The Top Easy Access Savings Discussion Area

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.

gt94sss2

patpalloon said:

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

The Android app is currently just used for 2FA to access internet banking.

I believe the iPhone one can be used to actually make transactions/view balances.

Oxbury online systems seem to be quite straightforward - just set up your account on a desktop, not a mobile.. as you need that to scan a QR code during the set up process 

martinm1

boingy said:

I think Chip might be stuffed. 

Agreed.  I don't understand why isa ratesare so much less than EA rates. It's just profiteering by the financial institutions 

BestSeagull

patpalloon said:

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

I'm relatively new to Oxbury but I like them. The most useful thing so far has been that transfers in are instant even in the evenings and at weekends.
Transfers out are same day and fairly quick but that's if made before 1pm on weekdays.
Interest only on £1k or over but you can keep the account open with £1. 
I have an iPhone and although I've just been using the app to enable sign in to the website, I've just had a look and I can check balances and it seems to have full functionality for transfers etc too.

masonic

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 miss the days of the high interest current account, like A&L's Premier Direct account paying 8.5% when base rate was at a similar level to today. Obviously each account had a limited balance on which that rate could be earned, but allowed immediate term funds to earn a risk free rate above most investment expectations.

The only concern I would have with Kroo is that they have frozen some folk's incoming payments and asked quite unreasonable things of them to have the money released. As a current account it is also not a full service offering.

masonic

martinm1 said:

boingy said:

I think Chip might be stuffed. 

Agreed.  I don't understand why isa ratesare so much less than EA rates. It's just profiteering by the financial institutions 

ISAs come with a lot of baggage imposed by HMRC, so there are additional costs in compliance, staff training, and offering required additional infrastructure such as a transfer system, reporting system, etc. A few of our favourite easy access top payers don't offer ISAs because it isn't viable to do so and run a slim operation that is required for them to top the rate tables anywhere near sustainably. Those that do face the choice of cross-subsidising them at the expense of other rates, or setting the rate lower. There are times when easy access ISAs equal or better standard easy access (such as when they know rates will be rising), but it is usually the case that the ISA-wrapper is not free.

Zopa_Trooper

If you're paying tax on your savings, ISA's are a no-brainer.

Rheumatoid

Zopa_Trooper said:

If you're paying tax on your savings, ISA's are a no-brainer.

only if you are saving more tax than you would pay on a higher interest non-ISA savings account.

boingy

When deciding between ISA and non-ISA you should also take into account what may happen in the future. Maybe you become a higher rate tax payer. Maybe the tax rules change and that may include the savings allowance so it's always worth considering tucking stuff into the safety of an ISA even if it's at a slightly lower rate, because ISAs will most likely remain tax free forever. This year I will not pay any tax at all but I'm still using up my ISA allowance in preparation for future years.

Malchester

patpalloon said:

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

Not impressed with them. Yes deposits are instant but withdrawals are very slow. Still waiting for a withdrawal and account closure and return of funds from instructions given well before the cut off point yesterday. Agent not very helpful and could not say they would have sorted it out today. Also opened notice account but haven't funded it and will not bother now