The Top Easy Access Savings Discussion Area

SickGroove

Just opened the Coventry Building Society triple EA account. 

Can anyone who has monthly interest paid away confirm the date the interest arrives IE day you open account or 1st of every month etc

My first account with them & founded it very easy to sign up with no pesky postal docs required.

Is there a Coventry BS iOS app at all?

Rheumatoid

friolento said:

pookey said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes it's just the faff of setting up direct debits and standing orders that put me off. I did it for Barclays as they had one of the best interest rates at the time so I'll probably do this too when i have time to set it all up

it appears you do not need any DDs or SOs for this

Can you also benefit from free ATM withdrawals in Spanish Santander branches do you know? I was looking at this account to get free withdrawals overseas but the DD's and keeping the account funded put me off.

huw01

At any Santander branches worldwide, they extended that this year, previously only Select Current Account customers could use the global santander network whilst other current account holders were limited to the bank's Spanish network

In Spain nearly all banks charge a fee for using a foreign card for withdrawing cash, so this really is helpful and one of the only ways to avoid ATM fees in Spain . Now all Santander UK customers get fee free use of their worldwide network. 

Rheumatoid

huw01 said:

At any Santander branches worldwide, they extended that this year, previously only Select Current Account customers could use the global santander network whilst other current account holders were limited to the bank's Spanish network

In Spain nearly all banks charge a fee for using a foreign card for withdrawing cash, so this really is helpful and one of the only ways to avoid ATM fees in Spain . Now all Santander UK customers get fee free use of their worldwide network. 

Thanks. I used to be able to use Deutsch Bank for free in Spain but they have now implemented a €4 charge. I will probably open and Edge account anyway but to not have to faff around with DD's and making sure I don't go overdrawn and still getting access to a 7% savings account would be great.

flaneurs_lobster

allegro120 said:

n3ophyte said:

Re: Santander Edge Current Account

I got the same message but will ignore it until I get charged.

The same here.  I will ignore it. Some people on here said that they were running Edge for a long time without DDs and never had to pay a fee.  I opened mine on 16th Aug, wasn't charged in September.  I've put £3 in each of my accounts just in case, but it turned to be unnecessary so I reduced my balances to zero.

Bit more on this from Andy @ Be Clever with your Cash

Santander Edge Saver hack update

A quick one here. Last time I shared a potential hack that suggested you could open a Santander Edge account and avoid the monthly fee – meaning you’d get the full 7% on the linked Edge Saver account (on up to £4,000).

It entailed not adding any direct debits or paying in the required minimum, which the terms and conditions suggested wouldn’t trigger the fee.

Sadly Santander have confirmed to me that this isn’t likely to work. Here’s what their press office told me:

“The fee for the Edge Account is charged once a customer qualifies for cashback for the first time. If after opening, the customer’s circumstances change and the account is no longer right for them or they don’t meet the requirements of the terms and conditions they can, or we may, switch them to a different account within our range which doesn’t charge a fee.“

The choice of “may” in the wording could be interpreted as not a guarantee you’ll be downgraded if you don’t pay the fee. So you might want to still give it a try. Let me know what happens if you do.

https://becleverwithyourcash.com/october-2023s-savings-round-up--news/?utm_source=D2Cmail&utm_medium=email&utm_campaign=Banking_savings&utm_content=2023_10_12_hyperlink#Santander_Edge_Saver_hack_update

flaneurs_lobster

SickGroove said:

Just opened the Coventry Building Society triple EA account. 

Can anyone who has monthly interest paid away confirm the date the interest arrives IE day you open account or 1st of every month etc

My first account with them & founded it very easy to sign up with no pesky postal docs required.

Is there a Coventry BS iOS app at all?

I don't have my monthly interest paid away but the T&Cs for the product say

3.3 If you opt to receive monthly interest it will be paid at the end of the last day of each month.

Coventry BS have no Android nor iOS apps.

wmb194

flaneurs_lobster said:

allegro120 said:

n3ophyte said:

Re: Santander Edge Current Account

I got the same message but will ignore it until I get charged.

The same here.  I will ignore it. Some people on here said that they were running Edge for a long time without DDs and never had to pay a fee.  I opened mine on 16th Aug, wasn't charged in September.  I've put £3 in each of my accounts just in case, but it turned to be unnecessary so I reduced my balances to zero.

