The Top Easy Access Savings Discussion Area

Sg28

Chase up to a mere 4.1% 

chris_the_bee

Kent Reliance Easy Access - Issue 62 (NLA)
We’re pleased to confirm we’re increasing the variable interest rate on your savings account by 0.25% AER*, to match the recent Bank of England Base Rate increase.

Your rate will increase automatically on 18 August 2023 

infoadict

CHARTER SAVINGS BANK

The Bank of England Base Rate has increased

Good news! We’ll be increasing interest rates by 0.25% AER* on all variable rate accounts that are no longer on-sale on our website, to match today’s Bank of England Base Rate increase.

The increased rates will be effective from 18 August 2023 and will be applied automatically to eligible accounts.

Eirambler

Zopa easy access rate up to...

(Drumroll...)

4.28%AER.

They're trying even less hard than Marcus now. I have some lonely £1s sitting in these accounts.

(7-day notice up to 4.32%, 31 day notice up to 4.42% and 95 day notice up to 4.52%).

dlevene

Both Kent and Charter have applied the rate increase to their NLA accounts but I can't find an update on their open accounts...

fotow

infoadict said:

CHARTER SAVINGS BANK

The Bank of England Base Rate has increased

Good news! We’ll be increasing interest rates by 0.25% AER* on all variable rate accounts that are no longer on-sale on our website, to match today’s Bank of England Base Rate increase.

The increased rates will be effective from 18 August 2023 and will be applied automatically to eligible accounts.

So it goes up today but there's a 2 WEEK delay. No thanks.
Tandem have till tonight or I transferring back to Ford Money. 

soulsaver

infoadict said:

CHARTER SAVINGS BANK

The Bank of England Base Rate has increased

Good news! We’ll be increasing interest rates by 0.25% AER* on all variable rate accounts that are no longer on-sale on our website, to match today’s Bank of England Base Rate increase.

The increased rates will be effective from 18 August 2023 and will be applied automatically to eligible accounts.

So, following the Cov BS modus operandi  - that'll be 4.8% on the Charter EA (£5k min, went NLA few days ago at 4.55%)

Alicon88

you think tomorrow we'll have a better idea of all the changes in the interest rates?

mebu60

dlevene said:

Both Kent and Charter have applied the rate increase to their NLA accounts but I can't find an update on their open accounts...

KR have no open EA account currently. Ditto Charter. 

Section62

Zopa_Trooper said:

Section62 said:

Zopa_Trooper said:

Futuristic said:

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.

Indeed, there is a lot of guesswork involved - none of us know exactly when rates will stop going up, and when they will start falling again.

That is part of the point though - opening the NBS tracker takes some of the uncertainty out of the equation because when rates start falling this product is unlikely to fall as rapidly and as far as some other easy access accounts, at least not in the short term.

Of all the uncertainty we have to consider, the BoE rate going from 5.25% to 0.01% faster than non-tracker easy-access accounts isn't something we have to trouble ourselves too much over - because that scenario is very unlikely.