The Top Easy Access Savings Discussion Area

Middle_of_the_Road

subjecttocontract said:

I heard today from YBS that they are launching a new easy access loyalty saver at 5.1% from tomorrow (Wednesday). It allows 3 withdrawal a year. 

This is a good sign. Even though the base rate wasn't raised last month, savings providers are still keen to attract savers with new accounts and increased rates. Although the above mentioned account is below the top rate at the moment, it should still be popular.

pecunianonolet

Maybe best to bank those accounts while they are still offered and just put the minimum in. When the whole rate train goes backwards the conversations will most likely be around notice periods for the various accounts to reduce rates. 

In that case an account where the bank or building society has to give 8 weeks notice of a rate reduction vs. a 4 week notice account (assuming more or less same rate) is competitive for longer. That will give more opportunities to move funds around to benefit for a little longer from rates and make the rate cutting a little less painful. 

mebu60

gt94sss2 said:

subjecttocontract said:

I heard today from YBS that they are launching a new easy access loyalty saver at 5.1% from tomorrow (Wednesday). It allows 3 withdrawal a year. 

Imho 5.1% is a rather disappointing rate for a YBS "loyalty" product given interest rates from others

If the Rainy Day is left at 5.0% they could see a lot of £10ks moving across.

wmb194

mebu60 said:

gt94sss2 said:

subjecttocontract said:

I heard today from YBS that they are launching a new easy access loyalty saver at 5.1% from tomorrow (Wednesday). It allows 3 withdrawal a year. 

Imho 5.1% is a rather disappointing rate for a YBS "loyalty" product given interest rates from others

If the Rainy Day is left at 5.0% they could see a lot of £10ks moving across.

The Barclays Rainy Day's AER is 5.12%, 5.00% gross on up to £5k. Plus, unlike YBS, it has true instant access.

https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

flaneurs_lobster

wmb194 said:

mebu60 said:

gt94sss2 said:

subjecttocontract said:

I heard today from YBS that they are launching a new easy access loyalty saver at 5.1% from tomorrow (Wednesday). It allows 3 withdrawal a year. 

Imho 5.1% is a rather disappointing rate for a YBS "loyalty" product given interest rates from others

If the Rainy Day is left at 5.0% they could see a lot of £10ks moving across.

The Barclays Rainy Day's AER is 5.12%, 5.00% gross on up to £5k. Plus, unlike YBS, it has true instant access.

https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

Yes it is but the YBS Rainy Day AER is 5.00%.

friolento

wmb194 said:

mebu60 said:

gt94sss2 said:

subjecttocontract said:

I heard today from YBS that they are launching a new easy access loyalty saver at 5.1% from tomorrow (Wednesday). It allows 3 withdrawal a year. 

Imho 5.1% is a rather disappointing rate for a YBS "loyalty" product given interest rates from others

If the Rainy Day is left at 5.0% they could see a lot of £10ks moving across.

The Barclays Rainy Day's AER is 5.12%, 5.00% gross on up to £5k. Plus, unlike YBS, it has true instant access.

https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

If you have filled it up with £5,000, you cannot achieve 5.12%.

My £5k exited the Rainy Day Saver the day Santander launched their 5.2% instant access account.

allegro120

friolento said:

wmb194 said:

mebu60 said:

gt94sss2 said:

subjecttocontract said:

I heard today from YBS that they are launching a new easy access loyalty saver at 5.1% from tomorrow (Wednesday). It allows 3 withdrawal a year. 

Imho 5.1% is a rather disappointing rate for a YBS "loyalty" product given interest rates from others

If the Rainy Day is left at 5.0% they could see a lot of £10ks moving across.

The Barclays Rainy Day's AER is 5.12%, 5.00% gross on up to £5k. Plus, unlike YBS, it has true instant access.

https://www.barclays.co.uk/savings/instant-access/rainy-day-saver/

If you have filled it up with £5,000, you cannot achieve 5.12%.

My £5k exited the Rainy Day Saver the day Santander launched their 5.2% instant access account.

Almost all of my instant easy access money are in Santander 5.2%, but I still keep a little bit in Barclays Rainy Day just in case some temporary problems with Santander app or site maintenance or anything I can't think of... and maintain approx £100 balance in Chase which I use for purchases.  This is probably unnecessary, but I prefer more than one instant access options.

phillw

friolento said:
My £5k exited the Rainy Day Saver the day Santander launched their 5.2% instant access account.

Mine has moved across now too, but assuming you would move the interest over to the santander account then it's only 0.08% difference (5% vs 5.08% gross).

You're 33p a month better off.

subjecttocontract

I find it incredible that anyone would consider moving their money for an extra 3 pence a day ! Still the world is full of people who are all different and sometimes they surprise me.

friolento

phillw said:

friolento said:
My £5k exited the Rainy Day Saver the day Santander launched their 5.2% instant access account.

Mine has moved across now too, but assuming you would move the interest over to the santander account then it's only 0.08% difference (5% vs 5.08% gross).

You're 33p a month better off.

I am comparing

1. 5.2% on £5,000 with 5.0% on £5,000
2. not having to skim off interest each month like I have to do with the RDS
3. not needing a pre-req current account in Santander
4. not needing a pre-req rewards account in Santander
   
5. not needing 2 DDs in Santander
   
6. not needing to deposit at least £800 a month into the pre-req current account, and remove it again
   

So there's half a dozen advantages that the Santander account offers. That's good enough for me

I would add, I did put up with all the extra hoops that Barclays require you to jump through whilst there was no other EA account paying anywhere near 5%, and I would probably do so again if they were paying more interest than anyone else.