The Top Easy Access Savings Discussion Area

S_uk

Rollinghome said:

S_uk said:

Rollinghome said:

KevinG said:

pearl123 said:

jpsman said:

Small gripe but the Santander EA Saver doesn't seem to allow monthly interest to be paid away - or am I missing something?

You can select the monthy interest option of 5.08%.

That wasn't the question.

It's normally only fixed term accounts where monthly interest can be paid away.  This is an easy access account, so you can withdraw your interest whenever you want to.

I notice the summary box says "5.08% AER/gross (variable)" but later says "Balance after 12 months £1,052.00".  Meaning that the AER for monthly with full compounding would be 5.20% as you'd expect, not 5.08%, the rate applied monthly.  You'd get a bit less than 5.20% AER if withdrawing or closing before 12 months.

Isn't that example for for when the interest pays yearly not monthly though?

To work out the estimated balance, we’ve assumed that:

-We pay interest yearly back into the account.

The example doesn't differentiate between annual and monthly interest.  As interest 5.08% on £1k compounded monthly also comes out as £52.00 then it seems to be just an error.

I see. I just thought it was strange as with every other savings account I've opened the AER figures given for yearly and monthly interest were the same, so I wasn't sure why Santander would display two different figures.

jimexbox

1spiral said:

gt94sss2 said:

@soulsaver

My Community Finance has raised their interest rate from 4.61% to 4.95% for balances above £19,999 on their easy saver account

I loved their comment under the cons section of pros and cons of the easy access account.

They obviously don't frequent this forum. Spending savings is my problem lol. 

friolento

refluxer said:

jaypers said:

Section62 said:

Sea_Shell said:

And empty the 5% Reg Savers.

Also the Barclays Rainy Day Saver for those who still have funds in it.

No point really. Rainy Day Saver is 5.12% so very similar unless you have a very significant sum saved. I do wonder whether Barclays will do something with this account soon as it’s been at this rate for nearly a year. Great back then but looking shabby now. 

Even though the Rainy Day Saver rate has stayed the same since the account launched, lets not forget that it paid more than twice the rate of the highest-paying easy access account at the time and it's been pretty-much the best home for easy access for up to £5k for the last 11 months and (AFAIK) still remains the second-highest paying easy access account currently available (albeit with that £5k limit), which is actually pretty impressive considering how much interest rates have increased since then and also the fact that it's from a high-street bank, which aren't usually competitive.

There is also the 7% Santander Edge Saver, easy access with a £4K limit.

It's great that there are some half-decent options about now, even if none of them is beating inflation yet.

SeriousHoax

Opened santander 5.20% using the app only took minutes.😛

ForumUser7

I've gone for the 5.20% Santander Account but not really sure what to do about the 7% one. I have no intention of paying a fee and setting up the DDs etc., as I do not spend enough to recover it through cash back. This means I am ineligible although I am aware of the loophole. It seems some have successfully utilised it, but I'm not sure if it is worth the risk of being banned from Santander to have 1.80% extra for 1 year only. Any thoughts? Anyone else also feeling uncomfortable about this one?

friolento

ForumUser7 said:

I've gone for the 5.20% Santander Account but not really sure what to do about the 7% one. I have no intention of paying a fee and setting up the DDs etc., as I do not spend enough to recover it through cash back. This means I am ineligible although I am aware of the loophole. It seems some have successfully utilised it, but I'm not sure if it is worth the risk of being banned from Santander to have 1.80% extra for 1 year only. Any thoughts? Anyone else also feeling uncomfortable about this one?

I have zero concerns myself but please don't take this as encouragement to join me in having all the accounts, and their 5% RS, which had it's entire balance of over £2k from day one shifted into the new esaver this morning. Only you can tell whether it's the right set of accounts for you.

castle96

Anyone else also feeling uncomfortable about this one?

Nope. Don't see it as a 'loophole', it's their T&Cs! No ddms, no c/back, no fees. Fill it with 4k and forget for a year - withdraw the interest each month

FishInGlass

friolento said:

refluxer said:

jaypers said:

Section62 said:

Sea_Shell said:

And empty the 5% Reg Savers.

Also the Barclays Rainy Day Saver for those who still have funds in it.

No point really. Rainy Day Saver is 5.12% so very similar unless you have a very significant sum saved. I do wonder whether Barclays will do something with this account soon as it’s been at this rate for nearly a year. Great back then but looking shabby now. 

Even though the Rainy Day Saver rate has stayed the same since the account launched, lets not forget that it paid more than twice the rate of the highest-paying easy access account at the time and it's been pretty-much the best home for easy access for up to £5k for the last 11 months and (AFAIK) still remains the second-highest paying easy access account currently available (albeit with that £5k limit), which is actually pretty impressive considering how much interest rates have increased since then and also the fact that it's from a high-street bank, which aren't usually competitive.

There is also the 7% Santander Edge Saver, easy access with a £4K limit.

It's great that there are some half-decent options about now, even if none of them is beating inflation yet.

The Santander Edge saver just does assuming that you have no other savings interest. Unlikely to be the case though for most users of this forum. 

Also quick to open the new Easy Access account on the desktop as well as an existing customer.

smalltoast12

Good to see some others have picked up on the 5.08% Aer/Gross inconsistency with on the KFI. I asked santander support whether it was meant to be 5.2/5.08 Aer/Gross and they just stated that the KFI is correct which is like saying a dog is a cat

castle96 said:

Anyone else also feeling uncomfortable about this one?

Nope. Don't see it as a 'loophole', it's their T&Cs! No ddms, no c/back, no fees. Fill it with 4k and forget for a year - withdraw the interest each month

What was this loophole?

subjecttocontract

Can you hold an Easy Access Saver (3) in joint names and another in sole name ?