The Top Easy Access Savings Discussion Area

Sg28

I never bother closing old accounts. If they made it easy with a "close account" button I would. 

CooperSF

So is the 5.08% okay and will still work out as 5.20% over the course of a year?

masonic

CooperSF said:

So is the 5.08% okay and will still work out as 5.20% over the course of a year?

Yes                   

Stargunner

CooperSF said:

So is the 5.08% okay and will still work out as 5.20% over the course of a year?

It will work out to 5.2% if you leave the interest in there to compound

CooperSF

Thanks everyone - appreciated!

cadguy77

Why has the MSE savings page listed both monthly and annual interest as AER at different rates? Somewhat misleading if you ask me.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccessanalysis

masonic

cadguy77 said:

Why has the MSE savings page listed both monthly and annual interest as AER at different rates? Somewhat misleading if you ask me.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccessanalysis

It's incorrect - probably a mistake arising from rushed addition to the list. 5.08% is not the AER of the monthly option. Though it wouldn't hurt to list both gross and AER for all items in the table.

smithers1981

For comparison what is the Tamdem 5% monthly AER thanks 

masonic

smithers1981 said:

For comparison what is the Tamdem 5% monthly AER thanks 

For Tandem (including bonus), the AER is 5% and the gross rate is 4.89%.

I'd think this will set the cat amongst the pigeons at Tandem, as they'll now be haemorrhaging money even at the 5% rate. They will be unwilling to hike the 4.65% rate to a competitive level while so many have a bonus, so I wouldn't be surprised to see them reinstate a bonus. That or Santander pulls the account after just a few days, which is possible.

smithers1981

Thanks just withdrew my tandem balance and now sitting in new santander account