The Top Easy Access Savings Discussion Area

pecunianonolet

Zopa_Trooper said:

Kroo have announced their interest rate on the current account will now track the BOE rate less 0.9%. Starts in 2 months.

Source: Email

"From 15 October 2023 onwards, we’ll pay you a ‘tracker’ rate set at 0.9% below the Bank of England’s base rate, so you always know what to expect."

"You’re not required to take any action. We’re just informing you that these changes will apply in two months. When the rate changes, we’ll send you an in-app message and an email. Until then, the interest we pay on your Kroo current account is 4.35% AER* / 4.26% Gross (variable)."

boingy

pecunianonolet said:

Zopa_Trooper said:

Kroo have announced their interest rate on the current account will now track the BOE rate less 0.9%. Starts in 2 months.

Source: Email

"From 15 October 2023 onwards, we’ll pay you a ‘tracker’ rate set at 0.9% below the Bank of England’s base rate, so you always know what to expect."

"You’re not required to take any action. We’re just informing you that these changes will apply in two months. When the rate changes, we’ll send you an in-app message and an email. Until then, the interest we pay on your Kroo current account is 4.35% AER* / 4.26% Gross (variable)."

According to the small print they will update the interest rate within two business days of any BoE change, so it's a responsive tracker rather than one of those that are only updated quarterly.

martinm1

kjs31 said:

How many people 'risk' putting more than 85k into a single organisation? I try to keep below that but do have a couple of accounts with more than that in them just now (I've got house funds on easy access deposit that I will need out fairly soon before people think I'm a billionaire  ).  

The likelihood of a bank going bust in the UK is fairly small.  But if you've got more than 85k in an EA account I would wonder why not put it into a 120 day as I can't think of a time when I've needed more than 20k in a couple of months.  But hey each to their own. And for those that are concerned that they don't get the money for 20 mins from tandem, but they do from chip what's the rush??

Eirambler

pecunianonolet said:

Zopa_Trooper said:

Kroo have announced their interest rate on the current account will now track the BOE rate less 0.9%. Starts in 2 months.

Source: Email

"From 15 October 2023 onwards, we’ll pay you a ‘tracker’ rate set at 0.9% below the Bank of England’s base rate, so you always know what to expect."

"You’re not required to take any action. We’re just informing you that these changes will apply in two months. When the rate changes, we’ll send you an in-app message and an email. Until then, the interest we pay on your Kroo current account is 4.35% AER* / 4.26% Gross (variable)."

Well that renders them pretty useless permanently, to be honest. Unlikely to ever be the top rate and presumably doing it so that they can pass on rate cuts almost instantly if and when rates go down. One to avoid.

boingy

Eirambler said:

pecunianonolet said:

Zopa_Trooper said:

Kroo have announced their interest rate on the current account will now track the BOE rate less 0.9%. Starts in 2 months.

Source: Email

"From 15 October 2023 onwards, we’ll pay you a ‘tracker’ rate set at 0.9% below the Bank of England’s base rate, so you always know what to expect."

"You’re not required to take any action. We’re just informing you that these changes will apply in two months. When the rate changes, we’ll send you an in-app message and an email. Until then, the interest we pay on your Kroo current account is 4.35% AER* / 4.26% Gross (variable)."

Well that renders them pretty useless permanently, to be honest. Unlikely to ever be the top rate and presumably doing it so that they can pass on rate cuts almost instantly if and when rates go down. One to avoid.

Remember, Kroo is a current account not a savings account. On that basis the interest they pay is very good - better than many savings accounts. I use it as a "holding area". I keep a minimum balance of about one month's money for emergencies plus a chunk of money that is fed into six (!) regular savings accounts and bounced around a couple of other accounts to avoid fees. So every month about £4000 leaves the account, does "the circuit" and about £3000 of it comes back, all automagically thanks to a bunch of standing orders. I top it up every few months from my main savings account, typically Chip or Tandem.

allegro120

worriednoob said:

KevinG said:

worriednoob said:

Stargunner said:

worriednoob said:

Hey everyone.  I'm thinking of moving our savings from Chip to Tandem.  Once I've setup a Tandem account, can I directly transfer from Chip to Tandem?  Also has anyone had issues moving large amounts in or out of the Tandem account?

You can only withdraw money from Chip to your linked account.

Thanks for clarifying this for me.  What about when it comes to Chip vs Tandem accounts?  Are there any issues or restrictions with Tandem compared to Chip?

None that I've found, except that Chip does instant transfers and Tandem's take a little longer.

Thanks Kevin.  That's kind of put me off as I want to be able to move my money in/out instantly.  When you say Tandem takes a little longer, what do you mean?  Are we talking hours, days or weeks?  Also do Tandem do a lot more security checks or is it similar to Chip in terms of link an account and then easily move money around?

Withdrawals and deposits take approximately 5-10 minutes to arrive.  The advantage of Tandem over Chip is that you can link multiple accounts. Can't comment on security checks, I've never had them with both, Chip and Tandem.

TiVo_Lad

I've been with Tandem for two years this month and in those early pioneering days (!) Tandem were a bit twitchy over my "rate tart" antics and froze my account. After a grilling by their fraud team and my brazen admission that I was a rate tart they were very much "fair enough", unfroze my account and I've never heard a peep from them since.

Zopa_Trooper

Eirambler said:

pecunianonolet said:

Zopa_Trooper said:

Kroo have announced their interest rate on the current account will now track the BOE rate less 0.9%. Starts in 2 months.

Source: Email

"From 15 October 2023 onwards, we’ll pay you a ‘tracker’ rate set at 0.9% below the Bank of England’s base rate, so you always know what to expect."

"You’re not required to take any action. We’re just informing you that these changes will apply in two months. When the rate changes, we’ll send you an in-app message and an email. Until then, the interest we pay on your Kroo current account is 4.35% AER* / 4.26% Gross (variable)."

Well that renders them pretty useless permanently, to be honest. Unlikely to ever be the top rate and presumably doing it so that they can pass on rate cuts almost instantly if and when rates go down. One to avoid.

What current account do you have that pays more?

allegro120

Zopa_Trooper said:

Kroo have announced their interest rate on the current account will now track the BOE rate less 0.9%. Starts in 2 months.

Declaration of being uncompetitive in foreseen future

friolento

Another video from the Chip co-founder, the second one since the last BoE rate rise. If we didn't know already, it's pretty clear now that they are not about to beat Tandem. IMO there is no point in giving them more time in the hope they'll make a move any day soon..

https://youtu.be/Fldyyrdegu0