The Top Easy Access Savings Discussion Area

caeler

scottishstu said:

KevinG said:

I don't know what's happened with Atom, used to be a really high payer but stuck on 3.95%.

Yes, was hoping to get an interest rate increase notification from them as I really like the app and the speed of transfer to/from my linked account is instant. But so far... Nothing.

I don't really want to leave them, but hard to stay when even the Post Office is offering 0.75% more on Easy Access.

I was keeping my fingers crossed for Atom too but I moved all my money out yesterday to Tandem easy access at 5%. I’ve kept a few quid with Atom and won’t hesitate to move it back if rate improves. 

Malchester

MACKEM99 said:

InvesterJones said:

gt94sss2 said:

refluxer said:

On the subject of bonus rates, Tesco gets listed at 4.35% (including the bonus) so presumably the entry point in a Moneyfacts table depends on whether the rate is automatically applied or not (the Tesco bonus is but Tandem's bonus isn't ?).

Moneyfacts is inconsistent. They list Tandem without the bonus but list Marcus (who advertise with them) with their bonus included.

Doesn't the Marcus bonus automatically apply when you open an account though?

I have to keep going on to Marcus when new bonus arrives to click on to it.

As long as Marcus have a bonus it is on your rate. You can log in and renew the same bonus whenever you want and the 12 month starts again. You could do it every day if you want!!!!

AndyTh_2

It seems Cynergy actually did increase the interest rates on issues 1 - 52  1st August https://www.cynergybank.co.uk/about-us/news/2023/we-re-increasing-interest-rates/

That said they've all gone past their 12 month bonus, so 1% now, and nothing for issues 53 - 64, but they had higher standard interest rate excluding bonus.

georged123

caeler said:

scottishstu said:

KevinG said:

I don't know what's happened with Atom, used to be a really high payer but stuck on 3.95%.

Yes, was hoping to get an interest rate increase notification from them as I really like the app and the speed of transfer to/from my linked account is instant. But so far... Nothing.

I don't really want to leave them, but hard to stay when even the Post Office is offering 0.75% more on Easy Access.

I was keeping my fingers crossed for Atom too but I moved all my money out yesterday to Tandem easy access at 5%. I’ve kept a few quid with Atom and won’t hesitate to move it back if rate improves. 

I have an easy access saver with Atom and a fix that matures in December.

I cleared out my easy access a few weeks ago, I can't justify leaving funds in an account paying under 4% however much I like the platform.

I'd probably fix with them again as long as they are there or there about with the top rates but seems like they've given up on easy access customers.

PixelPound

Mr._H_2 said:

nic_c said:

masonic said:

nic_c said:

masonic said:

grumbler said:

Rollinghome said:

flobbalobbalob said:

spider42 said:

nic_c said:

martinm1 said:

europa said:

Rollinghome said:

europa said:

Rollinghome said:

grumbler said:

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

Nope sorry. I've wasted enough time on this already.  It's your money and if you still don't get it, you don't get it. DYOR.

Andy's point above is completely right too.  If you open the Cynergy account with 4.8% AER annual interest, you'd get more than that if you closed the account and so compounded early. Always assuming the new account paid the same rate or better.

We aren't talking big numbers here, unless a very large sum is held in the account.  The applied rate for monthly is just 0.10% lower, but interest received will be a little bit lower if held for less than 12 months or another anniversary of the account.  Annual Equivalent Rate means you get that rate if held for a year.

This is incredibly useful info. I am relatively savvy with these things, and even i thought monthly interest (with the same AER) was equivalent regardless of when the money is withdrawn. So many thanks for alerting me and others to this important anomaly !

That's good.  It's not a lot of money to worry about unless the balance is large but just as well in our pocket as in the bank's.  And it might be why so many banks are offering monthly only accounts now.

Indeed. If i were a bank, that's exactly what i would do. AER clearly isn't fit for purpose. 

It is fit for purpose as it allows comparing different products to normalise them over one year.  Compound interest seems to confuse a lot of people, so I'm sure that's why AER was introduced.

Especially those on here who seem to think AER isn't "fit for purpose"

Whether an account pays interest monthly or annually, if the AER is the same and any deposits/withdrawals the same, the interest you get after 12 months will be the same. If you close it part way through the year (assuming no penalties) then you'd get the same interest.

