The Top Easy Access Savings Discussion Area

UncleK

masonic said:

Where can I find an account that pays 4.7% monthly please?

..........in my best Kenneth Williams voice................"stop messing about".............

st2011

Rollinghome said:

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

But then I never understood why anyone would want monthly interest from an easy access account. For a one or more years fixed term I do understand.

People have different circumstances. Some people might want monthly interest paid because they are supplementing their income on their savings (in easy access savings as they might also want the flexibility). Some might also not want it all paid in the tax year. What works for one person might not work for someone else.

AndyTh_2

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

you're missing a trick of another kind there, 4.8% gross annual closed monthly is 4.91% effective "AER", since the annual interest is paid then monthly.

Sure, it's effort though, which Cynergy forces us to do to chase rate rises, but it benefits the customer more than 4.8% AER monthly interest

Zaul22

While it's too low for anyone to care, I just noticed RCI went up yesterday to 4.5, and their 14 day notice account which is normally 10 points higher also went to only 4.5. Wonder if that is a mistake or they are getting rid of it?

tg99

Think someone posted about this recently but can’t easily locate - applied for the new Cynergy issue a few hours ago and just got email to say successfully opened and to login to view account but the account isn’t there. Never had this issue before and have got lots of accounts. Think I recall something along lines of the poster who mentioned this had to call Cynergy to fix it as was some kind of IT issue?

BestSeagull

tg99 said:

Think someone posted about this recently but can’t easily locate - applied for the new Cynergy issue a few hours ago and just got email to say successfully opened and to login to view account but the account isn’t there. Never had this issue before and have got lots of accounts. Think I recall something along lines of the poster who mentioned this had to call Cynergy to fix it as was some kind of IT issue?

I just opened one and the account wasn't there the first time I logged in but it was when I tried again a short while later.

grumbler

Rollinghome said:

flobbalobbalob said:

Rollinghome said:

Justsayit7 said:

Cynergy not doing monthly interest are missing a trick. 4.80%

Could be, but with banks like Cynergy offering new accounts after 11 days, any serious rate hoppers opting for monthly interest would be losing a smidgeon if they kept switching accounts.  

When an annual account is paying 4.80%, a monthly version would only pay 4.70% after a month.  The monthly rate will only match the annual rate if closed on an anniversary.

But then I never understood why anyone would want monthly interest from an easy access account. For a one or more years fixed term I do understand.

4.8% AER pays exactly the same per day as 4.7% monthly . Both accrue the same interest daily and nothing to do with an aniversary.

You clearly don't understand what AER means do you?  I'll give you a clue, it means annual equivalent rate, not daily equivalent rate.

An account paying 4.7% interest monthly will pay a daily applied rate of 4.7%. Compounded each month that will give you the equivalent of 4.8% (AER) after 12 months, and only after 12 months.  If you close the account at one month there will be no compounding so you will only get 4.7%.  You will only get 4.8% AER if held for a full year or following anniversaries.

 '4.8% annual' will pay a daily applied rate of 4.8%  No matter when the account is closed, you will still get 4.8% AER.
If that isn't clear, you need to try googling.

I'm not convinced. Can you google and post a reliable proof, preferably with an example of calculation?

And even if what you say is true, I don't see any significant difference for 4.7% and 4.8%.

1.048^(1/12) = 1.00391

4.7/12 = 0.392

tg99

BestSeagull said:

tg99 said:

Think someone posted about this recently but can’t easily locate - applied for the new Cynergy issue a few hours ago and just got email to say successfully opened and to login to view account but the account isn’t there. Never had this issue before and have got lots of accounts. Think I recall something along lines of the poster who mentioned this had to call Cynergy to fix it as was some kind of IT issue?

I just opened one and the account wasn't there the first time I logged in but it was when I tried again a short while later.

Thks yes just tried again and has appeared.

ForumUser7

Leeds BS Limited Issue Online Access Account (Issue 48) 4.60% MoneyFacts

Bridlington1

ForumUser7 said:

Leeds BS Limited Issue Online Access Account (Issue 48) 4.60% MoneyFacts

Also it appears Leeds have updated their savings rate changes page. Issue 47 (NLA) will rise to 4.65% from 15/8/2 after all.

Also Shared Ownership Saver will rise to 6.25%.