The Top Easy Access Savings Discussion Area

friolento

randm said:

i have a question please... regarding easy access accounts (cahoot), the blurb says that the interest can be payed monthly or yearly and is paid on the date the account matures, so do i need to choose the monthly option to be able to move the money out if a higher rate comes up elsewhere, or can i choose the higher yearly interest option and still get that if i move  money out early. ?

You would get any accrued interest on the day you close the account. If you just make a withdrawal, even of your entire balance, accrued interest will be paid on the schedule you chose, i.e. monthly or annually.

KevinG

randm said:

i have a question please... regarding easy access accounts (cahoot), the blurb says that the interest can be payed monthly or yearly and is paid on the date the account matures, so do i need to choose the monthly option to be able to move the money out if a higher rate comes up elsewhere, or can i choose the higher yearly interest option and still get that if i move  money out early. ?

At the risk of starting the whole EAR conversation up again, the amount you get on closure would be the same whichever you chose. The quoted monthly rate is lower but the EAR, i.e.. what you get if you leave the monthly interest to compound, is the same. However, these days I hardly ever close an account, I just leave a token amount in it so that I can easily move back to it if required.

soulsaver

Beehive Money have today confirmed (chat) their Bonus Saver went No Longer Available at 25/08.

 ***NLA ***Beehive Bonus svr 4.90% (inc 2.25% 1yr bonus) £1k min (22/08)Beehive Bonus Saver ***NLA***

phillw

randm said:

i have a question please... regarding easy access accounts (cahoot), the blurb says that the interest can be payed monthly or yearly and is paid on the date the account matures, so do i need to choose the monthly option to be able to move the money out if a higher rate comes up elsewhere, or can i choose the higher yearly interest option and still get that if i move  money out early. ?

For variable easy access accounts I always choose monthly, that way you can withdraw the money and put it elsewhere and keep the account open. If the rate increases you can move it back.

Alternatively you can use yearly interest and close the account to get the interest straight away, but you run the risk of the account being closed to new subscribers but having a higher interest rate than you can get elsewhere.

For a while Coventry building society gave higher rates to a NLA account than you could get anywhere else, which I had unfortunately closed.

Futuristic

Does Shawbrook update rates on their previous easy access issues or do you need to open and close on new rate changes like Cynergy? 

janusd

Futuristic said:

Does Shawbrook update rates on their previous easy access issues or do you need to open and close on new rate changes like Cynergy? 

in recent times, I think they've been updating the existing issue (my Issue 36 has been updated with each increase automatically).
if a situation arises where they release a new issue with a higher rate, but don't update existing issues - then for Shawbrook you just send them a secure message, choosing the "Change my Easy Access Issue" option from the dropdown and they will change the issue for you - it might take a day or two though.
also worth noting that if Shawbrook do this for you, unlike Cynergy, the account number doesn't change.

mebu60

Charter failing to increase to 4.8% as implied in original communication.

I have chased and received the following which is practically identical to the initial holding statement:
Please be advised that Charter Savings Bank head office are currently investigating what action we will take for customers who have been affected by this issue. There is currently no outcome available and the affected customers will be contacted in due course with the final outcome, as well as being informed of any changes that will be taking place as a result of this.

I have now withdrawn a sizeable part of my 4.55% funds which will soon be in Family at 4.8% and formalised my complaint. Apparently Charter will phone me within three days. I look forward to that. I am of the view that they have either been deceitful or incompetent. 

randm

Futuristic said:

Does Shawbrook update rates on their previous easy access issues or do you need to open and close on new rate changes like Cynergy? 

shawbrook update rates consistently and message you to tell you that it has been applied automatically.

InvesterJones

randm said:

Futuristic said:

Does Shawbrook update rates on their previous easy access issues or do you need to open and close on new rate changes like Cynergy? 

shawbrook update rates consistently and message you to tell you that it has been applied automatically.

Sadly not very consistent - sometimes they up the rates of the latest issue, sometimes of the latest few issues, and sometimes they don't up the rates for existing issues at all and only apply it to a new issue.

mebu60

randm said:

Futuristic said:

Does Shawbrook update rates on their previous easy access issues or do you need to open and close on new rate changes like Cynergy? 

shawbrook update rates consistently and message you to tell you that it has been applied automatically.

Until they don't. Then you send a secure message and they upgrade the account to the new issue.