AER was introduced to allow people to compare products easily, often prior to it's introduction you'd get banks etc quoting whatever interest rate version that made it look most favourable (e.g. loans quoted on gross, credit cards on monthly equivalents etc)

I'm afraid this is wholly inaccurate. If you close part way through the year, you most definitely will NOT receive the same amount of interest in a monthly versus an annual account. It won't be much different, but it will be different. This should be obvious if consider what happens if you close an account after a month. Let's look at the Paragon Double Access account as an example. Annual rate (and AER of the monthly account) is 4.75%. The gross rate for the monthly account is 4.65%. When left to compound over a full year this will leave you with 4.75%.

But if you close after a month, then with a monthly account, you've received 4.65% for a month (let's suppose 4.65%/12 for simplicity, although in reality, it would be 4.65% * days in the month / 365).

With an annual account closed after a month, you'd earn 4.75%/12. An annual paying account would therefore clearly receive more interest than the monthly account if closed after a month.

On my Marcus online savings account (monthly interest option) the interest is "calculated daily and paid monthly" .  The monthly interest added matches the amount I calculated using compounding the daily interest over the number of days since the previous month. So I think it matches the annual option apart from some rounding errors on the pennies each month which seem to always round up. 

Calculating interest isn't the same as compounding interest.  

It's standard practice to calculate interest daily based on the balance in the account at the end of the day.  For a monthly account, that daily interest is then added together at the end of the month and added to the account.  

Again, is it a fact that interest isn't compounded daily? You suggested to google. I did:

https://www.investopedia.com/terms/c/compoundinterest.asp#:~:text=Compounding Interest Periods&text=Savings accounts and money market,schedules are daily or monthly.

• Savings accounts and money market accounts: The commonly used compounding schedule for savings accounts at banks is daily.

https://www.theguardian.com/money/2005/jan/20/finance1
There is basically no difference between monthly and annual interest and no difference when it comes to withdrawing capital.

And there are many other search results saying basically the same.

Yes, it is a fact that here in the UK, few if any accounts compound interest daily. You can check the T&Cs of your accounts, which will state how interest is calculated. If it is calculated daily on the closing balance of your account, that means accrued interest that doesn't form part of your balance does not earn interest, so interest only compounds at the frequency it is credited to your account.

Here is a nice link that will enable you to check using AER and gross rates: https://en.wikipedia.org/wiki/Effective_interest_rate#Calculation

Interest compounding annually: AER = gross_rate

Interest compounding monthly:  AER = (1 + gross_rate/12)^12 - 1

Interest compounding daily:  AER = (1 + gross_rate/365)^365 - 1

For the example of Tandem (5.00% AER, 4.89% gross), it cannot compound annually as the AER is not 4.89%, and it cannot compound daily because the AER is not (1 + 0.0489/365)^365 - 1 = 5.01%. It is monthly because AER is (1 + 0.0489/12)^12 - 1 = 5.00%. 

Note that there is negligible difference between monthly and daily with a static balance. Even if you put £85k into a savings account and left it there for just a day, the difference in interest would still only be a few pennies by the end of the month: at 5% gross/AER, £11.64 for monthly compounding vs £11.69 for daily. Though we do have forumites who reconcile interest to the penny who would know.

As we were talking Tandem, from https://www.tandem.co.uk/faq/savings

When is interest paid on the Instant Access Saver?

Interest is calculated daily and compounded into your Instant Access Saver on a monthly basis. The interest will be applied to your account each month on the same date you first funded it. You’ll receive an SMS when your interest has been added and your statement is ready to view in the app.

Thanks, yes, "compounded into your Instant Access Saver on a monthly basis" is an example of such wording. Though it's more common to see wording that doesn't mention compounding explicitly.

Well it was the first I looked at, and because that was the one you were basing your example on with the it cannot compound daily statement.

The quote you provided explicitly states that the interest compounds monthly. For the interest to compound daily, it would have to be added to your actual balance daily; I’m not aware of any UK accounts that do that.

Surely it's compounded but added monthly, if its just added each month it's not really compounded.

Anyway. I think from now on I will look closely at T&C and whether interest rates quoted are monthly or annually. the important factor will be how the companies implement calculating interest rather than theory. 

masonic

nic_c said:

Mr._H_2 said:

nic_c said:

masonic said:

nic_c said:

masonic said:

grumbler said:

Rollinghome said:

flobbalobbalob said:

spider42 said:

nic_c said:

martinm1 said:

europa said:

Rollinghome said:

europa said:

Rollinghome said:

grumbler said:

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

Nope sorry. I've wasted enough time on this already.  It's your money and if you still don't get it, you don't get it. DYOR.

Andy's point above is completely right too.  If you open the Cynergy account with 4.8% AER annual interest, you'd get more than that if you closed the account and so compounded early. Always assuming the new account paid the same rate or better.

