The Top Easy Access Savings Discussion Area

flaneurs_lobster

phillw said:

I don't know if my maths is correct, but I make it that the gross interest per month is 6.785%

The Santander app displays the Edge Saver interest rate to be 6.78% (gross), so it looks like your maths is good.

Stargunner

phillw said:

Nick_C said:

You gain about 40p a month by maxing out on the £4k and moving the interest each month to a different account (assuming the monthly interest or the £265 capital was in an account paying 5%)

I don't know if my maths is correct, but I make it that the gross interest per month is 6.785%
So you would get £5.95 a month extra by using the edge saver, instead of just putting the £4000 in an 5% account.

I think Nick C was referring to the difference, if you deposited £4K and withdrew the interest each month, against depositing £3735 and letting the interest compound each month to give you a balance of £4K after 12 months

PixelPound

Stargunner said:

phillw said:

Nick_C said:

You gain about 40p a month by maxing out on the £4k and moving the interest each month to a different account (assuming the monthly interest or the £265 capital was in an account paying 5%)

I don't know if my maths is correct, but I make it that the gross interest per month is 6.785%
So you would get £5.95 a month extra by using the edge saver, instead of just putting the £4000 in an 5% account.

I think Nick C was referring to the difference, if you deposited £4K and withdrew the interest each month, against depositing £3735 and letting the interest compound each month to give you a balance of £4K after 12 months

Isn't it about £23pm total interest. Should be able to check from the app easily enough, an you then are talking pence missed if it takes you a few weeks or a month to move the excess out. 

BooJewels

nic_c said:

Stargunner said:

phillw said:

Nick_C said:

You gain about 40p a month by maxing out on the £4k and moving the interest each month to a different account (assuming the monthly interest or the £265 capital was in an account paying 5%)

I don't know if my maths is correct, but I make it that the gross interest per month is 6.785%
So you would get £5.95 a month extra by using the edge saver, instead of just putting the £4000 in an 5% account.

I think Nick C was referring to the difference, if you deposited £4K and withdrew the interest each month, against depositing £3735 and letting the interest compound each month to give you a balance of £4K after 12 months

Isn't it about £23pm total interest. Should be able to check from the app easily enough, an you then are talking pence missed if it takes you a few weeks or a month to move the excess out. 

When I looked at whether to bother with opening one or not, I worked out that it would pay £22.60 per month (i.e. 1/12 year, it will vary in practice with month length) and if I withdrew it each month as soon as the interest was paid, into an EA paying - say 5% (I don't have one paying quite that) - and treated it like a mini regular saver, that would give you an additional £7.45 interest - so you'd end up with £4,278.65 - £271.20 of accumulated interest from Edge and its £7.45 additional interest.  Which is £78.65 more than it being in an EA at 5% - so a gain of £6.55 per month.

Before I saw @Nick_C had posted a maximum amount to put in the account, I'd worked out my own to try and minimise transactions and keep it under £4k - or to end up at £4k with interest.   I'm not sure that the FV formula calculation I use gets it absolutely spot on, but close enough for my purposes and that gave me a maximum amount to put in the Edge Saver of £3,738.50, which would take it to exactly £4k with a total interest of £261.50 - of which £8.03 is compounding - that does bring it very close to 7%, as a plausibility check for the formula.  Of course, if you'd started with £4k and this left some behind in your 5% EA, you'd still have £261.50 to gain 5% = £13.08 - total result £4,274.58.  So very little in it (£4.07) - but you've saved yourself some effort.

metrobus

Did I read somewhere Charter are to increase their EA account interest rate, If so to how much and when? Thank you.

mebu60

metrobus said:

Did I read somewhere Charter are to increase their EA account interest rate, If so to how much and when? Thank you.

They were supposedly increasing their NLA accounts by 0.25% last Friday. However, the NLA Issue 42 remains stuck on an uncompetitive 4.55% rather than the expected 4.8%. If that's you too can I suggest you raise a formal complaint as others on here have also done. I sent a secure message on Friday. They say replies can take up to four working days. 

Dustybee

It maybe of interest to some thinking about opening the Santander Edge Account.  I've been a customer for several years but ....

I've had my newly opened Santander Edge Account blocked from any withdrawals by Santander's Security.  I was only trying to fund my newly opened Edge Saver Account. The customer service agent also didn't know that the terms and conditions say the Edge Saver can only be funded through the Edge Current Account. 

I have to wait for the 'back office' to unblock, having been quizzed on whether someone was putting me under pressure to open the account or asking me to lie to the bank. 

mebu60

mebu60 said:

metrobus said:

Did I read somewhere Charter are to increase their EA account interest rate, If so to how much and when? Thank you.

They were supposedly increasing their NLA accounts by 0.25% last Friday. However, the NLA Issue 42 remains stuck on an uncompetitive 4.55% rather than the expected 4.8%. If that's you too can I suggest you raise a formal complaint as others on here have also done. I sent a secure message on Friday. They say replies can take up to four working days. 

Charter Issue 42 issue, initial response from Charter:

Please be advised that the issue with the interest rate for our Easy Access Issue 42 account have been flagged to Charter Savings Bank head office who are currently investigating what action we will take for the customers who hold the Issue 42 account. Please be assured that once there is an update, all affected customers will be contacted with the outcome and any applicable changes that will be taking place.

If you are affected and haven't done so already, get a complaint in now and keep the pressure on! 

Rollinghome

However, the NLA Issue 42 remains stuck on an uncompetitive 4.55% rather than the expected 4.8%.

That's interesting. I had a 95 day  account with them from 20-22. When they reduced all their rates mid way through, they left my issue still getting the higher rate.  I thought it would be impolite to complain.  So many issues that even they get confused it seems.

Stargunner

Dustybee said:

It maybe of interest to some thinking about opening the Santander Edge Account.  I've been a customer for several years but ....

I've had my newly opened Santander Edge Account blocked from any withdrawals by Santander's Security.  I was only trying to fund my newly opened Edge Saver Account. The customer service agent also didn't know that the terms and conditions say the Edge Saver can only be funded through the Edge Current Account. 

I have to wait for the 'back office' to unblock, having been quizzed on whether someone was putting me under pressure to open the account or asking me to lie to the bank. 

Did you try to fund the saver account from your edge current account  by the transfer facility in the app or were you trying to do it as a new payee to the Account No and Sort code?