The Top Easy Access Savings Discussion Area

gt94sss2

gt94sss2 said:

My Community Finance is now paying 5.01% on balances above 20k

https://www.mycommunityfinance.co.uk/savings-accounts/easy-access-account/easy-access-savings

Increased again - now at 5.03% AER

searching4bestrates

cloud_dog said:

Bridlington1 said:

@soulsaver
Shawbrook EA Issue 36 now 5.02% (£1k min).

I really like Shawbrook, but sometimes I wish they'd stop feking about with piddle rises!

At least they're increasing (marginally) their rates regularly, I guess!

Better than no increase at all, or worse, a reduction! 

1spiral

janusdesign said:

it sometimes crosses my mind to open a second account (that I won't close) and just use that for new deposits,

I do exactly that. Setting up new payees and doing a £1 test deposit is a PITA. My Cynergy "deposit" account now only pays 1%.

gwapenut

How soon after funding Kent Reliance with the minimum opening balance of £1000 can the amount in the account dropped to the minimum operating balance of £1 ?

soulsaver

gwapenut said:

How soon after funding Kent Reliance with the minimum opening balance of £1000 can the amount in the account dropped to the minimum operating balance of £1 ?

As soon as you're happy with 0.1%...

Rollinghome

pecunianonolet said:

cloud_dog said:

Bridlington1 said:

@soulsaver
Shawbrook EA Issue 36 now 5.02% (£1k min).

I really like Shawbrook, but sometimes I wish they'd stop feking about with piddle rises!

Same here but more annoyed that you always miss out on one day of interest when you withdraw with this account, hence why I never opened one and only have an ISA with them.

I've never used or looked at Shawbrook, but it was always the case that some banks/bs paid interest for the day a deposit was received and not for the day withdrawn, while others did it the other way round, i.e. paid interest for the day of withdrawal but not for the day received.  Never both, afaik.

Does Shawbrook do neither, and is it made clear in their terms?  If so, how can they give a correct AER projection if paying a day short?

StayinAlive

Re Tandem Instant Access, I just tried to send them 8k through Open Banking from Lloyds and it failed due to above the daily limit. I then tried 5K was went through OK.

According to True Layer's web site, the limit through Lloyds is £99,999 and Lloyds own limit is £25,000.

Any ideas why there was a problem?

TIA

Futuristic

StayinAlive said:

Re Tandem Instant Access, I just tried to send them 8k through Open Banking from Lloyds and it failed due to above the daily limit. I then tried 5K was went through OK.

According to True Layer's web site, the limit through Lloyds is £99,999 and Lloyds own limit is £25,000.

Any ideas why there was a problem?

TIA

Open banking can have its own limit often lower than FPS or sometimes same, I guess Lloyds is lower. 

1spiral

Rollinghome said:

Does Shawbrook do neither, and is it made clear in their terms?  If so, how can they give a correct AER projection if paying a day short?

Companies usually provide an example stating the return for £1000 after 1 year assuming no further deposits or withdrawals are made. For Shawbrook this would be £1052. This will equate to the AER. I think they should also have to by law provide that said example assuming you withdraw the whole amount on the 1st of each month and return it to them as soon as you receive it. For many accounts that would be the same figure but in Shawbrook's case that would be the 2nd of Month resulting in a lower return of £1048.54 or an AER of 4.85% rather than the 5.02 they quote. I no longer use Shawbrook because in the current climate, my funds don't remain in an account for longer than 2-4 weeks thus meaning my return is even lower than 4.85 which is nowhere near competitive enough.

wiseonesomeofthetime

Moneybox are changing the provider for their Simple Saver.

They are ending their partnership with Shawbrook and moving to Santander International. Means a rate increase from 3% to 4% 

Never has been competitive, but useful for DD needed on current accounts 😁

Source: email from Moneybox today