We aren't talking big numbers here, unless a very large sum is held in the account.  The applied rate for monthly is just 0.10% lower, but interest received will be a little bit lower if held for less than 12 months or another anniversary of the account.  Annual Equivalent Rate means you get that rate if held for a year.

This is incredibly useful info. I am relatively savvy with these things, and even i thought monthly interest (with the same AER) was equivalent regardless of when the money is withdrawn. So many thanks for alerting me and others to this important anomaly !

That's good.  It's not a lot of money to worry about unless the balance is large but just as well in our pocket as in the bank's.  And it might be why so many banks are offering monthly only accounts now.

Indeed. If i were a bank, that's exactly what i would do. AER clearly isn't fit for purpose. 

It is fit for purpose as it allows comparing different products to normalise them over one year.  Compound interest seems to confuse a lot of people, so I'm sure that's why AER was introduced.

Especially those on here who seem to think AER isn't "fit for purpose"

Whether an account pays interest monthly or annually, if the AER is the same and any deposits/withdrawals the same, the interest you get after 12 months will be the same. If you close it part way through the year (assuming no penalties) then you'd get the same interest.

AER was introduced to allow people to compare products easily, often prior to it's introduction you'd get banks etc quoting whatever interest rate version that made it look most favourable (e.g. loans quoted on gross, credit cards on monthly equivalents etc)

I'm afraid this is wholly inaccurate. If you close part way through the year, you most definitely will NOT receive the same amount of interest in a monthly versus an annual account. It won't be much different, but it will be different. This should be obvious if consider what happens if you close an account after a month. Let's look at the Paragon Double Access account as an example. Annual rate (and AER of the monthly account) is 4.75%. The gross rate for the monthly account is 4.65%. When left to compound over a full year this will leave you with 4.75%.

But if you close after a month, then with a monthly account, you've received 4.65% for a month (let's suppose 4.65%/12 for simplicity, although in reality, it would be 4.65% * days in the month / 365).

With an annual account closed after a month, you'd earn 4.75%/12. An annual paying account would therefore clearly receive more interest than the monthly account if closed after a month.

On my Marcus online savings account (monthly interest option) the interest is "calculated daily and paid monthly" .  The monthly interest added matches the amount I calculated using compounding the daily interest over the number of days since the previous month. So I think it matches the annual option apart from some rounding errors on the pennies each month which seem to always round up. 

Calculating interest isn't the same as compounding interest.  

It's standard practice to calculate interest daily based on the balance in the account at the end of the day.  For a monthly account, that daily interest is then added together at the end of the month and added to the account.  

Again, is it a fact that interest isn't compounded daily? You suggested to google. I did:

https://www.investopedia.com/terms/c/compoundinterest.asp#:~:text=Compounding Interest Periods&text=Savings accounts and money market,schedules are daily or monthly.

• Savings accounts and money market accounts: The commonly used compounding schedule for savings accounts at banks is daily.

https://www.theguardian.com/money/2005/jan/20/finance1
There is basically no difference between monthly and annual interest and no difference when it comes to withdrawing capital.

And there are many other search results saying basically the same.

Yes, it is a fact that here in the UK, few if any accounts compound interest daily. You can check the T&Cs of your accounts, which will state how interest is calculated. If it is calculated daily on the closing balance of your account, that means accrued interest that doesn't form part of your balance does not earn interest, so interest only compounds at the frequency it is credited to your account.

Here is a nice link that will enable you to check using AER and gross rates: https://en.wikipedia.org/wiki/Effective_interest_rate#Calculation

Interest compounding annually: AER = gross_rate

Interest compounding monthly:  AER = (1 + gross_rate/12)^12 - 1

Interest compounding daily:  AER = (1 + gross_rate/365)^365 - 1

For the example of Tandem (5.00% AER, 4.89% gross), it cannot compound annually as the AER is not 4.89%, and it cannot compound daily because the AER is not (1 + 0.0489/365)^365 - 1 = 5.01%. It is monthly because AER is (1 + 0.0489/12)^12 - 1 = 5.00%. 

Note that there is negligible difference between monthly and daily with a static balance. Even if you put £85k into a savings account and left it there for just a day, the difference in interest would still only be a few pennies by the end of the month: at 5% gross/AER, £11.64 for monthly compounding vs £11.69 for daily. Though we do have forumites who reconcile interest to the penny who would know.

As we were talking Tandem, from https://www.tandem.co.uk/faq/savings

When is interest paid on the Instant Access Saver?

