The Top Easy Access Savings Discussion Area

lohr500

Yep, having just received a £15.75 Topcashback bonus from Kroo for opening an account with them, I have now moved the remaining balance from Kroo to my 5% Tandem a/c.

Zaul22

This isn't actually a change from Kroo, the current 4.35 is BR-.9 anyway, it's just going to be automatic now. They aren't becoming uncompetitive, they never were competitive in the first place. 

Also just watched the Chip video... so they want to focus on having the fastest payments with lower rates. You know who else has the fastest payments... Atom 
Points to who guessed they were working on an ISA. 

boingy

I think Chip might be stuffed. 

Zopa_Trooper

I'm surprised at the criticism of Kroo. They are a current account, not a savings account. No other current account pays more.

Bazzalona13295

7% eh. Oh well thats the first port of call for my funds then.

patpalloon

Anyone with experience of Oxbury? They do an EA at 4.8 but was thinking of the 95 day notice account. But has pretty bad reviews especially of the app

pecunianonolet

Malchester said:

pecunianonolet said:

aaj123 said:

Bridlington1 said:

aaj123 said:

Bridlington1 said:

@soulsaver
Santander Edge Saver now 7% (£4k max)

No way to get this without an Edge current account, is there? I really like my 123 current account. Sure, one could think of getting an effective 6.1% by paying the £36 for the year and maxing out the 4k.

You don't really have to pay the £36/yr if I'm not mistaken. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overd

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee.

Whoa, good spot! Never occurred to me to be honest. I wonder what prompted them to put in such a strange conditional start of the £3 fee seeing as the fee continues once started even if you later fail the conditions.

So, basically open the current account, open the Edge saver and leave the current account dormant, maybe bounce a few quid through so it qualifies for yougov. 

"If the rate goes down, we’ll let you know around 2 months before the rate changes." is a rather long period as well in todays agile market.

If they would now introduce a switch bonus as well it would make the current account opening even more worthwhile. 

All I can quote in that instance....

"Dreams are my reality
The only kind of real fantasy
Illusions are a common thing
I try to live in dreams
It seems as if it's meant to be"

I opened an ordinary Santander Current Account and later changed it to an Edge account to get the Edge Saver Account when the rate was a good one. Overall the monthly fee alongside the interest and cashback gave me a plus. Then when other easy access accounts improved rates I switched my Edge Account to a non-fee account but the Edge Saver was allowed to run and gain interest. I have since switched back to Edge and filled the Edge Saver to its maximum for the 7% interest

Sounds like that you can apply for Edge, open the Saver and downgrade after and fill the saver to the brim and skim off the monthly interest. However, if you do not meet the cashback criteria it seems like they won't charge you.

However, they also say "You’ll need to continue to hold a Santander Edge current account to stay eligible for exclusive products. If you stop being eligible, we may close or downgrade your exclusive product(s)"

Looks like it is at their discretion to keep the saver running or not after a downgrade.

By reading the T&C's I find the below very odd. If you have an arranged overdraft they charge you for it but going for an unarranged overdraft they don't. It would be taking the p*** and the famous Santander algorithm will most likely put your file on somebodys desk for review but otherwise an opportunity for some stoozing. 

Bridlington1

pecunianonolet said:

Malchester said:

pecunianonolet said:

aaj123 said:

Bridlington1 said:

aaj123 said:

Bridlington1 said:

@soulsaver
Santander Edge Saver now 7% (£4k max)

No way to get this without an Edge current account, is there? I really like my 123 current account. Sure, one could think of getting an effective 6.1% by paying the £36 for the year and maxing out the 4k.

You don't really have to pay the £36/yr if I'm not mistaken. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overd

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee.

Whoa, good spot! Never occurred to me to be honest. I wonder what prompted them to put in such a strange conditional start of the £3 fee seeing as the fee continues once started even if you later fail the conditions.

So, basically open the current account, open the Edge saver and leave the current account dormant, maybe bounce a few quid through so it qualifies for yougov. 

"If the rate goes down, we’ll let you know around 2 months before the rate changes." is a rather long period as well in todays agile market.

If they would now introduce a switch bonus as well it would make the current account opening even more worthwhile. 

All I can quote in that instance....

"Dreams are my reality
The only kind of real fantasy
Illusions are a common thing
I try to live in dreams
It seems as if it's meant to be"

I opened an ordinary Santander Current Account and later changed it to an Edge account to get the Edge Saver Account when the rate was a good one. Overall the monthly fee alongside the interest and cashback gave me a plus. Then when other easy access accounts improved rates I switched my Edge Account to a non-fee account but the Edge Saver was allowed to run and gain interest. I have since switched back to Edge and filled the Edge Saver to its maximum for the 7% interest

Sounds like that you can apply for Edge, open the Saver and downgrade after and fill the saver to the brim and skim off the monthly interest. However, if you do not meet the cashback criteria it seems like they won't charge you.

