The Top Easy Access Savings Discussion Area

kjs31

phillw said:

martinm1 said:
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.

He said it was for a house sale. I had the same when I bought a house, money in fixed rate accounts matured and I wasn't sure when I was going to complete so it just sat in an easy access account.

It wasn't that long because I'd been dragging my heels waiting for it to mature.

Yes, exactly this. I don't know when I'm due to exchange / complete so can't tie up anything currently. Been doing the best rate account shuffle for a while now and I have around 20 EA accounts open at the mo (must close some of them that look like never improving their rates). I've got 3 with over 100k in them (but not much over that) so just mulling over the relative risk. 

km1500

aaj123 said:

km1500 said:

jpsman said:

The big advantage of ISAs that I can see , outside of tax implications,  is that locking my money away in higher interest fixed ISAs for 1, 2, 3, 5 years doesn't mean it's completely locked and I could withdraw (with a penalty) if I need to - unlike with similar interest bonds, which I won't even consider as the idea of no access whatsoever to my money is a nonstarter.

But this is getting off topic!

the other advantage of a cash Isa is the ease of transfer from one provider to another when chasing higher rates

Ease of transfer compared to what?

ease of transfer compared with opening a new savings account, closing your old one down and having the money transferred to your current account, setting up a payee on your current account, sending a test payment from your current account to your new savings account to check it arrives okay and then finally sending the rest only to find your bank's fraud filters block it

pecunianonolet

For those now moving to Santander for the 7% Edge account. There might be more benefit on the horizon with a switch offer. So far, all switch offers have been for both, new and existing customers. However, if this is going to be the same or if they tighten rules remains to be seen. Why I say that?

I would not be surprised, if we will see soon another campaign, maybe once the TSB one has ended?

23rd Jan 2023  - 9th Feb 2023     --> £200 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps200-switcher-cashback-ends-today

23rd Aug 2022 - 22nd Sep 2022  --> £175 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps175-switcher-cashback-ends-tomorrow

2nd Aug 2022 - ???                     --> £160 Switch incentive (could not find a press release specifically ending this offer)
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-launches-market-leading-ps160-switcher

24th Jan 2022 - 13th March 2022 --> £140 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps140-switcher-cashback-ends-today

13th Sep 2021 - 2nd Dec 2021   --> £130 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps130-switcher-cashback-to-end-on-2-december

No guarantee but historical data might be an indicator :-)

jaypers

Charter have updated their interest rate document - https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01502_savings_interest_summary.pdf#page10

Looks like they are not actually upping ‘all no longer available accounts’ by 0.25% on Friday as claimed as Issue 42 isn’t getting the increase! Everything up to Issue 41 gets the rise. 

13zero8

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  ).  

FSCS give temporary high balance protection on up to £1 million on eligible funds in a single account/financial institution. This covers things like proceeds from property sales and inheritance, for up to six months. 

subjecttocontract

km1500 said:

jpsman said:

The big advantage of ISAs that I can see , outside of tax implications,  is that locking my money away in higher interest fixed ISAs for 1, 2, 3, 5 years doesn't mean it's completely locked and I could withdraw (with a penalty) if I need to - unlike with similar interest bonds, which I won't even consider as the idea of no access whatsoever to my money is a nonstarter.

But this is getting off topic!

the other advantage of a cash Isa is the ease of transfer from one provider to another when chasing higher rates

I'm guessing that you have never done a Virgin ISA transfer then ? 'Ease of transfer' are not words associated with Virgin ISA transfers....Awful, lengthy, never to be repeated is how I'd describe my Virgin ISA transfer experience. Wouldn't touch them with your bargepole.

georged123

pecunianonolet said:

For those now moving to Santander for the 7% Edge account. There might be more benfit on the horizon with a switch offer. So far, all switch offers have been for both, new and existing customers. However, if this is going to be the same of if they tighten rules remains to be seen. Why I say that?

I would not be surprised, if we will see soon another campaign, maybe once the TSB one has ended?

23rd Jan 2023  - 9th Feb 2023     --> £200 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps200-switcher-cashback-ends-today

23rd Aug 2022 - 22nd Sep 2022  --> £175 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps175-switcher-cashback-ends-tomorrow

2nd Aug 2022 - ???                     --> £160 Switch incentive (could not find a press release specifically ending this offer)
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-launches-market-leading-ps160-switcher

24th Jan 2022 - 13th March 2022 --> £140 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps140-switcher-cashback-ends-today

13th Sep 2021 - 2nd Dec 2021   --> £130 Switch incentive
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-ps130-switcher-cashback-to-end-on-2-december

No guarantee but historical data might be an indicator :-)

I’m hesitating before looking to open a Santander account for this reason. 

With the TSB and Halifax offers both ending at the end of month, I’d be surprised if we don’t see a couple of other Banks (maybe Santander) jump in with an offer.

Tunstallstoven

Just opened an Oxbury IA Savings account and for the benefit of anyone else thinking to do the same, I thought I would clarify something.  In the MSE article it says

"How to open:  Online (account management via app only...)"

But the account is actually managed online.  There is an Oxbury app and you do have to use it, but only to pass security when accessing the account online.  To put it another way, once all set up, you go to the Oxbury website, punch in your username, this then sends a verification message to your mobile via the app, you use this to enter your passcode, which then gives you access back on the website.  

AFAIK it is not possible to access the account via an app.  

HTHs.  And sorry if I've missed anything!

aaj123

km1500 said:

aaj123 said:

km1500 said:

jpsman said:

The big advantage of ISAs that I can see , outside of tax implications,  is that locking my money away in higher interest fixed ISAs for 1, 2, 3, 5 years doesn't mean it's completely locked and I could withdraw (with a penalty) if I need to - unlike with similar interest bonds, which I won't even consider as the idea of no access whatsoever to my money is a nonstarter.

But this is getting off topic!

the other advantage of a cash Isa is the ease of transfer from one provider to another when chasing higher rates

Ease of transfer compared to what?

ease of transfer compared with opening a new savings account, closing your old one down and having the money transferred to your current account, setting up a payee on your current account, sending a test payment from your current account to your new savings account to check it arrives okay and then finally sending the rest only to find your bank's fraud filters block it

Never occurred to me tbh that any of the above could be described as 'problems'. You still have to open an ISA, fill out a transfer form, track allowance usage. Those not problems?

littlemoney

jaypers said:

Charter have updated their interest rate document - https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01502_savings_interest_summary.pdf#page10

Looks like they are not actually upping ‘all no longer available accounts’ by 0.25% on Friday as claimed as Issue 42 isn’t getting the increase! Everything up to Issue 41 gets the rise. 

And I moved to issue 42 and closed the old one not expecting it to miss out when the earlier ones were uplifted.