The Top Easy Access Savings Discussion Area

Section62

Zopa_Trooper said:

Futuristic said:

Zopa_Trooper said:

Bridlington1 said:

Well there's now been a 0.25% rise in the base rate taking it to 5.25%. This will see the following NLA accounts EA rise:

HEBS Branch Saver to 5.25% from 1/9/23

Newcastle BS tracker to 4.55% at some point before 10/8/23

Skipton tracker Issue 3 to 4.35% at some point before 17/8/23

Skipton tracker Issue 4 to 4.15% at some point before 17/8/23

Wow. Remember all that fuss and the hundreds of posts when Newcastle BS tracker became available? That rise wont even put it in the current top 5 and that's BEFORE the others have the chance to take todays bank rise into consideration.

Once again you miss the point of the account and mock others, for people who don't want to keep shuffling around its a great account. Some of the new top comers are new names/brands like beehive so another new account. If you like having dozens of accounts and having to move every few weeks then good for you. 

Marcus just only moved to 4.3% and many people are happy to stick there, bet they even have more cash from savings then all of these "current top 5" combined. Same for Chase. 

I'm not mocking people, we all make decisions based on our own circumstances. I never did understand what was so special about the Newcastle product, it was top of the shop for less than a week. As for when rates start going down again, well doesn't that mean the Newcastle tracker will come down at the same time and the same rate?

Not necessarily.  Tracker products have to follow the (BoE) rate the T&C's link them to, reductions in the rate paid tracks the BoE rate.

The rate paid on other variable accounts can fall more rapidly than that.  When banks are no longer falling over themselves to get our cheap money then they can slash rates.

Your 'top' easy access rate could go to 0.01% in a matter of days (subject to T&Cs), the tracker can only go down at the pace of BoE cuts... which are likely to be less dramatic than that.

Bridlington1

Zopa_Trooper said:

Futuristic said:

Zopa_Trooper said:

Bridlington1 said:

Well there's now been a 0.25% rise in the base rate taking it to 5.25%. This will see the following NLA accounts EA rise:

HEBS Branch Saver to 5.25% from 1/9/23

Newcastle BS tracker to 4.55% at some point before 10/8/23

Skipton tracker Issue 3 to 4.35% at some point before 17/8/23

Skipton tracker Issue 4 to 4.15% at some point before 17/8/23

Wow. Remember all that fuss and the hundreds of posts when Newcastle BS tracker became available? That rise wont even put it in the current top 5 and that's BEFORE the others have the chance to take todays bank rise into consideration.

Once again you miss the point of the account and mock others, for people who don't want to keep shuffling around its a great account. Some of the new top comers are new names/brands like beehive so another new account. If you like having dozens of accounts and having to move every few weeks then good for you. 

Marcus just only moved to 4.3% and many people are happy to stick there, bet they even have more cash from savings then all of these "current top 5" combined. Same for Chase. 

I'm not mocking people, we all make decisions based on our own circumstances. I never did understand what was so special about the Newcastle product, it was top of the shop for less than a week. As for when rates start going down again, well doesn't that mean the Newcastle tracker will come down at the same time and the same rate?

Anyway, whatever. I shall be looking to fix soon, sometimes its safer to stick rather than twist. It's all pennies anyway.

When the Newcastle product was launched there was no guarantee that EA rates would become this competitive this quickly. The fact that it tracked the base rate meant it would be pretty much guaranteed to rise and had the EA market stagnated after the product was withdrawn, those who secured the account could've found themselves with an account above any EA account currently on offer. Moreover if the base rate had risen by 0.5%, instead of 0.25% today, the account would've hit 4.8%, which is better than any currently available EA rate so again having the account could've been handy.

Since the account had a £1 minimum deposit I put a speculative £1 in it, which will remain where it is for now since there's still a chance that at some point before the account matures 0.7% below the base rate could become competitive again.

savethepandas

Skipton Easy Access Query

My account appears as a "Bonus Saver Iss 8 A" and gets 4.45%

OH's account appears as a "Bonus Saver Iss 8 Annual" with 3.83%

Thought we had the same account.

Confused 

Zopa_Trooper

Section62 said:

Zopa_Trooper said:

Futuristic said:

Zopa_Trooper said:

Bridlington1 said:

Well there's now been a 0.25% rise in the base rate taking it to 5.25%. This will see the following NLA accounts EA rise:

HEBS Branch Saver to 5.25% from 1/9/23

Newcastle BS tracker to 4.55% at some point before 10/8/23

Skipton tracker Issue 3 to 4.35% at some point before 17/8/23

Skipton tracker Issue 4 to 4.15% at some point before 17/8/23

Wow. Remember all that fuss and the hundreds of posts when Newcastle BS tracker became available? That rise wont even put it in the current top 5 and that's BEFORE the others have the chance to take todays bank rise into consideration.