Bit more on this from Andy @ Be Clever with your Cash

Santander Edge Saver hack update

A quick one here. Last time I shared a potential hack that suggested you could open a Santander Edge account and avoid the monthly fee – meaning you’d get the full 7% on the linked Edge Saver account (on up to £4,000).

It entailed not adding any direct debits or paying in the required minimum, which the terms and conditions suggested wouldn’t trigger the fee.

Sadly Santander have confirmed to me that this isn’t likely to work. Here’s what their press office told me:

“The fee for the Edge Account is charged once a customer qualifies for cashback for the first time. If after opening, the customer’s circumstances change and the account is no longer right for them or they don’t meet the requirements of the terms and conditions they can, or we may, switch them to a different account within our range which doesn’t charge a fee.“

The choice of “may” in the wording could be interpreted as not a guarantee you’ll be downgraded if you don’t pay the fee. So you might want to still give it a try. Let me know what happens if you do.

https://becleverwithyourcash.com/october-2023s-savings-round-up--news/?utm_source=D2Cmail&utm_medium=email&utm_campaign=Banking_savings&utm_content=2023_10_12_hyperlink#Santander_Edge_Saver_hack_update

From their inception many years ago the Santander 123 and 123 Lite accounts had the same term and I never paid the fee on them as I didn't setup any DDs. I've done the same with an Edge account and so far I haven't been charged a fee either.

Bridlington1

@soulsaver
Skipton BS Single Access now 5.15% (£15k min).
KR EA Issue 66 now 5.06%

pookey

lopsyfa said:

pookey said:

gussie5555 said:

flaneurs_lobster said:

pookey said:

Oh I didn't realise we could open the account without having to pay the fee, must have missed the posts but I'll definitely give it a try

I think the jury's still out on this one. 

In any case, 7% on £4K is about £23/month. Even with the £3 charge (and no cashback) probably still worth holding.

Yes even deducting £36 you'll still earn 6.1% interest on your 4k holding after 12 months assuming Santander doesn't drop the rate.

Can you help me recalculate the interest taking out another £2 per month please? So deducting £60 over 12months please?

And if its not too much trouble teach me the calculations please ☺️? 

It is just your net interest/amount * 100 where net interest is the interest you would have received normal minus fees/deductions. Mathematically,

Effective interest rate (EIR) = ((interest rate * amount/100) - deductions)/amount * 100

So, for 7% interest on £4000 and deducting £60, you have:
EIR(%) = (7*4000/100 -60)/4000* 100 = (280-60)/4000*100=5.5%.

A simple way is to calculate the interest rate corresponding to the deductions and take that from the original interest rate. For £60 deductions for an amount of £4000, the interest rate = 60/4000*100 =1.5%.

If you take this from 7%, you also arrive at 5.5%.

Mathematically, can be derived from the first forumla, it is
Effective interest rate (EIR) = (interest rate  - (deductions/amount * 100)) %

Thank you, I'll use this to calculate my Barclays rainy day as comparison.

Edit to add
My rainy day with Barclays only works out to be 4.64% after deductions.

Thanks got explaining how to calculate it, I'll definitely have to move some things around soon. 

My only worry is the rates will drop where Barclays may still hold the rate as its been going for around a year now 😅

soulsaver

Relegations from ToTP top 10 ranked-by-rate Easy(ish) Access accounts.
Note: Not maintained, so links, rates etc could be inaccurate.

Note: Technically, the bottom two didn't make the cut last week & should have been relegated then.

11 Hampshire Trust EA Iss14 5.09% (09/10)

12 Charter EA Iss47  5.07% £5k min (12/10)

13 Kent Reliance EA iss 66  (13/10) 5.06% £1k min

14 Close Brothers EA Issue 1 5.05% £10k min (11/10)

15 Family Building Society Online Saver | 5.04% £100min (27/09)

16 Skipton Building Society Bonus Saver   Iss 9 - 5.04% (inc.1.24% 1yr bonus) (28/09)

17 Monument 5.03% £25k min (over all accounts) App Only (23/09) 

18 Kent EA  Iss65 5.01% £1k min (15/09) (see later issue, above)