Interest is calculated daily and compounded into your Instant Access Saver on a monthly basis. The interest will be applied to your account each month on the same date you first funded it. You’ll receive an SMS when your interest has been added and your statement is ready to view in the app.

Thanks, yes, "compounded into your Instant Access Saver on a monthly basis" is an example of such wording. Though it's more common to see wording that doesn't mention compounding explicitly.

Well it was the first I looked at, and because that was the one you were basing your example on with the it cannot compound daily statement.

The quote you provided explicitly states that the interest compounds monthly. For the interest to compound daily, it would have to be added to your actual balance daily; I’m not aware of any UK accounts that do that.

Surely it's compounded but added monthly, if its just added each month it's not really compounded.

Anyway. I think from now on I will look closely at T&C and whether interest rates quoted are monthly or annually. the important factor will be how the companies implement calculating interest rather than theory. 

If it's added monthly, then it is really compounded. As soon as it is added to the balance, you earn interest on the interest. The only situation where compounding doesn't take place is where the account is closed before or immediately after the first interest payment (or interest is paid away).

Mr._H_2

nic_c said:

Mr._H_2 said:

nic_c said:

masonic said:

nic_c said:

masonic said:

grumbler said:

Rollinghome said:

flobbalobbalob said:

spider42 said:

nic_c said:

martinm1 said:

europa said:

Rollinghome said:

europa said:

Rollinghome said:

grumbler said:

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

Nope sorry. I've wasted enough time on this already.  It's your money and if you still don't get it, you don't get it. DYOR.

Andy's point above is completely right too.  If you open the Cynergy account with 4.8% AER annual interest, you'd get more than that if you closed the account and so compounded early. Always assuming the new account paid the same rate or better.

We aren't talking big numbers here, unless a very large sum is held in the account.  The applied rate for monthly is just 0.10% lower, but interest received will be a little bit lower if held for less than 12 months or another anniversary of the account.  Annual Equivalent Rate means you get that rate if held for a year.

This is incredibly useful info. I am relatively savvy with these things, and even i thought monthly interest (with the same AER) was equivalent regardless of when the money is withdrawn. So many thanks for alerting me and others to this important anomaly !

That's good.  It's not a lot of money to worry about unless the balance is large but just as well in our pocket as in the bank's.  And it might be why so many banks are offering monthly only accounts now.

Indeed. If i were a bank, that's exactly what i would do. AER clearly isn't fit for purpose. 

It is fit for purpose as it allows comparing different products to normalise them over one year.  Compound interest seems to confuse a lot of people, so I'm sure that's why AER was introduced.

Especially those on here who seem to think AER isn't "fit for purpose"

Whether an account pays interest monthly or annually, if the AER is the same and any deposits/withdrawals the same, the interest you get after 12 months will be the same. If you close it part way through the year (assuming no penalties) then you'd get the same interest.

AER was introduced to allow people to compare products easily, often prior to it's introduction you'd get banks etc quoting whatever interest rate version that made it look most favourable (e.g. loans quoted on gross, credit cards on monthly equivalents etc)

I'm afraid this is wholly inaccurate. If you close part way through the year, you most definitely will NOT receive the same amount of interest in a monthly versus an annual account. It won't be much different, but it will be different. This should be obvious if consider what happens if you close an account after a month. Let's look at the Paragon Double Access account as an example. Annual rate (and AER of the monthly account) is 4.75%. The gross rate for the monthly account is 4.65%. When left to compound over a full year this will leave you with 4.75%.

But if you close after a month, then with a monthly account, you've received 4.65% for a month (let's suppose 4.65%/12 for simplicity, although in reality, it would be 4.65% * days in the month / 365).

With an annual account closed after a month, you'd earn 4.75%/12. An annual paying account would therefore clearly receive more interest than the monthly account if closed after a month.

On my Marcus online savings account (monthly interest option) the interest is "calculated daily and paid monthly" .  The monthly interest added matches the amount I calculated using compounding the daily interest over the number of days since the previous month. So I think it matches the annual option apart from some rounding errors on the pennies each month which seem to always round up. 

Calculating interest isn't the same as compounding interest.  

It's standard practice to calculate interest daily based on the balance in the account at the end of the day.  For a monthly account, that daily interest is then added together at the end of the month and added to the account.  

Again, is it a fact that interest isn't compounded daily? You suggested to google. I did:

https://www.investopedia.com/terms/c/compoundinterest.asp#:~:text=Compounding Interest Periods&text=Savings accounts and money market,schedules are daily or monthly.

