other factors changed.

TiVo_Lad

Bridlington1 said:

@soulsaver
Shawbrook now 4.63%
Saffron e-saver now 4.6%
Saffron enviro saver now 4.55%

The Principality Double Access Issue 2 at 4.45% is looking vulnerable to a cull in my portfolio. I'm assuming some of these moves are a reaction to the interest rate comments made by the FCA yesterday and a response to the last base rate hike dressed up as a preemtive move on Thursday's expected rise.

Principality and Coventry have a good reputation when it comes to passing on rate rises, but they'll need to pass on the full increase to remain in the frame, IMHO.

jaceyboy

Shawbrook up to 4.63 this morning!

Easy Access Account | Shawbrook

mebu60

Cynergy saga cont:

Recap: opened new EA via fast track Sunday but was not displaying. After secure message and phone call yesterday was told was an access level issue and IT would resolve as a priority.

This morning: still not displaying. Did another fast track application for Issue 64, appeared instantaneously. Close and transfer from Issue 63 immediate too. Account no for this Issue 64 is +2 from Issue 63. Will allow Sunday's to close as unfunded and give Cynergy grief when they get around to contacting me back. 

pecunianonolet

Bridlington1 said:

@soulsaver
Shawbrook EA Issue 36 now 4.63% (£1k min)
Saffron e-saver Issue 20 now 4.6% (£10 min)
Saffron My Saver now 4.6% (£1 min)
Saffron enviro saver now 4.55% (£10 min)

How fast / slow is Saffron with deposits and more importantly with withdrawals? 

where_are_we

Difference between Saffron Esaver issue 20 and My saver ? - ES20 interest can be annual or monthly, minimum opening deposit £10 - My saver interest annual only and minimum opening deposit £1. Have I missed anything?

Wondering which one to open or maybe both in case the variable interest rate changes in one but not the other, although I would imagine this is unlikely. I presume withdrawals will be next working day?

jaceyboy

pecunianonolet said:

Bridlington1 said:

@soulsaver
Shawbrook EA Issue 36 now 4.63% (£1k min)
Saffron e-saver Issue 20 now 4.6% (£10 min)
Saffron My Saver now 4.6% (£1 min)
Saffron enviro saver now 4.55% (£10 min)

How fast / slow is Saffron with deposits and more importantly with withdrawals? 

Same as Shawbrook I believe, within one working day

Bridlington1

pecunianonolet said:

Bridlington1 said:

@soulsaver
Shawbrook EA Issue 36 now 4.63% (£1k min)
Saffron e-saver Issue 20 now 4.6% (£10 min)
Saffron My Saver now 4.6% (£1 min)
Saffron enviro saver now 4.55% (£10 min)

How fast / slow is Saffron with deposits and more importantly with withdrawals? 

I've found deposits and withdrawals usually take an hour or two to arrive. I converted my members RS into a small saver yesterday morning and the funds were in my nominated account by 11am. I've only made withdrawals on working days though.

BigBlueSky

With Shawbrook Bank is there a cut-off for a transfer in/out to be made the same day ? - I assume working days only.