However, they also say "You’ll need to continue to hold a Santander Edge current account to stay eligible for exclusive products. If you stop being eligible, we may close or downgrade your exclusive product(s)"

Looks like it is at their discretion to keep the saver running or not after a downgrade.

By reading the T&C's I find the below very odd. If you have an arranged overdraft they charge you for it but going for an unarranged overdraft they don't. It would be taking the p*** and the famous Santander algorithm will most likely put your file on somebodys desk for review but otherwise an opportunity for some stoozing. 

I would certainly advise against stoozing an unarranged OD. Aside from the fact that you risk irritating Santander a fair bit, I can't imagine having a potentially quite substantial unarranged OD for any length of time would do your credit reports much good.

pecunianonolet

Bridlington1 said:

pecunianonolet said:

Malchester said:

pecunianonolet said:

aaj123 said:

Bridlington1 said:

aaj123 said:

Bridlington1 said:

@soulsaver
Santander Edge Saver now 7% (£4k max)

No way to get this without an Edge current account, is there? I really like my 123 current account. Sure, one could think of getting an effective 6.1% by paying the £36 for the year and maxing out the 4k.

You don't really have to pay the £36/yr if I'm not mistaken. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overd

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee.

Whoa, good spot! Never occurred to me to be honest. I wonder what prompted them to put in such a strange conditional start of the £3 fee seeing as the fee continues once started even if you later fail the conditions.

So, basically open the current account, open the Edge saver and leave the current account dormant, maybe bounce a few quid through so it qualifies for yougov. 

"If the rate goes down, we’ll let you know around 2 months before the rate changes." is a rather long period as well in todays agile market.

If they would now introduce a switch bonus as well it would make the current account opening even more worthwhile. 

All I can quote in that instance....

"Dreams are my reality
The only kind of real fantasy
Illusions are a common thing
I try to live in dreams
It seems as if it's meant to be"

I opened an ordinary Santander Current Account and later changed it to an Edge account to get the Edge Saver Account when the rate was a good one. Overall the monthly fee alongside the interest and cashback gave me a plus. Then when other easy access accounts improved rates I switched my Edge Account to a non-fee account but the Edge Saver was allowed to run and gain interest. I have since switched back to Edge and filled the Edge Saver to its maximum for the 7% interest

Sounds like that you can apply for Edge, open the Saver and downgrade after and fill the saver to the brim and skim off the monthly interest. However, if you do not meet the cashback criteria it seems like they won't charge you.

However, they also say "You’ll need to continue to hold a Santander Edge current account to stay eligible for exclusive products. If you stop being eligible, we may close or downgrade your exclusive product(s)"

Looks like it is at their discretion to keep the saver running or not after a downgrade.

By reading the T&C's I find the below very odd. If you have an arranged overdraft they charge you for it but going for an unarranged overdraft they don't. It would be taking the p*** and the famous Santander algorithm will most likely put your file on somebodys desk for review but otherwise an opportunity for some stoozing. 

I would certainly advise against stoozing an unarranged OD. Aside from the fact that you risk irritating Santander a fair bit, I can't imagine having a potentially quite substantial unarranged OD for any length of time would do your credit reports much good.

Totally agree, it would only be short term stoozing with low amounts e.g. 100 quid for 3 days to "cover" a payment for example. Surely not to take out 4k unarranged overdraft to put in the saver at the same time .

Risk vs. gain are obvious. It was more the fact and the anomaly that they charge you for something you have an agreement with them but borrowing without agreement is free. Much more sensible would be be to charge e.g. 10% interest for an arranged overdraft and 40% for unarranged.

Bridlington1

Zopa_Trooper said:

I'm surprised at the criticism of Kroo. They are a current account, not a savings account. No other current account pays more.

I think it largely depends on how you typically use a current account. If you prefer to keep money in a current account for whatever reason, be it as an emergency fund or some other reason, then I agree Kroo is a very good account to have.

Others however, myself included, don't keep money in a current account for longer than is absolutely necessary, unless it pays more than the EA account they're using at the time. I normally keep all of my money in savings accounts until I need to use it. If I have a DD going out I will not put money into a current account until the night before, If I write a cheque, I usually do them from accounts I have arranged ODs with so I can top the accounts back to nil as soon as the cheque is taken and minimise interest loss. I do all spending on credit cards at the moment so have little reason to keep money in a current account for longer than a day.

I have tandem at 5% so a current account paying 4.35% isn't much use to me.