The Top Easy Access Savings Discussion Area

happybagger

I suspect the fuel price increases over the last month or so are giving inflationary concerns too, especially given the strong pound hasn't dampened the price despite crude being priced in USD

littlemoney

Apologies if already posted. Saffron Building Society E-Saver account issue 20, 4.6%

https://www.saffronbs.co.uk/savings/immediate-access-savings-accounts/e-saver-account-issue-20-ge20

Barkin

BigBlueSky said:

Barkin said:

BigBlueSky said:

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

This is a recurring question. It's all detailed online, in the product t's&c's.

Does nobody read these? 

Yes, but nothing beats personal experience.  In the past I've had the T&C's say one thing but in practice something else applies.  I know the T&C's mention next day but would like to know if this is in fact the case.

Thanks

Obviously there will be outlier cases where things go wrong, but IME everything happens within the published timescales.
Withdrawals are always in my nominated account before 11:59pm the next working day. 

pecunianonolet

baldeagle09 said:

HSBC Global Chief Economist suggests 50 bps hike tomorrow. Mainly due to wage rises. Near peak though.

Do we have a source please? Posting statements without source isn't ideal. 

We may also want to keep a closer look on the USD as Fitch stripped the US of their AAA rating down to AA+ due to high debt. The US sits at 118.6% of GDP as of Q1 2023 and end of June the UK had debt of 100.8% of GDP.

https://fred.stlouisfed.org/series/GFDEGDQ188S
https://commonslibrary.parliament.uk/research-briefings/sn02812/

So, a 0.5% BOE rise would be great for us as savers but it also makes debt repayments significntly more expensive. With inflation coming down offsetting debt through inflation will be much less powerful. Increased public sector pay also has to come from somewhere (I fully support that NHS staff is getting decent pay as I want them to look after me properly, current situation is rather bad, but that's a very different matter)

The only consequence is austerity in the years to come so look out for those tax increases in the next budget(s) and spending cuts, regardless which colour is in power imho. Should ratings for the UK drop, the pound will weaken, making imports more expensive and refinancing (gilts) become more expensive too. 

All of the above isn't the most encouraging for future investments, especially into future proof industries and technologies such as Norfolk Boreas https://www.ft.com/content/f9d0f4f9-6d95-44a9-924b-d88627fd6485 but "good" that we invest in nuclear and waste plenty money there when it is by far the most expensive technology to generate electricity taken into account build, running, decomission and the millions of years storing the waste somewhere. Maybe under the North Sea? 

So, yes, I wouldn't mind a 0.5% rise at all to make my hard earned cash go further, but from an eagle eye perspective such a monetary step only makes sense if it is backed up with strong fiscal policy. And with the latter, I have serious doubts. 

UncleK

badger09 said:

Coventry Limited 4 Access online iss 2 4.5% withdrawn from sale. 

Well it's not that good any more, is it? Others beat it without restrictions on access.

pecunianonolet

UncleK said:

badger09 said:

Coventry Limited 4 Access online iss 2 4.5% withdrawn from sale. 

Well it's not that good any more, is it? Others beat it without restrictions on access.

Usual strategy, the withdrawn issues get a nice push of interest after BOE meeting and a new issue with a less favourable but competitive rate is launched. 

Silverweed

Just a quick question please - does anyone that has the Newcastle Easy Access Base Tracker Account know if there is a cut off time for withdrawals to nominated account so that they are actioned the same day?  

Thanks in advance for any help. 

poppystar

Saga Easy Access web page ‘being updated’ …another last minute before BoE meets increase in rate for Marcus/Saga I wonder?

cwep2

masonic said:

cwep2 said:

jaceyboy said:

Chip need to respond

Chip hold deposits at Clearbank which in turn deposits at the Bank of England at the Bank rate.

Has that been confirmed, or is it assumed?

Chip has explicitly said (many times) that they are not a bank, but the deposits are at Clear Bank, in fact I think if you do a direct deposit the payee check / sort code tells you it's Clear Bank. 

Clear Bank has also explicitly said they don't lend to anyone, and if you look at their website:
https://clear.bank/use-cases/banks
there is the quote:
"And because the Bank of England is the safest place for your customers’ money, that’s where we’ll keep it."

The Bank of England pays the bank rate on deposits, but only clearing banks can make deposits there, you or I can't just open an account there.

So putting that all together, deposits at Chip's savings account are deposited at Clear Bank, Clear Bank says they deposit these at the Bank of England, the Bank of England pays the bank rate on deposits (currently 5%, expected to change tomorrow). 

masonic

cwep2 said:

masonic said:

cwep2 said:

jaceyboy said:

Chip need to respond

Chip hold deposits at Clearbank which in turn deposits at the Bank of England at the Bank rate.

Has that been confirmed, or is it assumed?

Chip has explicitly said (many times) that they are not a bank, but the deposits are at Clear Bank, in fact I think if you do a direct deposit the payee check / sort code tells you it's Clear Bank. 

Clear Bank has also explicitly said they don't lend to anyone, and if you look at their website:
https://clear.bank/use-cases/banks
there is the quote:
"And because the Bank of England is the safest place for your customers’ money, that’s where we’ll keep it."

The Bank of England pays the bank rate on deposits, but only clearing banks can make deposits there, you or I can't just open an account there.

So putting that all together, deposits at Chip's savings account are deposited at Clear Bank, Clear Bank says they deposit these at the Bank of England, the Bank of England pays the bank rate on deposits (currently 5%, expected to change tomorrow). 

Thanks, given that, Chip is going to be in for a very tough time after rates peak and perhaps start falling, because they'll be unable to compete with traditional savings providers, who write loans at above BoE base rate. When the base rate is stable or declining, we'd normally expect to see the top savings rates above the base rate. I suspect being app only and niche, they have quite a mobile customer base (no pun intended), so there could be quite an exodus. At least savers' money will not be locked up, so outflows won't be problematic, however rapid.