• Savings accounts and money market accounts: The commonly used compounding schedule for savings accounts at banks is daily.

https://www.theguardian.com/money/2005/jan/20/finance1
There is basically no difference between monthly and annual interest and no difference when it comes to withdrawing capital.

And there are many other search results saying basically the same.

Yes, it is a fact that here in the UK, few if any accounts compound interest daily. You can check the T&Cs of your accounts, which will state how interest is calculated. If it is calculated daily on the closing balance of your account, that means accrued interest that doesn't form part of your balance does not earn interest, so interest only compounds at the frequency it is credited to your account.

Here is a nice link that will enable you to check using AER and gross rates: https://en.wikipedia.org/wiki/Effective_interest_rate#Calculation

Interest compounding annually: AER = gross_rate

Interest compounding monthly:  AER = (1 + gross_rate/12)^12 - 1

Interest compounding daily:  AER = (1 + gross_rate/365)^365 - 1

For the example of Tandem (5.00% AER, 4.89% gross), it cannot compound annually as the AER is not 4.89%, and it cannot compound daily because the AER is not (1 + 0.0489/365)^365 - 1 = 5.01%. It is monthly because AER is (1 + 0.0489/12)^12 - 1 = 5.00%. 

Note that there is negligible difference between monthly and daily with a static balance. Even if you put £85k into a savings account and left it there for just a day, the difference in interest would still only be a few pennies by the end of the month: at 5% gross/AER, £11.64 for monthly compounding vs £11.69 for daily. Though we do have forumites who reconcile interest to the penny who would know.

As we were talking Tandem, from https://www.tandem.co.uk/faq/savings

When is interest paid on the Instant Access Saver?

Interest is calculated daily and compounded into your Instant Access Saver on a monthly basis. The interest will be applied to your account each month on the same date you first funded it. You’ll receive an SMS when your interest has been added and your statement is ready to view in the app.

Thanks, yes, "compounded into your Instant Access Saver on a monthly basis" is an example of such wording. Though it's more common to see wording that doesn't mention compounding explicitly.

Well it was the first I looked at, and because that was the one you were basing your example on with the it cannot compound daily statement.

The quote you provided explicitly states that the interest compounds monthly. For the interest to compound daily, it would have to be added to your actual balance daily; I’m not aware of any UK accounts that do that.

Surely it's compounded but added monthly, if its just added each month it's not really compounded.

"Compounding" refers to earning interest on interest. For a "monthly" account, the bank calculates how much interest is due on your account on a daily basis, and keeps a note of that. Then at the end of the month, they sum up those daily interest amounts (this is not compounding) and deposit that into your account as interest. If you leave that interest in your account, then during the following month, you will be earning interest on: "your original amount deposited" plus "the interest you were paid at the end of the first month". It's this "interest on interest" that is compounding, and as the interest is added to your account monthly, the interest is said to be compounding monthly.

caeler

georged123 said:

caeler said:

scottishstu said:

KevinG said:

I don't know what's happened with Atom, used to be a really high payer but stuck on 3.95%.

Yes, was hoping to get an interest rate increase notification from them as I really like the app and the speed of transfer to/from my linked account is instant. But so far... Nothing.

I don't really want to leave them, but hard to stay when even the Post Office is offering 0.75% more on Easy Access.

I was keeping my fingers crossed for Atom too but I moved all my money out yesterday to Tandem easy access at 5%. I’ve kept a few quid with Atom and won’t hesitate to move it back if rate improves. 

I have an easy access saver with Atom and a fix that matures in December.

I cleared out my easy access a few weeks ago, I can't justify leaving funds in an account paying under 4% however much I like the platform.

I'd probably fix with them again as long as they are there or there about with the top rates but seems like they've given up on easy access customers.

I’ve got a fix maturing with atom in September, I’ll happily re fix if their 6.05% is still available. 

cragside

FYI even though the Tandem website says 'We've paused Instant Saver applications this weekend. Back again Monday!' it still let me create an account. However it's 4.65% and I can't see a button to add the Top Up rate, so maybe that's the part that's paused til Monday.

tg99

Anyone familiar with how Cynergy interest rate cut off times work in practice? Noticed on product sheet for latest easy access issue it says interest calculated based on cleared balance at 7pm. Not sure if that is a recent change as not looked at one of the product sheets for ages. However, looking at my recent account I can see that the accrued interest so far exactly matches what I calculate it to be if deposits received well after 7pm still qualify for interest that day (eg a deposit sent around 11pm has received one more day of interest than a second deposit the following morning). And this tallies with the ‘value date’ on the transaction list which I’ve been told is the date for interest calculation (as opposed to the ‘posting date’).