The Top Easy Access Savings Discussion Area

Yellowman

ForumUser7 said:

Gers said:

flaneurs_lobster said:

Is there a Coventry BS iOS app at all?

Coventry BS have no Android nor iOS apps.

Got this via email yesterday:

"We’re excited to say that very soon we’ll be launching the Coventry Building Society App for savers.

Towards the end of October, we’ll be giving the first 1000 panel members who sign up, exclusive early access to the new App. This will allow you to use the App before it is available to everybody else. All we ask in return is that you tell us what you think.

You’ll be able to register for the App, log in, view your accounts/transactions, carry out internal transfers between your Coventry accounts and make payments to your external named account."

IOS and Android coming.

That's odd - I'm a panel member and signed up to all marketing communications but I didn't get this message.

What is a panel member?

I have savings accounts with Coventry BS but I don't know if I am a panel member.

janusdesign

Yellowman said:

ForumUser7 said:

Gers said:

flaneurs_lobster said:

Is there a Coventry BS iOS app at all?

Coventry BS have no Android nor iOS apps.

Got this via email yesterday:

"We’re excited to say that very soon we’ll be launching the Coventry Building Society App for savers.

Towards the end of October, we’ll be giving the first 1000 panel members who sign up, exclusive early access to the new App. This will allow you to use the App before it is available to everybody else. All we ask in return is that you tell us what you think.

You’ll be able to register for the App, log in, view your accounts/transactions, carry out internal transfers between your Coventry accounts and make payments to your external named account."

IOS and Android coming.

That's odd - I'm a panel member and signed up to all marketing communications but I didn't get this message.

What is a panel member?

I have savings accounts with Coventry BS but I don't know if I am a panel member.

i'm not sure if you have to be invited (I was in December 2022), but....

https://www.mycbsvoice.co.uk/pages/join-the-coventry-member-panel

basically, you just periodically get asked to complete surveys (there was one last month about the App where you received a £5 M&S voucher - but I never bothered)... there are forums too, but I rarely read them... I didn't receive the above email either.

castle96

Comes up on AVG as a threat

janusdesign

castle96 said:

Comes up on AVG as a threat

probably a false positive - the link in my email from Dec 2022 is actually...

https://www.coventrybuildingsociety.co.uk/joinpanel - but it just redirects to the above page I originally posted... virustotal gives it a clean bill on health.

Rawrzy

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?

1st of every month it gets paid into my account. Well, this month it was the 2nd actually due to weekends.

allegro120

pookey said:

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 😅

Re, Barclays Rainy Day.  You shouldn't be loosing anything if you have 2 direct debits set up and pay in £800 a month.

callum9999

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

I'm not sure the press office would fully understand a question like that given it's not how the account is designed to be used. They've effectively just quoted the standard T&Cs to them:

"We can convert your Santander Edge current account to one that doesn’t charge a monthly fee if we think it’s no longer the right account for you. For example, if we notice that the monthly fee may be more than the benefits you receive from your account and any related accounts. We’ll tell you before we do this to let you know what your options are"

You're neither breaching the T&Cs by not activating the monthly fee, nor does not receiving the cashback make the account unsuitable for you. They'd therefore only be closing the account if they don't want you using it like this, which they could have done all along, don't appear to have done so far and haven't indicated that they ever plan to. 

pookey

allegro120 said:

pookey said:

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 😅

Re, Barclays Rainy Day.  You shouldn't be loosing anything if you have 2 direct debits set up and pay in £800 a month.

I only have 1 direct debit in my sole account (my phone bill), the rest are in the joint account and i didn't want to move anything from there and transfer money over monthly. I set up 2 charity direct debits to get the account up and running with no extra charges. At the time it was the best rate around byt others have become more competitive now

evenasus

subjecttocontract said:

pokemaster said:

Yorkshire Building Society Loyalty Six Access eSaver 2023

5.10% Yearly

12 months minimum membership to YBS required to open

Source: MoneyFacts

I think I might open this account. It's going to suit my circumstances quite well.
* 5.1% easy access is good......and the 6 withdrawal limit won't bother me.
* I have the Santander 5.2% easy access but am near the £85K fscs limit and need somewhere else to deposit.
* Their branch is local to me if I ever need to visit.
* I'm already a customer so will be easy & quick to open & operate.

I too am already a customer with quite an amount in there over three accounts. They still requested documents  to prove my ID, even though I've sent the ID documents previously.
Then to add insult, they closed my  Loyalty 6 Access E saver which was 4.70% and transferred it to a Six Access E-Saver issue 2 @ 4.15%
It's one way to lose savers.

Bridlington1

pookey said:

allegro120 said:

pookey said:

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 😅

Re, Barclays Rainy Day.  You shouldn't be loosing anything if you have 2 direct debits set up and pay in £800 a month.

I only have 1 direct debit in my sole account (my phone bill), the rest are in the joint account and i didn't want to move anything from there and transfer money over monthly. I set up 2 charity direct debits to get the account up and running with no extra charges. At the time it was the best rate around byt others have become more competitive now

You could set up a DD to a savings/investment account on the Barclays account. There's a few DD ideas on this list:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

One thing to note is that a single DD being paid out twice each month will satisfy the DD requirements for the blue rewards so you could, say, set up a £1 DD with plum or whatever and let it be paid out twice each month. This would also then free up the DD for your phone bill to be redeployed elsewhere.

Personally I'd be reluctant to give Barclays blue rewards the chop at the moment since it can be kept going quite cheaply and it would probably save some time if they offer anything competitive again in the future, be it an increase in the rainy day saver rate or some other loss leader.