Once again you miss the point of the account and mock others, for people who don't want to keep shuffling around its a great account. Some of the new top comers are new names/brands like beehive so another new account. If you like having dozens of accounts and having to move every few weeks then good for you. 

Marcus just only moved to 4.3% and many people are happy to stick there, bet they even have more cash from savings then all of these "current top 5" combined. Same for Chase. 

I'm not mocking people, we all make decisions based on our own circumstances. I never did understand what was so special about the Newcastle product, it was top of the shop for less than a week. As for when rates start going down again, well doesn't that mean the Newcastle tracker will come down at the same time and the same rate?

Not necessarily.  Tracker products have to follow the (BoE) rate the T&C's link them to, reductions in the rate paid tracks the BoE rate.

The rate paid on other variable accounts can fall more rapidly than that.  When banks are no longer falling over themselves to get our cheap money then they can slash rates.

Your 'top' easy access rate could go to 0.01% in a matter of days (subject to T&Cs), the tracker can only go down at the pace of BoE cuts... which are likely to be less dramatic than that.

With all due respect, that's just guesswork. Like you say, not necessarily. We'll have to wait and see. I shall fix on what I hope will be better than the Newcastle highest rate. Of course it's a gamble.

pecunianonolet

Zopa_Trooper said:

Futuristic said:

Zopa_Trooper said:

Bridlington1 said:

Well there's now been a 0.25% rise in the base rate taking it to 5.25%. This will see the following NLA accounts EA rise:

HEBS Branch Saver to 5.25% from 1/9/23

Newcastle BS tracker to 4.55% at some point before 10/8/23

Skipton tracker Issue 3 to 4.35% at some point before 17/8/23

Skipton tracker Issue 4 to 4.15% at some point before 17/8/23

Wow. Remember all that fuss and the hundreds of posts when Newcastle BS tracker became available? That rise wont even put it in the current top 5 and that's BEFORE the others have the chance to take todays bank rise into consideration.

Once again you miss the point of the account and mock others, for people who don't want to keep shuffling around its a great account. Some of the new top comers are new names/brands like beehive so another new account. If you like having dozens of accounts and having to move every few weeks then good for you. 

Marcus just only moved to 4.3% and many people are happy to stick there, bet they even have more cash from savings then all of these "current top 5" combined. Same for Chase. 

I'm not mocking people, we all make decisions based on our own circumstances. I never did understand what was so special about the Newcastle product, it was top of the shop for less than a week. As for when rates start going down again, well doesn't that mean the Newcastle tracker will come down at the same time and the same rate?

Anyway, whatever. I shall be looking to fix soon, sometimes its safer to stick rather than twist. It's all pennies anyway.

Ever thought about that it being contemptuous? 

We see some pulling out of the race up e.g. Tandem, Zopa so when we enter the reverse and rates go down maybe it's the opposite cycle and this account could become useful? Or they launch an attractive members only product? My pound in their account isn't going to hurt. 

2010

NBS whatever the rise, you get the full rise.
What we are seeing now are providers second guessing the BoE rise and increasing just before the rate meeting.
Now they know what it is, will they increase again by the same amount.

boingy

A few of the usual analysts are suggesting that rates might be reaching their peak but that they may stay at about that level until 2025. I think there will be heavy political pressure to reduce the rates before that so it will certainly be interesting (pun intended).

Expotter

Nothing to get too excited about, but Zopa has increased its rates to 4.28% AER and 4.32%, 4.42% and 4.52% respectively for 7, 31 and 95 days pots. (I'm not even sure this is a recent increase, apologies if it isn't and I just missed it)

janusdesign

savethepandas said:

Skipton Easy Access Query
My account appears as a "Bonus Saver Iss 8 A" and gets 4.45%
OH's account appears as a "Bonus Saver Iss 8 Annual" with 3.83%
Thought we had the same account.
Confused 

this was discussed back in July (when the email notifications were down)...

https://forums.moneysavingexpert.com/discussion/comment/80193470/#Comment_80193470

seems to be that if your OH deposited via debit card, then it will take a couple of days for it to clear and the shown rate to be changed.

Zopa_Trooper

2010 said:

NBS whatever the rise, you get the full rise.
What we are seeing now are providers second guessing the BoE rise and increasing just before the rate meeting.
Now they know what it is, will they increase again by the same amount.

and whatever the cut you'll get the full cut.

I'd be mightily surprised if the 4.63% top rate will not be surpassed in the next few days.