The Top Easy Access Savings Discussion Area

35har1old

DeLaSole said:

Hi r6,

No interest is paid on the balance above £4k so I assume you move your interest elsewhere - that's my plan, anyway.

Best wishes.

The edge saver account is in the best savings account list on MSE paying 7% bonus only available through Edge accounts with a suggestion that if you followed the link this would entitle you to £10 Amazon gift card 
But this link does not take you to a page to open a edge saver but to a page to open a Edge Current account and if you already have one you would not open a second one

flobbalobbalob

BooJewels said:

My aunt found an old school savings account from the 1930s of her husbands and sent it off to whatever bank it had been passed over to in time and got £68 back with compounded interest from a few shillings.  So I was pretty excited to find the same thing of my Dad's from the late 1930s with 4 shillings in it.  Turned out to be with NS&I now - after 6 months of back and forth and a lot of form filling, I got exactly 20p back!  They don't apparently pay interest on amounts less than £1.

BTW:  I like my PBs.  I've done pretty well with them over 16 draws - increasingly so more recently - I've had a rolling return on my mid-range holding for the last year of 5.11% - a bit more than the average EA rate for the last 12 months.

I had an old Halifax savings book with £1 in it. Took it to a branch to see what it's worth now and they told me they changed the rules on this account to charge me for the low balance and said I owed them money. It'll probably happen to all my £1 accounts now 😁

BooJewels

flobbalobbalob said:

BooJewels said:

My aunt found an old school savings account from the 1930s of her husbands and sent it off to whatever bank it had been passed over to in time and got £68 back with compounded interest from a few shillings.  So I was pretty excited to find the same thing of my Dad's from the late 1930s with 4 shillings in it.  Turned out to be with NS&I now - after 6 months of back and forth and a lot of form filling, I got exactly 20p back!  They don't apparently pay interest on amounts less than £1.

BTW:  I like my PBs.  I've done pretty well with them over 16 draws - increasingly so more recently - I've had a rolling return on my mid-range holding for the last year of 5.11% - a bit more than the average EA rate for the last 12 months.

I had an old Halifax savings book with £1 in it. Took it to a branch to see what it's worth now and they told me they changed the rules on this account to charge me for the low balance and said I owed them money. It'll probably happen to all my £1 accounts now 😁

I feel a bit better now that at least I ended up in the black - although it cost me a significant amount of time to even get to that.  On balance, I'd rather have kept the savings book with my 5 year old Dad's writing in, had I known.

boingy

snowqueen555 said:

I recently moved to Chip, is anyone else sticking with them, they've gone form being front of the pack to mediocre.

Sadly, no. With Chip I've always hung back a little, confident that they will jump to the top of the pile but it seems that they are no longer going to do that so I'm now in Tandem.

flaneurs_lobster

andyhicks88 said:

Can I just clarify, so if I open an Edge account for the saver, if I just don't add any DD's, have any bills out or use the card for cashback, the £3 charge just won't apply but I'll still have access to the saver?

Hope so, it's what I've done. 

EDIT : Even if the £3/mth fee is factored in it's still 6.1% APR on a £4K holding, so worthwhile. I cannot be faffed with the rest of the cashback malarky on this account.

PixelPound

boingy said:

snowqueen555 said:

I recently moved to Chip, is anyone else sticking with them, they've gone form being front of the pack to mediocre.

Sadly, no. With Chip I've always hung back a little, confident that they will jump to the top of the pile but it seems that they are no longer going to do that so I'm now in Tandem.

From their Facebook page chats with the execs seem to indicate they aren't chasing top rate anymore but looking to diversity their offering. They are looking at possibly a rise "in the coming weeks" but it will probably be a lot less than is hoped. 

linz

snowqueen555 said:

I recently moved to Chip, is anyone else sticking with them, they've gone form being front of the pack to mediocre.

No, moved all but £1 from Chip to Tandem last week.

movingon

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 do we think its ok to have both a 123 account and an Edge account as well. I am wondering if I get an the Edge account with the aim of  fulfilling none of the criteria for cashback, and therefore not paying the fee for it?

KevinG

RedImp_2 said:

KevinG said:

Rheumatoid said:

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.

Obviously, and with today's rates, even the top instant access rate of 5% is equivalent to only 4% after tax and this is easily beaten by an ISA.

Not always strictly true.  Obviously you can only add £20k this year.  If that were the only savings you had 5% instant access is still 5% after tax.

This whole discussion quite obviously only applies if you are subject to tax.

aaj123

movingon 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 do we think its ok to have both a 123 account and an Edge account as well. I am wondering if I get an the Edge account with the aim of  fulfilling none of the criteria for cashback, and therefore not paying the fee for it?

I will skip for now as I still have to use up my flexible cash isa allowance for the year so at this point the ISA will beat even the 7% edge save rate for me. And since the edge saver also has a bonus included, more important that I start using it only when I actually max it for an year.